Lot 48 Commercial InvestmentAuction Date:
14th December 2022
Lulu's, 2 High Street, Sandown, Isle Of Wight, PO36 8DA
Currently let at £12,000 per annum
This attractive corner property occupies a prime position on the corner of the High Street and Pier Street, which as the name suggests leads down to the esplanade and Sandown Pier. The property is let on a commercial lease producing a healthy income. Both of the flats are sold on long leases.
Commercial
Ground Floor
Main restaurant seating area, kitchen.
Basement
Commercial storage space.
Tenancy
Let under the terms of a commercial lease from 4th June 2018 for a period of 7 years at a rent of £12,000 per annum.
Residential - Flats 1 & 2
Tenure
Each flat has been sold on an 800-year leases from 30th September 1988. Copies of the leases will be available to download from the Clive Emson website.
Tenure
Held under the terms of a 999-year lease from 10th December 1853.
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
