Lot O2 - 60 The Street, Littlehampton, Rustington, West Sussex, BN16 3NR

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

Addendum

In the Particulars of Sale and the Schedule of Accommodation and Tenancies please delete reference to t/a Chicken Lover.


Arrears as at 14.09.2018 are £5,316.42 which the Buyer will be liable for on Completion. We understand that the tenant is on a payment plan to clear the arrears of £1,000 every other week and to date has paid £4,000. The last payment received was on 05.09.2018.

Freehold Shop Investment

  • Located in established neighbourhood parade
  • Benefitting from unallocated parking for the parade to the front
  • Let until 2022

Tenure

Freehold

Location

The property is situated on the North side of The Street, between its junctions with Church Road and Old Manor Road in an established trading location.
Occupiers close by include Cubitt & West estate agents, Leaders estate agents, Cats Protection Charity Shop and St Barnabas Hospice Charity Shop amongst other predominantly local traders.

Description

The property is arranged on ground floor only to provide a ground floor shop currently trading as a takeaway.
To the rear the property benefits from a service yard.

VAT

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

Current Rent

Current Rent Reserved £15,000 p.a.

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 £140,000

This auction lot is now closed.

Auction Ended

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* Reserve not to exceed:
£140,000
Gross initial yield:
10.7%
No. Present Lessee Accommodation Terms of Lease Agreement Current Rent £ p.a Next Review / Reversion
60 Bethel Catering UK Limited (t/a Chicken Lover) Gross Frontage
Net Frontage
Shop Depth
Built Depth
Ground Floor
5.95 m
5.30 m
11.85
15.30
75.5 sq m
(19' 5")
(17' 4")
(38' 9")
(50' 2")
813 sq ft
10 years from 27.01.2012
FR&I
£15,000 p.a. Reversion 2022
Total £15,000 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.