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Lot 17 Click here for addendum

Commercial/Residential Investment - Gross Yield 10%
6 Week Completion

Situation

Located close to the junction with Southchurch Drive, in this local commercial parade close to Londis, serving the surrounding residential area. Varney Road is approx. 1 mile from the Nottingham Trent University Clifton Campus.
Nottingham is a popular city that lies approx. 13 miles east of Derby and 24 miles north of Leicester.

Property

A mid-terraced building comprising a Ground Floor Shop with separate rear access to 2 Self-Contained Flats on first and second floor levels. There is a rear service road allowing vehicular access for unloading and parking for at least 4 cars.

Accommodation

Ground Floor Shop
Gross Frontage 23'10"
Internal Width 23'6"
Shop Depth 60'0"
Built Depth 77'2"
Sales Area Approx 1,375 sq ft
3 WC's
First Floor Flat
1 Bedroom, Living Room, Kitchen, Bathroom/WC
(GIA Approx. 580 sq.ft)
Second Floor Flat
1 Bedroom, Living Room, Kitchen, Bathroom/WC
(GIA Approx. 595 sq.ft)

VAT is NOT applicable to this Lot

Tenure

Leasehold for a term of 99 years from 25th March 1953 at a fixed ground rent of £72.50 p.a. (thus having approx. 29½ years unexpired - see Note).

Note: It is possible that the lessee can enfranchise under the Leasehold Reform Act 1967. At the request of the Purchaser, the Vendor will serve the appropriate Notice between exchange and completion - refer to the Special Conditions of Sale in the Legal Pack.

Tenancy

The entire property is let on a full repairing and insuring lease to Coral Racing Limited (see Tenant Profile) for a term of 10 years from 24th July 2014 at a current rent of £13,000 per annum exclusive.

Rent Review March 2019 (Landlord has served Notice requesting £19,600 p.a.)

Tenant Profile

The Coral brand of betting shops forms part of Entain plc, a FTSE 100 company that is one of the world's largest sports betting and gaming groups operating in the online and retail sector. Entain is licensed and operates in over 20 countries, across 5 continents around the globe (see: https://entaingroup.com).

*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.

18/20 Varney Road, Clifton, Nottingham, Nottinghamshire NG11 8EX