The existing tenant has now signed a new 7 year FRI Lease. The tenant is fully up to date with his rent payments
A freehold two storey end of terrace property trading as an established local Gymnasium together with land to the west side which is currently used as a carpark. We are advised the tenant, who has 2 years remaining on the existing lease, is signing a new 7 year FRI Lease producing an annual rental income of £6750.00 for the first 4 years with a pre-agreed rent increment to £7500.00 thereafter. There are 2 separate Land Registry Title Numbers for the land and the building.
When the Lease expires this gives the Freeholder the ability to regain full vacant possession of the building if required (the current Lease is granted outside the protection of the Landlord and Tenant Act of 1954, therefore the Tenant does not have the usual right to renew the Lease).
Subject to any necessary planning consents the property would be suitable for redevelopment. Also upon Vacant Possession the Freeholder then could sell the two Title Numbers separately.
Sutton Kersh - Auctions
2 Cotton Street,
t. 0151 207 6315
f. 0151 207 6316
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An indication of the seller’s current minimum acceptable price at auction. The guide price or range of guide prices is given to assist consumers in deciding whether or not to pursue a purchase. It is usual, but not always the case, that a provisional reserve range is agreed between the seller and the auctioneer at the start of marketing. As the reserve is not fixed at this stage and can be adjusted by the seller at any time up to the day of the auction in the light of interest shown during the marketing period, a guide price is issued. This guide price can be shown in the form of a minimum and maximum price range within which an acceptable sale price (reserve) would fall, or as a single price figure within 10% of which the minimum acceptable price (reserve) would fall. A guide price is different to a reserve price (see separate definition). Both the guide price and the reserve price can be subject to change up to and including the day of the auction.
The seller’s minimum acceptable price at auction and the figure below which the auctioneer cannot sell. The reserve price is not disclosed and remains confidential between the seller and the auctioneer.
Both the guide price and the reserve price can be subject to change up to and including the day of the auction.
A successful purchaser will also be required to pay a Buyer’s Administration Charge of 1.2% of the purchase price subject to a minimum fee of £1,800 including VAT (unless stated otherwise within the property description in the catalogue) by debit card or bank transfer.
You are bidding on the basis that you have made all necessary enquiries, particularly in respect of lots the auctioneer has not inspected or had initial sight of tenancy details, and have checked the General and Special Conditions of Sale and are satisfied that you fully understand their content. Please note that some legal packs may contain additional fees (such as the requirement for the seller to pay the vendor's legal fees)