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Lot 4

Freehold Commercial/Residential let to Countrywide Estate Agents – Gross Yield 10.5%
In the same family ownership for over 35 years
6 week completion

SITUATION

Located close to the junction with High Street in the heart of the town centre, a few yards from Town Square and opposite Market Square which houses the Town Hall and such multiples as Greggs, Boots and Iceland Supermarket, as well as the car park and the twice weekly market. Downham Market Railway Station (Great Northern) is approx. ½ mile distant.
Downham Market is an attractive town located on the A10 some 10 miles south of King’s Lynn and 20 miles north of Cambridge.

PROPERTY

A Grade II Listed detached building comprising a Ground Floor Shop with internal access and separate side access (see Note 1) to a Self-Contained Flat and 2 Offices on the first floor.
In addition, there is parking for 4 cars at the rear of the property.

VAT is NOT applicable to this Lot

FREEHOLD

ACCOMMODATION

Ground Floor Shop
Gross Frontage	16'8"
Internal Width	14'1"
Shop Depth	41'4"
Built Depth	80'0"
Rear Kitchen Area	Approx. 105 sq ft
Rear Office/Store Area	Approx. 205 sq ft
WC
First Floor Flat
2 Bedrooms, Living Room, Kitchen, Bathroom/WC
GIA	Approx. 730 sq ft
First Floor 2 Offices
Area	Approx. 250 sq ft

TENANCY

The entire property is let on a full repairing and insuring lease to Countrywide Estate Agents Limited (having over 650 branches across over 60 brands – visit: www.countrywide.co.uk) for a term of 25 years from 25th December 1989 (see Note 2) at a current rent of £14,750 per annum exclusive.

Note 1: The separate side access leads to a communal hallway that also links the front of the shop with their rear Kitchen and Office/Store.

Note 2: The Tenant has been holding over since 2014 and no Notices have been served, but the Landlord is in negotiations with the Tenant on terms for a new lease.

Note 3: We understand that the Tenant is not currently using the Flat and the 2 Offices on the first floor. Under the Landlord & Tenant Act 1954, the Landlord does not have to include these elements in any new lease.

VIDEO TOUR

Click here to view the video tour of the Flat.

Click here to view the video tour of the Offices.

*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.

16 Bridge Street, Downham Market, Norfolk PE38 9DH