Lot O9 - 253 - 273(odd) and 277-289(odd) East Prescot Road, Liverpool, Merseyside, L14 2DB

  • Unconditional Online Auction Sale
  • * Reserve not to exceed : £500,000

Addendum

In the Particulars of Sale please note 275 East Prescot Road is not included in the sale and is under separate ownership.

In the Particulars of Sale and the Schedule of Accommodation and Tenancies please note the following amendments apply.

We understand the tenant at No.265 is in discussions for a lease renewal for a term of ten years from expiry of their existing lease, subject to a rent review in the 5th year at a rent of £6,500 p.a.

The tenant at No.289 East Prescot Road has completed a lease renewal for a term of three years from 3.2.2018 at a rent of £5,500 p.a. Reference to Holding Over shall be deleted and replaced with Reversion 2021.

Arrears as at 30.07.2018 are £11,217.94 which the Buyer will be liable for on Completion.

Freehold Parade of Shops

  • Local shopping parade comprising 8 shops and 9 flats
  • Situated on the main A57 arterial road linking Liverpool and St Helens
  • In close proximity to two major hospitals
  • No VAT applicable
  • Asset management opportunity

Tenure

Freehold

Location

The property is located on the north side of the A57 (East Prescot Road), close to its junction with Eaton Road. East Prescot Road is a major artillery road linking Liverpool to St Helens and the M57.

Occupiers close by include the Alder Hey Children's Hospital and Broadgreen Hospital, Kwik Fit, Europcar, Enterprise and BetFred amongst other local occupiers.

Description

The property is arranged on ground floor and first floor to provide eight ground floor shops with nine self-contained flats above within a local shopping parade. The flats are accessed from the front. To the rear of the property is a service yard.

Please note that 275 East Prescot Road is not included in the sale and is under separate ownership.

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 Monday 10th 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 O9 Liverpool.

Current Rent

Total Current Rents Reserved £58,342 p.a.


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Sold for £700,000

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Auction Ended

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* Reserve not to exceed:
£500,000
Gross initial yield:
11.7% plus three vacant shops and four vacant flats
No. Present Lessee Accommodation Terms of Lease Agreement Current Rent £ p.a Next Review / Reversion
255-257 A Algharni Ground Floor 64.0 sq m (689 sq ft) Term of 6 years ending 02.11.2020
Rent Review on the 3rd anniversary
Repairing & Insuring
£10,250 p.a. Reversion 2020
261 C L Gilroy Ground Floor 43.8 sq m (471 sq ft) 5 years from 23.05.2017
Repairing & Insuring
£7,500 p.a. Reversion 2022
265 A Caudill Ground Floor (1) 45.2 sq m (487 sq ft) 3 years from 05.11.2015
Repairing & Insuring
£5,900 p.a. Reversion 2018
267 I Sterling Ground Floor (1) 41.3 sq m (445 sq ft) 6 years from 29.09.2015
Repairing & Insuring
£5,600 p.a. Reversion 2021
273 Vacant Ground Floor (1) 35.4 sq m (381 sq ft)
277 Vacant Ground Floor 52.9 sq m (570 sq ft)
283-285 Vacant Ground Floor (1) 100.2 sq m (1,079 sq ft)
289 J P McCoy & C Hankisson
(t/a CJ Barbers)
Ground Floor 50.3 sq m (542 sq ft) 6 years from 03.02.2012
Rent Review on the 3rd anniversary
Repairing & Insuring
£5,500 p.a. Holding Over
1A Woodbourne Road Individual Flat Assured Shorthold Tenancy for a term from 10/07/2017 to 09/01/2019 £4,740 p.a. Reversion 2019
253 East Prescot Road Vacant Flat
259 East Prescot Road Individual Flat Periodic Tenancy from 27.10.2017 £4,740 p.a.
263 East Prescot Road Individual Flat Periodic Tenancy from 10.07.2010 £5,172 p.a.
269 East Prescot Road Vacant Flat
271 East Prescot Road Vacant Flat
279 East Prescot Road Individual Flat Assured Shorthold Tenancy for a term of 6 months from 09.04.2018 £4,200 p.a. Reversion 2018
281 East Prescot Road Individual Flat Periodic Tenancy from 19.04.2016 £4,740 p.a.
287 East Prescot Road Vacant Flat
Total £58,342 p.a.
(1) Not measured by Allsop. Floor area sourced from www.voa.gov.uk
  • * 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.