Lot 92: INVESTMENT OPPORTUNITY- OLD TOWN PUB WITH SIX FLATS ABOVE, SIX PARKING SPACES TO REAR AND LAPSED PLANNING FOR SIX TOWN HOUSES

An incredible opportunity to purchase this substantial freehold block in the heart of Margate’s old town and a short walk from the popular Tuner Gallery.

The site comprises a public house, six flats and yard/outbuilding/parking spaces to rear with lapsed outline Planning Permission for six town houses. The pub and flats are currently let on two separate leases.

The property is situated in Market Place, a desirable area of Margate, which is a short walk from the seafront, Margate’s mainline railway station and the town centre with all its amenities.

The Bulls Head

Ground Floor

Seating/bar area, extra seating, store room, ladies and gents W.C.

Cellar

Two rooms, office, store room and beer store

Outside

Garden to rear.

Tenancy

Let under the terms of a 25 year commercial lease from 2009 at a reduced rent of £337.38 per week. The original lease was for a term of 25 years, from 2nd June 2006, at a rent of £25,000 per annum, with rent reviews every three years. Further tenancy information will be available to download from the Clive Emson website.

Flats 1-6

Accessed via rear.

First Floor

Flat 1

Living room, kitchen, two bedrooms and bathroom with W.C.

Flat 2

Living room, kitchen, two bedrooms and bathroom with W.C.

Second Floor

Flat 3

Living room, kitchen, two bedrooms and bathroom with W.C.

Flat 4

Living room, kitchen, two bedrooms and bathroom with W.C.

Third Floor

Flat 5

Living room, kitchen, bedroom and bathroom with W.C.

Flat 6

Living room, kitchen, bedroom and bathroom with W.C.

Tenancy

The first, second and third floors are let on a lease from 1st May 2011 at £17,400 per annum with rent reviews every year on 1st May. The lease will be available to download from the Clive Emson website.

Planning

Outline Planning Permission has been granted by Thanet District Council, under ref: TH/03/1276, dated 2nd February 2005, for the erection of two, 2 and 3 storey buildings comprising a total of six town houses, subject to conditions.

This permission has now lapsed. A copy of the Planning consent and proposed plans will be available to download from the Clive Emson website.

Auctioneer’s Note

At the time of publication the auctioneer has been unable to inspect the residential parts of the building and interested applicants should rely on their own investigations. Floor plans will be available to download from the Clive Emson website.

Residential EPC: E
Commercial EPC: C