A double fronted shop of approximately 1,550 ft² let on a 5 year term (from January 2023). The lease is subject to annual 5% rental increases and the rent is due to increase from £24,000 to £25,200pa from the 1st January 2025.
The shop is home to the East Street Fruit Market, a cherished local retailer that has traded here for over 30 years.
FOR SALE BY AUCTION -
This property is due to feature in our online auction on 21 November 2024 at 6.00pm. Bidding is via proxy, telephone or online remote bidding.
VIEWINGS -
By appointment.
SUMMARY -
SOLD FOR £251,000 - DOUBLE FRONTED SHOP LET AT £25,200PA FROM JANUARY 2025.
DESCRIPTION -
A double fronted shop of approximately 1,550 ft² let on a 5 year term (from January 2023). The lease is subject to annual 5% rental increases and the rent is due to increase from £24,000 to £25,200pa from the 1st January 2025.
The shop is home to the East Street Fruit Market, a cherished local retailer that has traded here for over 30 years.
LOCATION -
The shop is located in a busy High Street location in Bedminster in an area currently undergoing significant redevelopment.
ACCOMMODATION -
Please refer to floorplan for approximate room measurements and internal layout.
The shop is trading as the East Street Fruit Market and is predominantly open plan with rear storage, benefits from roller shutter access to the front, and provides approximately 1,550 ft² (144m²).
COMPLETION -
Completion for this lot will be 8 weeks from exchange of contracts or sooner by mutual agreement.
ENERGY PERFORMANCE CERTIFICATE (EPC) -
Rating: B
TENURE -
The shop is offered for sale on the residue of a new 999 year lease with peppercorn
ominal ground rent.
LEASE DETAILS -
The shop is let on an effectively fully repairing and insuring basis, on a 5 year term from 1st January 2023 at a passing rent of £24,000pa. The rent will increase to £25,200pa from the 1st January 2025, and again to £26,460pa from the 1st January 2026, and to £27,783pa from the 1st January 2027. We understand the lease is excluded from the security provisions of The Landlord & Tenant Act 1954. There is also a £6,000 lease deposit.
LETTING - WHAT CAN MAGGS & ALLEN ACHIEVE FOR YOU? -
Maggs & Allen's experienced letting team are happy to discuss the rental of this property and can advise on maximising the investment. We offer Full Management, Let Only and Rent Collection Services. Contact Jessica Archer and her team on 0117 9499000 or email lettings@maggsandallen.co.uk.
AUCTION OR BRIDGING FINANCE REQUIRED? -
Do you need a mortgage or loan quickly? Maggs & Allen have specialist Independent Brokers who can arrange residential and commercial finance on all types of property. Contact the Auction Team today to be put through to our mortgage and loan experts on 0117 9734940 or email admin@maggsandallen.co.uk
BUYER'S PREMIUM -
Please be advised that all purchasers are subject to a £1,500 plus VAT (£1,800 inc VAT) buyer’s premium payable upon exchange of contracts.
*GUIDE PRICE -
Guide Prices are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Each property will be offered subject to Reserve Price (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
RESERVE PRICE -
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.
PROXY, TELEPHONE & ONLINE REMOTE BIDDING -
The auction will be held online via live video stream with buyers able to bid via telephone, online or by submitting a proxy bid. You will need to complete our remote bidding form, which is available to download from our website. The completed form, ID (driving licence or passport and a recent utility bill stating the home address of the purchaser) and a bank transfer for the Preliminary Deposit must be received no later than 24 hours before the date of the auction.
PRELIMINARY DEPOSITS -
The Preliminary Deposit required for each lot you wish to bid for will be calculated based upon the Guide Price as follows:
£1,000 - £150,000: £5,000
£151,000 and above: £10,000
If you bid is successful, the balance of the deposit monies and Buyer’s Premium (£1,800 inc VAT) must be transferred to our client account within 24 hours of the auction sale. If you are unsuccessful at the auction, your Preliminary Deposit will be returned to you within 5 working days.
RENTAL ESTIMATES -
All rental estimates are provided in good faith. They should be verified by your own professional advisors prior to a commitment to purchase.
