Lot O1 - 27 High Street, Glastonbury, Somerset, BA6 9DP

  • Unconditional Online Auction Sale
  • * Reserve not to exceed : £140,000

Addendum

WITHDRAWN - It has come to light that when 27d was sold off the lessee may have converted this space to residential. The Vendors have been unable to confirm this. If this space has been converted then notices under the Landlord and Tenant Act as amended would need to be served. The property is therefore withdrawn from the sale and will be reoffered at a later date. Registered bidders will be informed, but any other interested parties should contact the online auction team.

lease note the correct postcode is BA6 9DR and not as stated in the online Particulars of Sale.

On Completion the buyer will not be liable for arrears accrued by the long leaseholders.

Freehold Shop and Ground Rent Investment

  • An attractive Grade II listed property
  • Town Centre Location
  • Total Current Rents Reserved £15,100 pa
  • Part let on a new 15 year lease

Tenure

Freehold

Location

The property is situated on the north side of High Street, between it's junctions with The Archers Way and Market Place as well as adjacent to St John's Church in an established trading location within the town.
Occupiers close by include Boots Chemist, Post Office, Co-Op Food amongst others.

Description

This Grade II listed property is arranged on ground and two upper floors to provide a ground floor shop with residential and office accommodation above. The upper floors have been sold off on long leases.

VAT

VAT is applicable to this sale, please refer to the legal documents for further details.

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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* Reserve not to exceed:
£140,000
Gross initial yield:
No. Present Lessee Accommodation Terms of Lease Agreement Current Rent £ p.a Next Review / Reversion
27 S Rogers Gross Frontage
Net Frontage
Shop Depth
Built Depth
8.00 m (26' 3")
5.80m (19' 0")
17.45m (57' 3")
17.80m (58' 5")
15 years from 06.03.2018 (1)
Rent reviews every 5th year
Tenant option to break at the 10th anniversary
FR & I
£15,000 p.a Rent Review 2023
27a Individual Residential 125 years from 25.12.1987 £50 p.a.
27b Individual Residential 125 years from 25.12.1987
25 yearly fixed rent reviews (2)
£50 p.a. 2037
27d G Woodhouse Office 999 years from 28.11.2014 Peppercorn
Total £15,100 p.a.
(1) £1,250 rent deposit held
(2) Rising to £75 p.a. in 2037 and £100 p.a. in 2062.
  • * 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.