Lot 88 Freehold InvestmentAuction Date:
16th June 2022
48 Marina, St. Leonards-on-Sea, East Sussex, TN38 0BE
Currently let at £12,215 per annum
A fantastic opportunity to acquire this freehold commercial investment with residential ground rents. Comprising ground floor and basement commercial premises currently let at £12,000 per annum with three self-contained flats each sold off on long leases.
Flat 1 has been sold on a long lease from 25.12.1954 to 24.12.2143 at a peppercorn ground rent. Flat 2 has been sold on a long lease for the term of 125 years from 18th January 2022 to 17th January 2147 at a current ground rental of £15 per annum and Flat 3 has been sold on a long lease for the term of 125 years from 01.12.2015 at a current ground rental of £200 per annum.
Situated on the seafront and within the desirable Burton area of St Leonards the property is considered ideal for immediate investment.
Ground Floor and Basement
Run as an Open plan barbers and coffee shop the property also offers basement workshop/store.
Tenancy
Let on a fully repairing and insuring lease for the term of 5 years from 2nd September 2020 at current rental of £12,000 per annum.
Auctioneer’s Note
Section 5B Notices under the Landlord & Tenant Act 1987 (as amended) have been served and the leaseholders have reserved their rights under the legislation.
There is an addendum available to be read
in conjunction with the legal documentation.
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 Buyers Fees
