Lot 69 - Freehold Block Of Seven Shops And Seven Flats
98-124 Miller Drive, Hampshire, PO16 7LN
Guide Price: *
£1,000,000
Fees apply
Buyer's fee:Check legal pack
All fees include VAT at 20%
Holding Deposit: *£5,000
*Only charged if you are the successful buyer and goes towards the purchase price
Auction Type:
Traditional
Sold for:
£1,060,000Bid history
18 bidsHThis is an automatic bid as the bidder has set a maximum bid for this lot
24/07/2024 12:10:32 - £1,060,000
R
24/07/2024 12:10:32 - £1,058,000
HThis is an automatic bid as the bidder has set a maximum bid for this lot
24/07/2024 12:09:58 - £1,056,000
See all 18 bids ▾
Currently let at £89,050 per annum
Located in a popular residential area of Fareham, this substantial freehold block comprises seven flats and seven shops. Five of the flats have been sold under the terms of long leases, with the remaining two let under the terms of Assured Shorthold Tenancy Agreements. The commercial units are let to a variety of occupiers, with three units operating as a Day Nursery.
Commercial
98 Miller Drive
Ground Floor
Tenancy
Let to a convenience store under the terms of a 15-year lease, from 25th September 2013, at a current rental of £10,000 per annum.
102 Miller Drive
Tenancy
Let to a health and beauty clinic under the terms of an 18-year lease, from 26th November 2007, at a current rental of £10,000 per annum.
106 Miller Drive
Tenancy
Let to a barber shop under the terms of a five-year lease from 25th March 2022 at a current rental of £11,000 per annum.
110 Miller Drive
Tenancy
Let to a coffee shop under the terms of a five year lease from 25th March 2022 at a current rental of £11,000 per annum.
Auctioneer’s Note
The rents stated for 102,106 and 110 are reflective of those agreed by the landlord as a rent reduction during the Covid pandemic. These rents have never returned to the figures stipulated in the lease, which are £12,500 per annum, per property.
Further details including copies of the leases will be included in the legal documents, available to download from the Clive Emson website.
114, 118 & 122 Miller Drive
Tenancy
All three units are occupied by the same tenant (the Day Nursery) and are let under the terms of a 28-year lease from 19th July 2004 at a current rental of £30,000 per annum.
First Floor Residential
Flats 100, 104, 112, 116 & 124
Tenure
All five flats are sold under the terms of 125-year leases from 29th September 1985 at a current ground rental of £50 per flat per annum.
Flat 108
Living/dining room, kitchen, two bedrooms and bathroom with W.C.
Tenancy
Let on an Assured Shorthold Tenancy Agreement at a current rental of £700 per calendar month.
Flat 120
Living/dining room, kitchen, two bedrooms and bathroom with W.C.
Tenancy
Let on an Assured Shorthold Tenancy Agreement at a current rental of £700 per calendar month.
Joint Auctioneer
Chapplins, 9 West Street, FAREHAM, Hampshire, PO16 0BG, 01329 283330
Summary
- Lot number
- 69
- Auction end
- 24th Jul at 12:15
- Property type
- Other
- Tenure
- Ask Agent
- Bedrooms
- 0
- Bathrooms
- 0
- Council tax band
- Ask Agent
Summary
- Lot number
- 69
- Auction end
- 24th Jul at 12:15
- Property type
- Other
- Tenure
- Ask Agent
- Bedrooms
- 0
- Bathrooms
- 0
- Council tax band
- Ask Agent
This property is being sold by:
Clive Emson - Hampshire, Dorset, Wiltshire & Isle of Wight
01489 564606
Unit 14, Fulcrum 2, Solent Way, Whiteley, Fareham, Hampshire, PO15 7FN
†Traditional auction
Exchange occurs at the end of the auction. This means that if the reserve is met or exceeded and the auction timer reaches zero, the successful bidder is legally obliged to pay the purchase price and the seller will be legally obliged to sell the property. To ensure that the successful bidder proceeds, the buyer is automatically charged a holding deposit, which is held in a secure client account, pursuant to the terms of a holding deposit agreement.
* Pricing Information
The Guide Price amount specified is an indication of each seller's minimum expectation. It is not necessarily the amount at which the property will sell. Each property will be offered subject to a Reserve (a figure below which the property will not be sold) which we expect will be set no more than 10% above the Guide Price amount.
Bamboo Auctions and Clive Emson Auctioneers shall not be liable for any inaccuracies in the fees stated on this description page, in the bidding confirmation pop up or in the particulars. Buyers should check the contents of the legal pack and special conditions for accurate information on fees. Where there is a conflict between the fees stated in the particulars, the bid information box above or the bidding confirmation pop up and the contents of the legal pack, the contents of the legal pack shall prevail.
Stamp Duty Land Tax or Land and Buildings Transaction Tax may also apply in some circumstances.
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Disclaimer
All information relating to this property, including descriptions, pictures and other related information has been provided by Clive Emson Auctioneers. All legal documents in relation to this property have been provided by the Vendor's solicitor. Neither Bamboo Auctions or any individual in employment with Bamboo Auctions makes any warranty as to the accuracy or completeness of any of the property information.
These particulars do not form part of any contract or offer. Buyers should not rely on them as statements of representation and should check that the information is correct by inspection or otherwise. Where there is a conflict between the contents of the legal documents and these particulars, the information contained in the legal documents shall prevail.
