Lot O5 - 87 - 91 Market Street, Swadlincote, Derbyshire, DE11 9DN

  • Unconditional Online Auction Sale
  • * Reserve not to exceed : £240,000

Addendum

Please note the correct postcode is DE11 9PN and not as stated in the online Particulars of Sale.

In the Special Conditions of Sale and the Tenancy Schedule please note the current rent for the tenant at 89/91 is £9,000 pa and not as stated.

Freehold Shop, Office and Residential Investment

  • Situated within a local shopping parade
  • Comprising two shops, two self-contained flats and an office suite
  • Conversion potential (1)
  • VAT not applicable
  • Total Current Rents Reserved £27,138 p.a.

Tenure

Freehold.

Location

The property is situated on the north side of Church Street, in between it's junctions with School Street and Thorpe Downs Road, within a local neighbourhood parade.
Occupiers close by include Coral (adjacent) and Tesco Express amongst other local occupiers.

Description

This large property is arranged on ground and one upper floor to provide two shop units, one of which is a double unit on ground floor only with two self-contained flats above. The second shop unit is arranged on ground and first floor. To the rear is a ground floor office suite.

Planning

(1) Part or whole of the property may lend itself to residential conversion subject to obtaining all the necessary consents. All enquiries in this regard should be made to South Derbyshire District Council.
Website Address: www.south-derbys.gov.uk

VAT

VAT is not applicable to this lot.

Buyers Fee

Buyers Fee -The successful purchaser will be required to pay the auctioneers administration fee of £600 inclusive of VAT. Other additional costs/fees may apply please see Special Conditions of Sale


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Sold for £270,000

This auction lot is now closed.

Auction Ended

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* Reserve not to exceed:
£240,000
Gross initial yield:

n.b. R/o 89/91 not measured by Allsop. Floor areas sourced from www.voa.gov.uk

No. Present Lessee Accommodation Terms of Lease Agreement Current Rent £ p.a Next Review / Reversion
87 Intrinsic Facilities Services Ltd Gross Frontage
Net Frontage
Shop Depth
Built Depth
First Floor
4.70m (15' 5")
4.45m (14' 7")
6.40m (20' 12")
16.00m (52' 6")
36.50 sq m (393 sq ft)
10 years from 06.11.2017
Rent Review at 5th year(2)
FR and I subject to a Schedule of Condition plus Service Charge
£7,500 p.a. (3) Rent Review 2022
89/91 Mrs K Gasside Gross Frontage
Net Frontage
Shop Depth
Built Depth
9.60m (31' 6")
8.60m (28' 3")
6.00m (19' 8")
10.30m (33' 10")
5 years from 02.01.2018
Rent Review at 3rd year
Repairing and Insuring covenants
£9,000 p.a. (4) Review 2021
R/o 89/91 G Barton Ground Floor (offices) 26.7 sq m (287 sq ft) 3 years from 23.02.2008
Repairing and Insuring covenants
£1,194 p.a. Holding Over
89a Individual 1st Floor Flat AST Term expiring 13.04.2018 £4,620 p.a. Reversion 2018
91a Individual 1st Floor Flat AST Term expiring 12.09.2018 £4,824 p.a. Reversion 2018
Total £27,138 pa
(2) Break option on 6.11.2020 and 6.11.2022
(3) £1,875 surety held
(4) £670 surety held
  • * The Reserve Price is the minimum price at which the auctioneer is authorised to sell the lot at auction. The lot may be sold to the highest bidder at or above the Reserve Price but the auctioneer is not authorised to accept a bid below the Reserve Price.
  • The Reserve Price will only be disclosed once it has been met during bidding and not before.
  • The term "reserve not to exceed £..." means that the seller's lowest acceptable sale price will not exceed the quoted figure. The reserve price will not be set above this figure. However, it could be set at, or indeed below, the "reserve not to exceed" figure stated.
  • Reserve prices are subject to change up to the date of the auction.
  • At the commencement of marketing a starting price is to be announced. The starting price will be published 24 hours before bidding opens.
  • Lots may be withdrawn prior to auction.