Lot O5 - 124 - 132 Old Road, Clacton-on-Sea, Essex, CO15 3AH

  • Unconditional Online Auction Sale
  • * Reserve not to exceed : £675,000

Addendum

In the Particulars of Sale and the Schedule of Accommodation and Tenancies please note the lease at No.128a is for a term of 1 year from 09.04.2018. The reversion is therefore 2019 and not as stated.

Freehold Parade of Shops

  • Local shopping parade comprising five shops, six flats and a townhouse
  • Some 350m from Clacton-on-Sea Train Station
  • No VAT applicable

Tenure

Freehold

Location

The property is situated on the East side of Old Road, at its junction with Page Road and north of it's junction with Meredith Road.
Occupiers close by include Pizza Hut Delivery amongst a range of local traders. The property is some 350m from Clacton-on-Sea Train Station.

Description

The property is arranged on ground and one upper floor to provide five ground floor shops, six flats and a townhouse (No.55).
The majority of the flats are accessed from the rear of the property with No. 132a, 132b and No.55 accessed from Page Road.

VAT

VAT is not applicable to this lot.

To View

There will be a single block viewing held prior to the auction. If you would like to attend you must register with us in advance no later than 12 noon on Tuesday 11th September.

Please email amy.heuch@allsop.co.uk with the name and mobile number of each party wishing to attend. Photographic ID will be required on the day. In the subject box of your email please enter Lot O5 Clacton-on-Sea.

Current Rent

Total Current Rents Reserved £66,042 p.a. (1)

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:
£675,000
Gross initial yield:
9.80% plus a vacant shop, store and flat
No. Present Lessee Accommodation Terms of Lease Agreement Current Rent £ p.a Next Review / Reversion
124 Under Offer (1) Gross Frontage
Net Frontage
Shop Depth
Built Depth
Ground Floor
5.85m
5.65m
9.95m
19.50m
53.4 sq m
(19' 2")
(18' 5")
(32' 6")
(64' 0")
(575 sq ft)
124 Rear Vacant Rear Store (2) 34.2 sq m (368 sq ft)
124a Individuals First Floor flat Comprising 3 Rooms,
Kitchen and Bathroom
Assured Shorthold Tenancy from 12.05.2014 £6,600 p.a. Holding Over
126 & 126a K P Bhandari & N Kandel Gross Frontage
Net Frontage
Shop Depth
Built Depth
Ground Floor
Rear Store (2)
First Floor flat
5.85m
5.65m
10.50m
22.55m
55.8 sq m
30.0 sq m
Comprising 4 Rooms,
Kitchen and Bathroom
(19' 2")
(18' 5")
(34' 4")
(74' 0")
(601 sq ft)
(323 sq ft)
15 years from 21.10.2011
Rent Review every 3rd year
FR&I
£14,150 p.a. Rent Review 2020
128 A M Smith Gross Frontage
Net Frontage
Shop Depth
Built Depth
Ground Floor
Rear Store (2)
5.80m
5.55m
10.75m
12.65m
56.80 sq m
21.7 sq m
(19' 0")
(18' 2")
(35' 3")
(74' 0")
(611 sq ft)
(292 sq ft)
1 year from 15.05.2015 (3) £5,200 p.a. Holding Over
128a Individuals First Floor flat Comprising 4 Rooms,
Kitchen and Bathroom
6 month Assured Shorthold Tenancy from 10.10.2017 £6,600 p.a. Holding Over
130 B Omer Gross Frontage
Net Frontage
Shop Depth
Built Depth
Ground Floor
Rear Store (2)
5.85m
5.55m
10.90m
25.45m
57.70 sq m
17.9 sq m
(19' 2")
(18' 2")
(35' 8")
(83' 5")
(621 sq ft)
(193 sq ft)
7 years from 28.02.2018
Rent Reviews every 3rd year
FR&I
£8,000 p.a. (4) Rent Review 2021
130a Individuals First Floor flat Comprising 4 Rooms,
Kitchen and Bathroom
Assured Shorthold Tenancy for a term expiring 12.03.2019 £7,800 p.a. (5) Reversion 2019
132 J Bull Gross Frontage
Net Frontage
Shop Depth
Built Depth
Ground Floor
5.80m
5.50m
7.55m
13.6m
39.05 sq m
(19' 0")
(18' 0")
(24' 8")
(44' 6")
(420 sq ft)
1 year from 27.04.2015 £5,200 p.a. Holding Over
132a Individual First Floor Flat Comprising 4 Rooms,
Kitchen and Bathroom
Assured Shorthold Tenancy from 02.08.2014 £6,792 p.a. (6) Holding Over
132b Vacant Ground Floor Flat (not inspected)
55 Page Road
(Bakehouse)
Individual Town House Comprising 1 Room,
Kitchen and Bathroom
Assured Shorthold Tenancy for a term expiring 09.09.2018 £5,700 p.a. (8) Reversion 2018
Total £66,042 p.a.
(1) We understand this unit is under offer for a term of 25 years at a rent of £7,300 p.a. subject to a break at the 5th anniversary and rent reviews every 5th year.
(2) Not measured by Allsop. Floor areas sourced from www.voa.gov.uk
(3) We understand that negotiations are underway regarding a new lease
(4) £6,000 surety held
(5) £650 surety held
(6) £550 surety held
(7) £450 surety held
(8) £475 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.