A Single Storey Ground Floor Unit. Let to Greggs on a New Five Year Lease Producing £17,670 Per Annum.

The property comprises a single storey ground floor retail unit.

Tenure

Leasehold. The property is held on a 99 year lease from 25th December 1972 (thus approximately 48 years unexpired).

Location

The property is situated on a mixed use road close to local shops and amenities. The open spaces of Saltwell Park are within easy reach. Transport links are provided by Hewroth rail station.

Accommodation

Ground Floor Retail Unit

Tenancy

The property is subject to a lease to Greggs for a term of 5 years commencing 2nd June 2023 at a rent of £17,670 Per Annum.

GIA: Approximately 3,000 sq ft

Further Information

When purchasing a flat that has a short lease, it is important to understand that in addition to the purchase price, if you wish to extend the lease to 90+ years, you will need to pay a premium to the freeholder. This is done by way of serving a Section 42 notice to the freeholder requesting a lease extension with a suggested price for the extension. The freeholder has the right to refuse the offer and submit a counter notice with their suggested price. In most cases, the leaseholder must have owned the property for at least 2 years in order to serve a S42 notice. If you do not fully understand this process, please ask the auctioneers or a solicitor.

Services

Interested parties are requested to make their own enquiries to the relevant authorities as to the availability of services.

Additional Fees

Administration Charge - Purchasers will be required to pay an administration fee of £1,500 inc VAT

Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.