Property for sale31, 31A & 31B Pier Street, Ventnor, Isle of Wight
- Available Post Auction
- Auction Date : 02 November 2017
- Lot Number : 142
- Head Leasehold Interest - Town Centre Vacant Office/shop And Two Leasehold Flats
- Mixed Commercial/Residential
- *Guide Price : £45,000 - £50,000 + Fees
Situated in the centre of Ventnor's popular Victorian town centre, the ground floor of this three-storey building has previously served a number of retail/office requirements but is offered vacant for re-letting by the new owner. The upper parts comprise two flats which have been sold on a long leasehold basis.
The leases, both 125 years from 29th September 1995, provide for the head-leaseholder to collect a ground rental of £50 per flat, per annum. The head-leaseholder is also responsible for the insurance, maintenance and management of the building, recovering the costs from the leaseholders by way of a service charge.
Held on a long leasehold basis for a term of 999 years from 29th July 1882 at a current ground rental of £22 per annum.
Section 5(b) Notices under the Landlord & Tenant Act 1987 (as amended) have been served and the leaseholders have not reserved their rights under the legislation.
Commercial EPC: E
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.
*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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*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.
Auction Fees: The purchase of this property may include associated fees not listed here, as it is to be sold via auction. To find out more about the fees associated with this property please call Clive Emson Auctioneers, Maidstone on 0345 8500333.
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