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Lot 3

Freehold Commercial/Residential Investment - Gross Yield 9.6%
6 Week Completion

Situation

Located close to the junction with Claverley Grove within this busy and popular retail thoroughfare diagonally opposite KFC, adjacent to Sue Ryder and amongst other multiple retailers including Superdrug, Coral, Cootes Pharmacy, Oxfam and Tesco Superstore and only a few minutes walk to Finchley Central Underground Station (Northern Line).
Finchley is a highly desirable north London suburb with excellent transportation, schools and recreational facilities being some 8 miles from central London.

Property

A mid terraced building comprising a Ground Floor Shop with separate rear access to 2 Self-Contained Flats on the first and second floors. In addition, the property includes a rear Yard (see Planning) that can be accessed from Claverley Grove.

VAT is NOT applicable to this Lot

FREEHOLD

Planning

On 24th August 2022 Barnet London Borough Council granted Planning Permission for ‘Single storey rear extension. New refuse store.' (Ref: 222/3024/FUL).
Refer to Auctioneers for Plans and Documentation.

On completion of this development, the rent for the Ground Floor Shop increases to a minimum of £29,000 per annum - refer to Lease.

Note: In accordance with s.5B of the Landlord and Tenant Act 1987, Notices have been served on the lessees and they have not reserved their rights of first refusal. This lot cannot be sold prior to the auction.

*Please note:

RESERVE

The 'Reserve' is the minimum figure for which a property can be sold as agreed between the Seller and the Auctioneer. The 'Reserve' is not disclosed and remains confidential between the Seller and the Auctioneer.

GUIDE

Where a 'Guide' is stated, it is an indication of the Seller's current minimum acceptable price ('Reserve') at auction. A 'Guide' is published to assist prospective buyers in deciding whether or not to pursue a purchase.

A 'Guide' does not represent an anticipated sale price or a valuation and the eventual sale price may be higher or lower. The sale price is determined at auction and as such cannot be predicted in advance.

The 'Guide' can be published as follows:

a. 'Reserve below' which means the 'Reserve' will be below the shown amount.
b. A single price figure where the 'Reserve' is not to exceed it.
c. A single price figure with a + symbol where the 'Reserve' is not to exceed that figure by more than 10%.
d. A minimum and maximum price range where the 'Reserve' is to be within that range.

The Seller's expectation as to the sale price may change during the marketing period as a result of interest received from prospective Buyers. Therefore, the Seller may increase or decrease the 'Reserve' at any time up to just before bidding commences. If the 'Reserve' becomes fixed at a level that makes the 'Guide' misleading, the Auctioneers will subsequently issue a revised 'Guide' as soon as is practicable. Accordingly, prospective bidders should monitor the 'Guide' with the Auctioneers prior to the Auction taking place via this website.

In addition to the purchase price the Successful Buyer or Successful Bidder will be liable to pay Barnett Ross Ltd a non-refundable administration fee of £1,500 including VAT or as specified on the Particulars of Sale and there may also be additional non-optional fixed or variable fees and costs. To establish the full cost of purchasing a property please inspect the special conditions of sale and all other documentation in the legal pack. Please also refer to any addendum that may be displayed on this page.

88 Ballards Lane, Finchley, London N3 2DL