Lot 19 - FREEHOLD TOWN CENTRE MIXED RESIDENTIAL AND COMMERCIAL INVESTMENT

Sold Prior

Previously fully let at £34,200 per annum

An attractive end-terrace building situated at the bottom end of Fareham's attractive Georgian High Street, close to the junction with West Street and the landmark Red Lion Hotel.

The ground floor commercial unit, which is trading as a hair salon, is let under the terms of a 10-year commercial lease, while the two flats on the first and second floors have previously both been let under the terms of Assured Shorthold Tenancy Agreements. With the impending sale in mind the Seller did not seek new tenants for either flat when they were recently vacated.

We are advised that the flats were previously let at £650 and £800 per calendar month respectively.

The property is considered ideal for addition to an income-producing property portfolio.

Commercial

Ground Floor

Main shop/retail area with ancillary staff facilities to the rear and a single car parking space.

Tenancy

Let under the terms of a commercial lease dated 1st January 2017 for a term of 10 years at a current rental of £16,800 per annum.

Residential

First Floor

Flat 5A

Entrance lobby, living room, kitchen, two bedrooms and shower room with W.C.

Tenancy

Currently vacant.

Second Floor

Flat 5B

Entrance hall, living room, kitchen, bedroom and shower room with W.C.

Tenancy

Currently vacant.

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/