Lot 44

65 BERTH MARINA AND SAIL LOFT

Upper Quay Marina, Upper Quay, Fareham, Hampshire, PO16 0LY
Postponed

Currently let at £60,000 per annum from 42 Moorings

Situated on Fareham Creek this 65 berth marina is situated close to Fareham town centre and is at present generating an income of around £60,000 per annum from the currently occupied 42 moorings. Prospective purchasers will appreciate that due to the transient nature of a marina there may be more or less than 42 moorings occupied at the point of sale.

In addition, there is a two storey freehold former sail loft, which is at present vacant and is considered ideal as a base for the ongoing management of the marina. Alternatively, the building has scope and potential for commercial letting or for residential conversion, subject to all necessary consents being obtainable.

To the side of the sail loft is additional land, which is at present used for parking and storage but which may have scope and potential for re-development, subject to all the necessary consents being obtainable. To the rear of the sail loft, two open railway arches provide additional space and are held under the terms of leases.

The berths at this long established boating facility are held under the terms of a long lease from Crown Estates. The marina offers facilities for members and a shower building is nearing completion. The lease to Crown Estates allows for additional berths to be used if required and so there is undoubted potential for further income and expansion of the business if required.

Tenure

The former sail loft and land adjoining are held on a freehold basis. The berths and boating facilities are held under the terms of an existing lease from Crown Estates which has nine years remaining. The sellers are at an advanced stage of a lease renewal and it is hoped that the new lease wil be in place prior to the auction sale for a term of 25 years, at an initial rent of £6,000 per annum. Further details will be available in the legal pack.

Local Planning Authority

Fareham Borough Council. Tel: 01329 236100. Website: fareham.gov.uk.

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/