Commercial Property
A freehold investment opportunity part let and currently producing £22,800 per annum. (£1,900 per calendar month).
The property comprises a two-storey building with two separate commercial units to the ground floor and an open plan office above both.
Number 11 High Street is occupied by Nationwide Kitchen Installations Limited who occupy on a 10-year agreement commencing 15/01/2020 with a rent passing of £14,500 per annum. We have seen an unsigned copy of the lease agreement and note that sections 24 and 28 of LLTA1954 do not apply to this lease. Interested parties are advised to inspect the legal pack for more information. We have been advised that Nationwide Kitchens are paying £8,300 per annum as a separate verbal agreement in order to occupy the storage area to the rear of number 13 High Street.
Number 13 High Street is a vacant unit extending 1,086 sq.ft with access to the upper floors via a staircase. To the rear of the unit is a storage area/unit which could not be inspected as it was occupied by the tenants of 11 High Street at the time of inspection. We estimate it to extend circa 950 sq.ft and believe it benefits from seperate access as well as access from number 13 High Street. Interested parties are advised to make their own assumptions as to this as we could not varify upon inspection.
The first floor extends above both units and offers extensive open plan office space extending circa 5,000 sq.ft which has been partitioned off to create smaller offices and work areas. There is a staircase at the rear which gives access to number 11 High Street below.
To the rear of the property is a yard accessable from King Edward Street. There is space for several cars access to the rear of both units and access to the storage unit behind number 13.
There is planning permission granted for the creation of 6 apartments on the first floor. Interested parties are advised to inspect the legal pack for more information and the North Lincolnshire planning portal planning number: PA/2020/1869
The property is located in Kirton-in-Linsey a market town north of Lincoln with good access to the M180 motorway. The property fronts the High Street and occupies a prominent position within the town centre.
These sales details are awaiting vendor approval.
Freehold. Part let/part vacant.
Auction Details
The sale of this property will take place on the stated date by way of Auction Event and is being sold as Unconditional with Variable Fee (England and Wales).
Binding contracts of sale will be exchanged at the point of sale.
All sales are subject to SDL Property Auctions’ Buyers Terms.
Auction Deposit and Fees
The following deposits and non- refundable auctioneer’s fees apply:
• 5% deposit (subject to a minimum of £5,000)
• Buyer’s Fee of 4.8% of the purchase price for properties sold for up to £250,000, or 3.6% of the purchase price for properties sold for over £250,000 (in all cases, subject to a minimum of £6,000 inc. VAT). For worked examples please refer to the Auction Conduct Guide.
The Buyer’s Fee does not contribute to the purchase price and will be considered as part of the chargeable consideration for the property in the calculation of stamp duty liability.
There may be additional fees listed in the Special Conditions of Sale, which will be available to view within the Legal Pack. You must read the Legal Pack carefully before bidding.
Additional Information
For full details about all auction methods and sale types please refer to the Auction Conduct Guide which can be viewed on the SDL Property Auctions’ home page.
This guide includes details on the auction registration process, your payment obligations and how to view the Legal Pack.
Guide Price & Reserve Price
Each property sold is subject to a Reserve Price. The Reserve Price will be within + or – 10% of the Guide Price. The Guide Price is issued solely as a guide so that a buyer can consider whether or not to pursue their interest. A full definition can be found within the Buyers Terms.
