3 Queens Road, Nuneaton, Warwickshire, CV11 5JL
A prominent freehold town centre retail investment in Nuneaton, Warks.
Thursday 9th February 2023 @ 09:00AM
Please note that the property is let to Waterstones Booksellers Limited for a term of 3 years from 1st December 2022, expiring January 2026 and not as stated in the catalogue - updated 20.01.2023 @ 13:10.
We are also informed that VAT is applicable on this transaction and not as stated in our catalogue - updated 08.02.2023 @ 13:05.
A Prominent Freehold town Centre Retail Investment Property let to Waterstones Booksellers Limited. Current Rental Income: £30,000 pa.
Property DescriptionThe property comprises a prominent modern mid parade unit set over two floors. To the ground floor is a substantial retail shop with a retail trading area of approximately 1,924 sq. ft. ( 178.90 sq m) and further retail space of 980 sq. ft. ( 91.10 sq m) to the first floor. There are ancillary areas to both ground and first floors as well staff WC’s. The property enjoys a high level of footfall and is situated adjacent to HSBC Bank.
LocationNuneaton is a substantial market town with a resident population of 71,000 and is located approximately 9 miles North of
Coventry and 20 miles East of Birmingham.
The property is situated in a prime pedestrianised trading location on Queens Road in Nuneaton town centre adjoining Claire’s Accessories, HSBC and Boots. Other nearby occupiers include Next, McDonalds, Poundland, and Greggs,
TenureFreehold - Subject to the existing tenancy
Tenancy DetailsThe property is let to Waterstones Booksellers Limited (Company number 00610095) for a term of 3 years from 1st December 2022, expiring January 2026. The Current rent is £30,000 pax.
Value Added TaxWe understand VAT is applicable on this transaction.
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 ProfileWaterstones was founded in 1982 and operates from 280 bookshops and employ over 3,000 people. An average sized Waterstones shop will sell a range of approximately 30,000 individual books, stationary, other related products and some stores have integrated cafes. The company have kept up with e-commerce trends and operate their own online bookstore. For the year ended 25th April 2021 Waterstones Booksellers Limited reported a turnover of £230.9m.
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.