Lot 17 Freehold Commercial Investment With Ground Rent IncomeAuction Date:
20th September 2023
1-7 Jacob's Yard & 8 Preston Street, Faversham, Kent, ME13 8NY
Currently let at £14,250 per annum
A mixed investment located in the centre of Faversham, situated close to local and national retailers, supermarket and Faversham's mainline railway station. This investment comprises a barber's shop and opticians (both currently let), a furniture shop and a house which have been sold on long leases, together with five flats, also sold on long leases.
1 Jacob’s Yard - Kings Cuts
Tenancy
Let under the terms of a 10-year commercial lease from 10th August 2023 at a current rental of £5,750 per annum.
4 Jacob’s Yard
Optima Opticians - Tenancy
Let under the terms of a commercial lease expiring 2025 at a current rental of £8,000 per annum.
8 Preston Street - Faversham Furnishing
Tenure
Sold on a 125-year lease, from 1st January 2009, at a current ground rental of £125 per annum.
3 Jacob’s Yard
Tenure
Sold on a 125-year lease from 19th November 2019 at a current ground rental of £125 per annum.
Flats 1A, 2, 5, 6 & 7 Jacob’s Yard
Tenure
Each sold on a 999-year lease from 27th June 2003, at a current ground rental of £50 per annum each.
Auctioneer's Note
Section 5B Notices under the Landlord & Tenant Act 1987 (as amended) have been served and the leaseholders have not 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
