30 Churchgate, Leicester, LE1 4AJ
Retail investment together with ground rent on upper floors in Leicester
Wednesday 11th December 2019 @ 10:30AM
Holte Suite, Aston Villa FC, Trinity Rd, Birmingham B6 6HE
Please note that VAT is not chargeable on this transaction and not as stated in the catalogue - updated 29/11/19 @ 09:00.
A freehold city centre retail investment property together with ground rent received for the long leasehold upper floors Current Rental Income: £15,200 pa
Property DescriptionThe property comprises a spacious and prominent ground floor retail unit with ancillary stores and staff facilities and basement. The upper floors have previously been sold off on a long leasehold basis.
LocationThe property is situated fronting Churchgate between the clock tower and St Peters Lane. Churchgate has a varied mix of independent retail uses and is within very close proximity to Highcross Shopping Centre and East Gates where many of the national retailers are represented.
There is a high footfall as Churchgate serves as a main link into the city centre.
Energy Performance RatingSee Legal Pack.
TenureFreehold – Subject to a Lease for a term of 5 years with effect from 1st October 2019 expiring on the 30th September 2024, at a current rent of £15,000 per annum. There is a break option at year 3.
The upper floors have previously been sold off Long Leasehold for a term of 125 years with effect from June 2015.
The initial rent of £200 per annum for the first 25 years of the term then £400 per annum for the next 25 years of the term and then £800 per annum for the next 25 years of the term and then £1,600 per annum for the remainder of the term.
A copy of the Lease documentation will be available for inspection within the Legal Pack.
Value Added TaxWe understand that VAT will be chargeable on this transaction, the intention would be to treat as a TOGC. Full details will be available within the Legal Pack.
ViewingsStrictly by appointment with the Auctioneers.
|Sales Area||172.42 sq.m.||1,856 sq.ft.|
|Ancillary||11.79 sq.m.||127 sq.ft.|
|Basement Measurements||Not available|
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.