Lot O12 - 55 Westgate Street, Gloucester, Gloucestershire, GL1 2NW

  • Unconditional Online Auction Sale
  • * Reserve not to exceed : £85,000

Freehold Shop and Residential Ground Rent Investment

  • Situated in an established trading location within the town centre
  • Comprises a Shop and a Flat (sold off)
  • Shop let on a new 10 year lease (1)
  • No VAT applicable

Tenure

Freehold

Location

The property is situated on the south side of Westgate Street in an established trading location, between its junctions with Berkeley Street and Northgate Street.
Occupiers close by include KFC (opposite), William Hill, Nationwide, McDonald's, The Works and the British Heart Foundation amongst many others.

Description

The property is arranged on ground and three upper floors to provide a ground floor shop presently trading as a hairdressers, with a self-contained flat above which has been sold off on a long lease.

VAT

VAT is not applicable to this lot.

Current Rent

Total Current Rents Reserved £12,000 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 £111,000

This auction lot is now closed.

Auction Ended

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* Reserve not to exceed:
£85,000
Gross initial yield:
14.1%
No. Present Lessee Accommodation Terms of Lease Agreement Current Rent £ p.a Next Review / Reversion
Ground
Floor
E Kocager (2) Gross Frontage
Net Frontage
Shop and Built Depth
5.0 m
4.2 m
19.5 m
(16' 5")
(13' 9")
(64' 0")
10 years from 09.07.2018 (2)
Rent Review in the 5th year
FR & I subject to a schedule of condition
(1) The lease provides for a tenant's option to break on the 3rd anniversary
£12,000 p.a.(3) Rent Review 2023 (1)
1st, 2nd
and 3rd floors
Individual Flat 199 years from 10.10.2007 Peppercorn Reversion 2206
Total £12,000 p.a.
(2) A surety of £3,000 is held
(3) The tenant has the benefit of a rent free period expiring on 09.10.2018
  • * 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.