Mixed Use
A mixed use investment opportunity located on the corner of Southgate and Boston Road comprising two commercial tenants along with residential accommodation above, giving a total gross income of £30,240pa with scope to increase to circa £36,000pa at full market rents.
The premises comprises a two story brick built Victorian era building situated within a prominent location at the end of a parade of units fronting Southgate and on the junction with Boston Road.
The property is let to separate 4 tenants. More detailed information can be obtained within the legal pack as to the lease and AST details.
3 Boston Road is held on a lease with rent passing £3,960pa and is trading as a mens barber shop with lease until September 2026.
5a Boston Road comprises an apartment secured on an assured shorthold agreement with rent passing £460pcm.
5b Boston Road comprises an apartment secured on an assured shorthold agreement with rent passing £480 pcm.
75 Southgate is held on a 10 year lease, having current rent passing of £15,000pa with tenant Sequence (UK) Ltd (WH Brown estate agents) until 2030.
The property is situated in the market town of Sleaford. Nearby occupiers include Costa, Boots and Greggs. Sleaford is situated approximately 14 miles north east of Grantham, 18 miles south of Lincoln and 17 miles west of Boston.
Please be advised that the auctioneers have not personally inspected the property. Prospective buyers are advised to make a viewing enquiry and any other necessary independent enquiries before placing their bid, as this will be binding.
These sales details are awaiting vendor approval.
Freehold. Subject to tenancy.
Auction Details
The sale of this property will take place on the stated date by way of Auction Event and is being sold under an Unconditional sale type.
Binding contracts of sale will be exchanged at the point of sale.
All sales are subject to SDL Property Auctions Buyers Terms. Properties located in Scotland will be subject to applicable Scottish law.
Auction Deposit and Fees
The following deposits and non- refundable auctioneers fees apply:
• 5% deposit (subject to a minimum of £5,000)
• Buyers Fee of 3.6% of the purchase price (subject to a minimum of £6,000 inc. VAT).
The Buyers Fee does not contribute to the purchase price, however it will be taken into account when calculating the Stamp Duty Land Tax for the property (known as Land and Buildings Transaction Tax for properties located in Scotland), because it forms part of the chargeable consideration for the property.
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 (and any applicable Home Report for residential Scottish properties).
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.
