Lot 122

FREEHOLD COMMERCIAL INVESTMENT WITH GROUND RENTS

59 Northdown Road, Margate, Kent, CT9 2RJ
59 Northdown Road, Margate, Kent, CT9 2RJ
Sold £138,000

Currently let at £12,960 per annum

A mid-terrace property situated in Margate town centre close to local amenities, the seafront and the Turner Contemporary Gallery. The building comprises four flats on the upper parts, all sold on long leases.

Ground Floor

Open plan area, kitchen and office.

Basement

Hallway, two W.C.s, store room and five further rooms.

Outside

Rear Yard.

Tenancy

Let on a commercial lease for a term of five years, from 1st January 2019, at a current ground rental of £12,000 per annum. A copy of the lease will be included within the legal documentation, available to download from the Clive Emson website.

Residential

Upper Parts

Four flats, each sold on a 99 year lease, from 6th November 2014, at a current ground rental of £120 per six months.

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/