Lot 104

FREEHOLD CITY CENTRE INVESTMENT

80/81 High Street and St Pauls Court, Winchester, Hampshire, SO23 9AP
80/81 High Street and St Pauls Court, Winchester, Hampshire, SO23 9AP
Withdrawn After

Currently let at £109,200 per annum

Situated in the very heart of Winchester City Centre opposite the Law Courts and a short distance from the railway station, this freehold investment comprises four commercial units which are all let at a rental of £108,500 per annum.

The residue of the income is made up from the ground rent received in respect of the seven residential flats known as St. Pauls Court which have been sold on a long leasehold basis.

Both the residential and commercial leases provide for the freeholder to arrange the insurance, maintenance and management of the building, recovering the costs from the leaseholders by way of a service charge.

Unit A

Tenancy

Let to John King Ltd (Mailboxes) under the terms of a commercial lease for a term of 10 years, expiring on 24th December 2021, at a current rental of £27,500 per annum.

Unit B

Tenancy

Let to Anokhi Winchester Ltd under the terms of a commercial lease for a term of five years, expiring on 24th December 2021, at a current rental of £23,500 per annum.

Unit C

Tenancy

Let to Timber Windows (Southern) Ltd under the terms of a commercial lease for a term of 10 years, expiring on 20th January 2027, at a current rental of £30,000 per annum.

Unit D

Tenancy

Let to Brides of Winchester Ltd under the terms of a commercial lease for a term of 15 years, expiring on 30th January 2028, at a current rental of £27,500 per annum.

Flats 1-7 St Pauls Court (Winchester) Ltd

Tenancy

The flats can be accessed from the front and rear of the building.

Each flat is let under the terms of a 125 year lease (less three days) from 24th June 1987 at a current ground rental of £100 per annum, per flat.

Auctioneer's Note

Section 5B Notices under the Landlord and Tenant Act 1987 (as amended) have been served and the leaseholders have not reserved their rights under the legislation.

Important

All lots are sold subject to the Common Auction Conditions and Special Conditions of Sale (unless varied by the Sellers Solicitors), together with the Addendum, which will be available on Auction Day.

* Price Information

Guides are provided as an indication of each Seller’s minimum expectation. They are not necessarily figures at which a property will sell for and may change at any time prior to Auction. Unless stated otherwise, each Lot will be offered subject to a reserve (a figure below which the Auctioneer cannot sell the Lot during the Auction).

We expect the reserve will be set within the guide range or no more than 10% above a single figure guide. Please check our website regularly at cliveemson.co.uk, or contact us on 01622 608400, in order to stay fully informed with the up-to-date information.

Additional Fees

An Administration fee and Other non-optional fees may also be payable in addition to the bid price. All lots are offered subject to the Common Auction Conditions and Special Conditions of Sale or Revised Special Conditions of Sale (as applicable) and may include the repayment of search and other fees and or costs payable by the buyer.

All buyers are advised to inspect all available legal documentation prior to bidding and will be deemed to fully understand what they may be liable for if they are successful in purchasing. This should also include Stamp Duty, Land Registry fees and VAT which may become payable on completion in line with any property transaction, whether it is by auction or private treaty. If, as a buyer, you are in doubt you should seek advice from your own professional advisors. For more information on fees please go to cliveemson.co.uk/buyers-fees/