Property description
An opportunity to purchase a shop in popular Lee-on-the-Solent High Street.
* Shop frontage plus kitchen area* Rear passage way and W.C.* Being sold with tenant who has the residue of 10 year lease
Accommodation Comprises:Front door and large plain glass window.
Main Shop: 24‘1 x 10‘7 (7.34m x 3.23m)With wooden flooring, suspended ceiling and air conditioning system.
Kitchen Area: 9‘10 x 4‘ (3m x 1.22m)With sink, cupboards, wall mounted electric heater with passage/storage way, door leading out to the rear.
Lobby: 4‘1 x 8‘8 (1.24m x 2.64m)W.C:Comprising of wash hand basin, W.C, window to the rear.
Ground Lease:
The premises are held on the balance of a 999 lease with a peppercorn ground rent. The long ground lessee holds 1 of 8 shares in the freehold owning company. There has been no application to waive exemption from VAT.
Existing Rack Lease:
10 years with a tenants option to break the lease at the end of the 5th year, subject to 6 months notice, payment in the sum of £1,000.00, and no substantial breaches of the lease.
The initial rent is £6,500.00 per annum payable quarterly in advance. By arrangement and confirmed by side letter, the vendors accept the rent monthly in advance.
There is to be an upward only rent review at the end of the 5th year.
The lease commenced on 15 May 2013. Rent review due on 16th May 2018.
The lessees are responsible for the payment of the freehold service charge.
Rateable Value:
The April 2010 (current) non-domestic rating assessment of the premises by interrogation of the Valuation Office website is understood to be £4,600. Applicants are advised to confirm this information for themselves and to explore with the Local Authority small business relief for the existing lessee.
Terms:
The Freehold is offered subject to contract of the long ground leasehold interest at a sale price of £72,000.
Costs:
The purchaser is to make a contribution towards the vendors costs of £1,500.
Consumer Protection from Unfair Trading Regulations 2008.
The Agent has not tested any apparatus, equipment, fixtures and fittings or services and so cannot verify that they are in working order or fit for the purpose. A Buyer is advised to obtain verification from their Solicitor or Surveyor. References to the Tenure of a Property are based on information supplied by the Seller. The Agent has not had sight of the title documents. A Buyer is advised to obtain verification from their Solicitor. Items shown in photographs are NOT included unless specifically mentioned within the sales particulars. They may however be available by separate negotiation. Buyers must check the availability of any property and make an appointment to view before embarking on any journey to see a property.