128 Abbey Street, Nuneaton, Warwickshire, CV11 5BZ
A town centre retail Investment in Nuneaton
Sold for £172,000.
A Freehold Fully Let Town Centre Retail Investment. Current Rental Income: £15,500 pa.
Property DescriptionThe property comprises a three-storey mid parade commercial property situated along the pedestrianised Abbey Street. There is a retail shop to the ground floor with ancillary accommodation to the first and second floors. The entire property is let to a charity on a renewed lease.
LocationThe property is situated by Abbeygate Shopping Centre, in the heart of Nuneaton, which is the largest town in the Nuneaton & Bedworth Borough area with a borough population of 125,252 (2011 census). Neighbouring occupiers include several local and national operators, and the premises are also well located for all other town centre amenities (including bus and railway stations). Nuneaton is approximately 9 miles north of Coventry and 20 miles east of Birmingham.
TenureFreehold – Subject to the existing tenancy.
Tenancy DetailsThe entire property is let to People Potential Possibilities on a renewed lease from 3rd October 2022, expiring 2nd October 2025. The passing rent is £15,500 plus Vat per annum and there is a tenant option to determine on 2nd October 2024.
Value Added TaxWe are advised that VAT is payable, although it is anticipated that the transaction will be dealt with by way of a TOGC.
Auctioneer's NotePlease note offers may be considered prior to the Auction Sale.
Remote Bidding AuctionThis property is being offered via a remote bidding auction with bidding by proxy, telephone or internet only. You will need to pre-register for remote bidding, provide your identification and debit card details no later than 24 hours prior to the auction, please visit our website for further details.
Tenant ProfilePeople Potential Possibilities (trading as P3) are a registered charity (charity number 703163) and social enterprise delivering support, education and services to communities throughout the UK.
ViewingsStrictly by appointment with the Auctioneers.
Bond Wolfe or their Agents for the seller of these Lots give notification that any particulars contained within the catalogue/website are prepared to the best of their knowledge and all potential buyers should make their own enquiries and investigations to the accuracy of the information contained in these particulars. Any amendments to the particulars that Bond Wolfe are aware of will be published on the addendum, which is available within the lot information.
Please note that the Auction will be livestreamed via our website. You can take part remotely via Proxy, Telephone or Online, if you wish to bid you must pre-register via our website no later than 3pm the day prior to the auction. Please click here for further details.
*DEFINITION OF GUIDE & RESERVE PRICE
All properties are sold subject to a reserve price, which is the minimum price the seller is willing to accept and is confidential between the seller and Auctioneer. The guide price is only an indication as to where the reserve is currently set and not necessarily the Auctioneers expectation of what it will sell for. If the guide price is a bracket figure, then the reserve price cannot be higher than the top end of the guide price, if the guide price is a fixed figure, then the reserve cannot be more than 10% above the guide price. The guide price and reserve price can be subject to change at any time up to and including the auction day and, properties can often sell for substantially more than the quoted guide price.
COSTS AT AUCTION
When buying at auction you will unconditionally exchange contracts on the fall of the auctioneer’s gavel, please therefore ensure you have read the legal pack for each property prior to bidding. They are all individual and include the terms and conditions of your purchase as well as any costs in addition to the purchase price.
The sale of each lot is subject to an administration fee of £1,680 inc VAT (£1,400.00 + VAT) (unless otherwise stated in the important information), payable on the fall of the gavel/at the end of the online auction. Please note that the administration fee for the Local Authority lots may differ and all interested parties should enquire directly with the Auctioneers as to the fee applicable.
Any additional costs excluding the administration fee will be listed in the Special Conditions within the legal pack and these costs will be payable on completion. The legal pack is available to download free of charge under the ‘lot information’. Any stamp duty and/or government taxes are not included within the Special Conditions within the legal pack and all potential buyers must make their own investigations.