Lot 110 Head Leasehold Commercial And Ground Rent InvestmentAuction Date:
14th December 2022
11 Military Road, Chatham, Kent, ME4 4JG
Currently let at £14,375 per annum gross
A large property providing accommodation over five floors including basement, situated in the pedestrianised area of this busy town centre opposite one of the main entrances to the Pentagon Shopping Centre.
The property is arranged to provide ground floor retail unit (together with basement) and three self-contained flats above. Each of which have been sold on a long term ground lease.
Retail Unit
Ground Floor & Basement
Let on a Commercial Lease of five years, from 8th November 2021, at a current rental of £14,000 per annum.
Upper Floors
Converted to three self-contained flats, each sold on a long term ground lease for a term of 99 years, from 1st October 2006, at a ground rental of £125 per annum.
Tenure
Remainder of a 125-year ground lease, from 25th December 1982, at a current ground rental of £1,925 per annum paid to the Freeholder.
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
