Lot 69 Freehold Block Of Seven Shops And Seven FlatsAuction Date:
24th July 2024
98-124 Miller Drive, Fareham, Hampshire, PO16 7LN
Currently let at £89,050 per annum
Located in a popular residential area of Fareham, this substantial freehold block comprises seven flats and seven shops. Five of the flats have been sold under the terms of long leases, with the remaining two let under the terms of Assured Shorthold Tenancy Agreements. The commercial units are let to a variety of occupiers, with three units operating as a Day Nursery.
Commercial
98 Miller Drive
Ground Floor
Tenancy
Let to a convenience store under the terms of a 15-year lease, from 25th September 2013, at a current rental of £10,000 per annum.
102 Miller Drive
Tenancy
Let to a health and beauty clinic under the terms of an 18-year lease, from 26th November 2007, at a current rental of £10,000 per annum.
106 Miller Drive
Tenancy
Let to a barber shop under the terms of a five-year lease from 25th March 2022 at a current rental of £11,000 per annum.
110 Miller Drive
Tenancy
Let to a coffee shop under the terms of a five year lease from 25th March 2022 at a current rental of £11,000 per annum.
Auctioneer’s Note
The rents stated for 102,106 and 110 are reflective of those agreed by the landlord as a rent reduction during the Covid pandemic. These rents have never returned to the figures stipulated in the lease, which are £12,500 per annum, per property.
Further details including copies of the leases will be included in the legal documents, available to download from the Clive Emson website.
114, 118 & 122 Miller Drive
Tenancy
All three units are occupied by the same tenant (the Day Nursery) and are let under the terms of a 28-year lease from 19th July 2004 at a current rental of £30,000 per annum.
First Floor Residential
Flats 100, 104, 112, 116 & 124
Tenure
All five flats are sold under the terms of 125-year leases from 29th September 1985 at a current ground rental of £50 per flat per annum.
Flat 108
Living/dining room, kitchen, two bedrooms and bathroom with W.C.
Tenancy
Let on an Assured Shorthold Tenancy Agreement at a current rental of £700 per calendar month.
Flat 120
Living/dining room, kitchen, two bedrooms and bathroom with W.C.
Tenancy
Let on an Assured Shorthold Tenancy Agreement at a current rental of £700 per calendar month.
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
