Lot

28

Unit 1, Phase 2, New Road Industrial Estate, Grace Road, Sheerness, ME12 1DB

Property Enquiries

Mat Harris

Mat.Harris@bidx1.com
+44 (0) 20 3929 8291

Viewings/Registration Enquiries

BidX1 Support Team

info@uk.bidx1.com
+44 (0) 20 7703 4401

Vendor Solicitor

Chris Grey

chris.grey@penningtons.co.uk
+44 (0) 20 7457 3000

Description

Map

Viewings


Property Summary
  • Long leasehold industrial investment
  • Let for 10 years with rent linked to RPI/OMV (whichever is the greater)
  • Totalling about 98.01 sq m (1,055 sq ft)
  • Suit investor
  • Producing £8,840 per annum gross (1)
Tenure

Long leasehold for a term of 125 years from 03/04/1985 (less 10 days) with 3 yearly rent reviews based on 10% of the rental value. Current ground rent £884 per annum (1) (see legal pack).

Location

Sheerness lies beside the mouth of the River Medway at the north west corner of the Isle of Sheppey in north Kent about 19 miles south west of Maidstone and 54 miles west of London. It is accessed via the A249, which provides access to junction 7 of the M20 motorway. Sheerness-on-Sea train station is about 0.5 miles from the property.

Situation

The property is located within Phase 2 of New Road Industrial Estate that consists of a total of 13 units and is located at the end of Grace Road off New Road in a mainly commercial area.

Description

A modern single storey industrial unit of totalling about 98.01 sq m (1,055 sq ft). There is vehicular access via two up and over roller shutter doors and externally there is parking for about 2-4 cars.

Accommodation
ADDRESS USE SIZE TENANT LEASE TERMS RENT PA REMARKS
Unit 1 Industrial 98.01 sq m (1,055 sq ft)

Mr C Penny

T/A Penny Roofing Ltd

10 years from 01/06/2018 £8,840 Rent reviews linked to higher of open market rent or RPI, whichever is the greater

The floor areas have been provided by the vendor.

Tenancy

Within the legal pack the vendor has provided comparable rental evidence, that they feel supports the rental level for this property. Prospective buyers should make their own enquiries.

Tenant Information

Established in 2012 Penny Roofing is a family run business based in Kent, that predominantly work within the south east of England and recently have sent up a team to Edinburgh as well as Denmark.

Planning

Swale Borough Council (01622 602736) www.swale.gov.uk

VAT
Please refer to the legal documents.
EPC

Rating 116 Band E

*Terms and Conditions

Buyers are strongly advised to read these terms and conditions, and check the Special Conditions and any applicable Addendum, prior to bidding on a Lot. Additional costs, charges and encumbrances may apply for Buyers once they have made a successful bid in relation to a property.

  1. The reserve price is the minimum price at which the property can be sold at auction.
  2. Where a guide price (or range of prices) is given, that guide is the minimum price at which, or range of prices within which, the seller may be prepared to sell on the date on which the guide price, or range of prices, is published. The sale price, whether prior to or at the auction, can be above or below the guide price depending upon market activity. BidX1 and the seller accept no responsibility for any losses, costs or damages incurred by a buyer as a result of relying on any guide price. The buyer must decide how much they should bid for any Lot. All guide prices are quoted "subject to contract". Guide prices given by BidX1 or the seller cannot be accepted by the buyer as being a professional valuation for any purpose in accordance with the requirements or guidance notes of relevant professional bodies or other authorities.
  3. Both the guide price and the reserve price may be subject to change up to and including the day of the auction. Whilst every effort is made to ensure that these guides are not misleading, it is possible that the reserve price set for any Lot may exceed the previously quoted guide price (as the seller may fix the final reserve price just before bidding commences).
  4. The guide price for the Lot does not include the administration fee of £1,000 (inclusive of VAT) charged by BidX1. In addition, the guide price does not include VAT on the sale price, or any additional costs, charges or encumbrances that might apply to some Lots and/or some buyers. The Special Conditions of Sale of the seller, and any applicable Addendum, will state if there are other costs, charges or encumbrances and whether the seller has elected to charge VAT on the sale price.
  5. A minimum participation fee of £4,500 must be paid by all bidders who wish to partake in the auction. A participation fee of £4,500 is comprised of the £1,000 (inclusive of VAT) administration fee payable directly to BidX1 and £3,500 relating to your bidder security (partial deposit payment). A higher participation fee may be payable depending on the reserve price of the Lot. However, even in those circumstances, the administration fee shall remain at £1,000 (inclusive of VAT). The participation fee is fully refundable if you do not make the successful bid in relation to a Lot at auction. If you make a successful bid in relation to a Lot at auction your participation fee is non-refundable.
  6. Please note that Lots may be sold or withdrawn prior to auction.
  7. No information, statement, description, quantity or measurement contained in any sales particulars or given orally or contained in any webpage, brochure, catalogue, email, letter, report, docket or hand out issued by or on behalf of BidX1 or the seller in respect of the property shall constitute a representation or a condition or a warranty on behalf of BidX1 or the seller. Any information, statement, description, quantity or measurement so given or contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the seller are for illustration purposes only and are not to be taken as matters of fact. Any mistake, omission, inaccuracy or mis-description given orally or contained in any sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the seller shall not give rise to any right of action, claim, entitlement or compensation against BidX1 or the seller. All bidders must satisfy themselves by carrying out their own independent due diligence, inspections or otherwise as to the correctness of any and all of the information, statements, descriptions, quantity or measurements contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the seller.







;