Lot 5 Three Storey Freehold Property In Prominent PositionAuction Date:
11th December 2024
299 Commercial Road, Portsmouth, PO1 4BP
Currently let at £3,100 per annum plus vacant shop
This three-storey building sits in a prominent position in the city, with the billboard on the side advertising to thousands of cars that pass by every day. The retail unit on the ground floor is vacant with the two flats on the upper floors sold under the terms of a long lease.
Digital Advertising Screen
Tenancy
Let under the terms of a commercial lease/licence agreement at rental of £6,000 per annum. We understand this income is then split equally between the long leaseholder of the upper two floors and the freeholder. Further details will be available in the legal pack.
First Floor - Flat 279
Tenure
Sold on a 99-year lease from 15th January 1988 at an initial ground rent of £50 per annum.
Second/Third Floor - Flat 291
Tenure
Sold on a 125-year lease from 25th March 1982 at an initial ground rent of £50 per annum.
EPC Rating to be advised
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.
Freehold with Part Vacant Possession
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
