South Street, Axminster

GUIDE PRICE
Guide Price of £250,000 - Offered for sale via Online Auction. VAT
All figures quoted are exclusive of VAT which will be charged at the prevailing rate, if applicable.


LOCATION
The property is located on South Street in Axminster, located at the southern end of the street. South Street comprises a number of independent businesses and is a busy thoroughfare for passing traffic.
Axminster is a popular Devonshire town with a residential population of over 5,600. It offers good road links and benefits from a number of visitors to the town.

DESCRIPTION
The property comprises a two storey building with the restaurant arranged over ground floor only. Staff residential accommodation is located on the first floor.

At the rear of the property, not included within the demise of the lease is an adjoining self contained one bedroom cottage. This would let either on an AST or could be used as a holiday let.

INVESTMENT SUMMARY
Freehold
Restaurant income: £15,000 per annum
Let on a full repairing and insuring lease for 21 years from 28th August 2020
Rent review due 28th August 2023 and then every third anniversary
Prominent road side location
Self contained separate 1 bedroom cottage adjoining the property at the rear
3 bedroom maisonette on first floor
Guide Price of £250,000-Offered for sale via Online Auction
Auction date: 22nd October 2020 - 9am to 5pm
Completion 19th November 2020

TENANCY
The property is let to a private individual trading as Cinnamons for a term of 21 years from 28th August 2020 at a current passing rent of £15,000 per annum. The lease is full repairing and insuring and benefits from upwards only rent reviews every 3rd anniversary with he next due 28th August 2023. The lease is within the 1954 act with no break options.
The cottage at the rear of the property has recently been refurbished and is currently vacant ready for either a holiday let or AST.

ACCOMMODATION
Areas (GIA) M2 Ft2
Ground Floor Sales 67.70 729

Total 67.70 729

NB. The first floor was not measured but comprises 3 bedrooms and bathroom.

VIEWINGS
Viewings are strictly by prior appointment with Carter Jonas.

COMPLETION
Completion has been set for 19th November 2020 or earlier by agreement.

BIDDERS REGISTRATION FEE
All bidders who wish to bid at the Auction need to Register beforehand. A fixed Bidders Registration Fee of £1,000 inc VAT per lot must be paid on registration. The fee is retained at the fall of the electronic gavel if a bidder is successful. The fee will be returned in full to all unsuccessful bidders. All checks required by current anti-money laundering legislation must be satisfactorily completed as part of the registration process before prior approval to bid will be granted, this will include providing proof of funds. Please use the link to register to bid for this lot. Please note the Bidders Registration Fee does not get deducted from the deposit or completion monies.

DEPOSIT
On conclusion of the auction, successful bidders will be required to pay to the solicitor acting for the vendor a deposit of 10% of the purchase price within 24 hours at the fall of the electronic gavel. Please contact the solicitor directly prior to the auction to discuss suitable method of payment if you are unsure.