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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

Vat is not applicable to this lot.

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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