A freehold garage site extending to approximately 0.11 hectares (0.26 acres) comprising of 47 lock-up garages together with vehicular rights of way access from both Wye Road and Lamorna Avenue.
The site is partly currently let and produces a gross rental income of 12,688 per annum. The majority of the income producing garages are currently let each at 780 per annum and based upon this level the estimated potential gross rental income would be approximately 36,660 per annum.
The site may be suitable for continued use, refurbishment of existing garages or alternative schemes for redevelopment, subject to all the necessary consents being obtainable.
Opportunities to acquire freehold sites of this nature within an established residential area are seldom available.
Tenanted Garages Garages 1, 3, 4, 5, 7, 9, 17, 19, 27, 28, 30, 40, 42, 43 and 45 are each let at a current rental of 780 per annum. Garage 11 is let at a current rental of 988 per annum. Garage 18 is shown on the Tenancy Schedule as occupied at 0 per annum.
Auctioneer's Note 1 Prospective purchasers should rely upon their own enquiries regarding future rental levels and the letting of the vacant garages.
Auctioneer's Note 2 Interested applicants are advised to rely upon their own investigations regarding any proposals for redevelopment or alternative uses.
Important: All lots are sold subject to the Common Auction Conditions and Special Conditions of Sale (unless varied by the Sellers Solicitors), together with the Addendum, which will be available on the Auction Day.
Price Information *Guides are provided as an indication of each Seller's minimum expectation. They are not necessarily figures at which a property will sell for and may change at any time prior to Auction. Unless stated otherwise, each Lot will be offered subject to a reserve (a figure below which the Auctioneer cannot sell the Lot during the Auction). We expect the reserve will be set within the guide range or no more than 10% above a single figure guide. Please check our website regularly at www.cliveemson.co.uk, or contact us on 01622 608400, in order to stay fully informed with the up-to-date information.
*An Administration fee and Other non-optional fees may also be payable in addition to the bid price. All lots are offered subject to the Common Auction Conditions and Special Conditions of Sale or Revised Special Conditions of Sale (as applicable) and may include the repayment of search and other fees and or costs payable by the buyer. All buyers are advised to inspect all available legal documentation prior to bidding and will be deemed to fully understand what they may be liable for if they are successful in purchasing. This should also include Stamp Duty, Land Registry fees and VAT which may become payable on completion in line with any property transaction, whether it is by auction or private treaty. If, as a buyer, you are in doubt you should seek advice from your own professional advisors. For more information on fees please go to www.cliveemson.co.uk/buyers-fees/
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