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4 bedroom commercial property for sale

High Street, Gravesend, Kent, DA11 0BB

Guide Price* £600,000

Property Description

Full description

Tenure: Freehold

FOR SALE BY PUBLIC AUCTION - Thursday July 12th 2018

Gravesend is situated 21 miles southeast of central London with a population of approximately 74,000. The property occupies a prominent pedestrianised position close to the junction with Bank Street.

The lower ground, ground and first floor is let to a nightclub on a 10 year F.R.I lease from 23rd January 2018 at a rent of £42,000 p.a. with rent reviews every third year. (NB: A reduced rent was agreed until 23rd July 2018 at an equivalent of £28,000 p.a. to allow for extensive refurbishment by the tenant. The rent reverts to the full amount equating to £42,000 p.a. from 23rd July 2018). The third floor 2 bedroom flat is let on a 6 month assured shorthold tenancy from 6th April 2018 at a rent of £850 p.c.m and the second floor 2 bedroom flat has been sold off on a long lease. The flats have a separate access from Princes Street to the rear.
There is potential for further development. Planning permission was granted by Gravesham Borough Council in November 2002 (now lapsed) for a rear extension to provide 2 x 1 bedroom flats.

Energy Rating - D80

£52,200 p.a
Freehold

Vat is not applicable to this lot.
FOR MORE INFORMATION DOWNLOAD THE AUCTION CATALOGUE FOR FREE AT www.networkauctions.co.uk

Guides are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Each property will be offered subject to a reserve (unless otherwise stated). The reserve is a figure below which the auctioneer cannot sell the property during the auction. The reserve will be within the guide range or no more than 10% above a single figure guide.


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*Guide Price: An indication of a seller's minimum expectation at auction and given as a “Guide Price” or a range of “Guide Prices”. This is not necessarily the figure a property will sell for and is subject to change prior to the auction.

Reserve Price: Each auction property will be subject to a “Reserve Price” below which the property cannot be sold at auction. Normally the “Reserve Price” will be set within the range of “Guide Prices” or no more than 10% above a single “Guide Price.”

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