Lot O3 - 2 Market Court, 263 Hoxton Street, London, N1 5LG

  • Unconditional Online Auction Sale
  • * Reserve not to exceed : £200,000

Addendum

Arrears at 30.7.2018 were £7,605.81 which the Buyer will be liable for on Completion.

Leasehold Shop Investment

  • Well located next to the historic Hoxton Street Market
  • Shop let until 2023 (1)

Tenure

Leasehold. Held for a term of 125 years from 31st December 2003 (thus having some 110 years unexpired) at a current ground rent of £250 per annum subject to a fixed increase every 25th year.

Location

The property is situated on the West side of Hoxton Street, opposite it's junction with Nuttall Street and adjacent to the entrance to the historic Hoxton Street Market.
Occupiers close by include Hoxton Street Market, Papa John's, Iceland, Ladbrokes, Poundland, Betfred, and Spar amongst a range of local traders.
The property is some 450m from Hoxton Overground Station which has regular services to Highbury & Islington and Canada Water.

Description

The property is arranged on ground floor only to provide a ground floor shop presently trading as a florists. The property forms part of a larger building not included in the sale.

VAT

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

Current Rent

Current Gross 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 £224,000

This auction lot is now closed.

Auction Ended

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* Reserve not to exceed:
£200,000
Gross initial yield:
7.5%
No. Present Lessee Accommodation Terms of Lease Agreement Current Rent £ p.a Next Review / Reversion
2 H Fox (2) Gross Frontage
Net Frontage
Shop and Built Depth
Ground Floor
3.9 m
3.3 m
10.9 m

57.10 sq m
(12' 10")
(10' 10")
(35' 9")

(614 sq ft)
6 years from 26.09.2017
Rent Review on the 3rd anniversary
FR &I subject to a schedule of condition
(1) The lease provides for a tenants break option on the 3rd anniversary subject to six months notice
£15,000 p.a. Reversion 2023
Total £15,000 p.a.
(2) £3,000 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.