Lot 159 Freehold Commercial Investment Plus Ground Rent IncomeAuction Date:
1st November 2024
35/35A Church Road, Tunbridge Wells, Kent, TN1 1JT
Currently let at £7,625 per annum
A large three storey building (plus basement) situated in a mixed commercial and residential area conveniently located for the main town centre and mainline railway station.
The property is arranged as a ground floor and basement retail unit which is let under the terms of a commercial lease.
The remainder of the property has been converted to six flats, each sold on ground leases on various terms as detailed below.
Retail Unit
Ground Floor
Retail space with separate W.C, basement room.
Tenure
Let on the terms of a commercial lease from 1st September 2021 to and including 18th February 2032 at a current rental of £7,500 per annum. The Landlord holds a rent deposit of £2,750.
Flat 35A
Ground Floor
Tenure
Sold on a 99-year lease from 18th September 2024 at a peppercorn ground rent.
Flat 35
Ground Floor
Tenure
Sold on a 189-year lease from 9th September 1986 at a peppercorn ground rent.
Flats 1, 2 & 4
Tenure
Sold on 189-year leases from 25th December 1982 at a peppercorn ground rent.
Flat 3
Tenure
Sold on a lease dated 16th June 2008 as extended for a term of a 99-year lease from 30th September 2021 at a current ground rental of £100 per annum.
Auctioneers 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
