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Lot 9

Town Centre Commercial Investment – Gross Yield 13.1%
6 Week Completion

Situation

Located at the junction of Midland Road and the pedestrianised Market Street, occupying a prominent corner position directly opposite the Swansgate Shopping Centre and amongst such multiples as BetFred, EE, Ladbrokes, Iceland, Halifax, Nationwide and others.
Wellingborough is a market town located approximately 10 miles north-east of Northampton, enjoying easy access via the A45 to the M1 (Junction 15).

Property

Forming part of an attractive corner building comprising a Ground Floor Corner Retail Unit with internal access to a Basement.

Accommodation

Ground Floor Corner Retail Unit
Gross Frontage	61'3" (incl. splay)
Return Frontage	23'9"
Area	Approx. 1,612 sq ft¹
WC
Basement
Area	Approx. 1,086 sq ft²
Total Area	Approx. 2,698 sq ft

_{¹Area taken from VOA.}
_{²Area supplied by Vendor.}

VAT is NOT applicable to this Lot

Tenure

Leasehold - Held on two leases each for a term of 999 years from 1st January 2015 at a peppercorn ground rent.

Tenancy

The property is let on a full repairing and insuring lease to Mr Kurdo Nwri (with 2 guarantors) as a convenience store (see Note 1) for a term of 10 years from 31st July 2024 at a current rent of £36,000 per annum exclusive.

Rent Reviews 2029

Note 1: The Vendor has advised the tenant's family, which includes the 2 guarantors, operate other convenience stores in the region.

Note 2: There is a £9,000 Rent Deposit held.

*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.

1 Midland Road, Wellingborough, Northamptonshire NN8 1HA