Lot O2 - 195 High Street, Lewes, East Sussex, BN7 2NS

  • Unconditional Online Auction Sale
  • * Reserve not to exceed : £235,000

Addendum

Please note the plan published in the Online Particulars of Sale is for illustration purposes only. For clarity Buyers are referred to the title plan contained within the online legal documents.

Attractive Freehold Betting Office and Residential Ground Rent Investment

  • Grade II listed
  • Town Centre Location
  • Let to Done Brothers(Cash Betting)ltd
  • Lease expires 2023(1)
  • Total Current Rents Reserved £21,100 p.a.

Tenure

Freehold.

Location

Situated on the west side of High Street, adjacent to it's junction with Market Street, in an established trading location in the town centre.
Multiple occupiers close by include Barclays Bank, White Stuff, Mountain Warehouse, Crew Clothing amongst others

Description

This attractive Grade II listed property is arranged on basement and ground and three upper floors to provide a ground floor shop with ancillary basement accommodation, together with a flat above, which has been sold on a long lease.To the rear is a yard.

The property benefits from rear access from Market Street.

Tenant Information

Website Address: www.betfred.com
For the year ended 25th September 2016, Done Brothers (Cash Betting) Limited reported a turnover of £320.06m, a pre-tax profit of £29.29m, shareholders funds of £35.29m and a net worth of £23.11m. (Source: Experian 05.04.2018)

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 £277,000

This auction lot is now closed.

Auction Ended

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* Reserve not to exceed:
£235,000
Gross initial yield:
No. Present Lessee Accommodation Terms of Lease Agreement Current Rent £ p.a Next Review / Reversion
195 Done Brothers (Cash Betting) ltd. Ground floor shop Gross Frontage 5.70 m (18' 8")
Net Frontage 5.05 m (16' 7")
Shop Depth 9.95 m (32' 8")
Built Depth 15.70 m (51' 6")
Basement 24.7 m sq (266 sq ft)
9 years from 06.02.2014
(1) The lease provides for a tenants break option at the 6th anniversary (2020)
Rent reviews every 3rd year
F R and I
£21,000 p.a. Rent review 2020
195a Individual Upper Floors 125 years from 29.09.1987 £100 p.a. Reversion 2112
Total £21,100 p.a.

  • * 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.