Lot O6 - 7 Crammavill Street, Grays, Essex, RM16 2AP

  • Unconditional Online Auction Sale
  • * Reserve not to exceed : £95,000

Leasehold Shop Investment

  • Leasehold Shop Investment
  • Located within a local shopping parade
  • Let on lease expiring 2036
  • Current Gross Rent Reserved £9,983 p.a.

Tenure

Leasehold. Held for a term of 199 years from 1st July 1988 (thus having some 169 years unexpired) at a fixed ground rent of £100 per annum.

Location

Located on the East side of Crammavill Street, in an established local shopping parade within a large residential suburb of Grays.

Description

The property is arranged on ground floor only to provide a lock up shop. The property forms part of a larger building not included in the sale.

To the front of the property, the parade benefits from unallocated customer car parking.

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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Sold for £115,000

This auction lot is now closed.

Auction Ended

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* Reserve not to exceed:
£95,000
Gross initial yield:
No. Present Lessee Accommodation Terms of Lease Agreement Current Rent £ p.a Next Review / Reversion
7 J Islam Gross Frontage
Net Frontage
Shop Depth
Built Depth
6.50m (21' 4")
5.50m (18' 0")
13.65m (44' 9")
19.75m (64' 10")
25 years from 08.03.2011
Rent Reviews every 5th year
FR and I
£9,983 p.a. Rent review 2021
Total £9,983 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.