Lot 22
Auction
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300 Barking Road, Canning Town, E13 8HL

Auction
United Kingdom
Retail
Commercial

*GUIDE PRICE £550,000

Bidding deposit £9,000 *fully refundable if unsuccessful bidder

Extension period added...

Auction Date 16 December
Closing Time 12:52:00 (GMT)

Available viewing

Please contact us to enquire about arranging a viewing.
01st December 2021
10:00 - 10:30
Phone
+44 (0) 20 7703 4401
Email
info@uk.bidx1.com

Property Summary

  • Freehold mixed use investment
  • Producing £37,960 per annum
  • 6/7 rooms let, providing opportunity to improve income
  • Development potential to add additional floor as well as extend the property at ground rear subject to necessary consents
  • Six week completion available

Contact Us

John Connolly
John Connolly
Property Agent, here to help.

Contact Us

John Connolly
John Connolly
Property Agent, here to help.

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Tenure

Freehold

Property description

A three storey mid terrace building of traditional construction located on an established shopping parade. The building is arranged with a café on the ground floor along with a fully licensed residential HMO on the first and second floors. Six of the seven rooms are let providing opportunity to improve income.

The property benefits from rear access via Ingal Road which leads through a passage way to the rear of 300 Barking Road. This area has development potential to add additional rooms and/or extend the property STTP
 

Location

Barking Road is a busy shopping and convenience high street in between Canning Town and Plaistow.

The property forms part of an established parade on the south side of Barking Road in between its junction with Ingal Road and Jutland Road and in a mixed commercial and residential area. Canning Town Station is located approximately 0.6 miles away, which forms part of the Jubilee and DLR lines. Both the A12 and A13 are less than five minutes from the property.

VAT

Please refer to Legal Documents

Accommodation

First Floor - Stair Case/Hallway, 3 x Bedrooms, Kitchen with outside terrace, WC - Approximately 627 sq ft (58 sq m)

Second Floor - Stair Case/Hallway, 4 x Bedrooms, Bathroom/WC - Approximately 642 sq ft (60 sq m)

Tenancy Schedule

loorAccommodationTenancyRent PA
GroundRetail (approx 51.9 sq. m)Let on a 5 year lease from October 2020, trading as F&T Coffee£12,480
First and SecondSeven bedroom HMO (approx 118 sq. m)ASTs - refer to legal pack£25,480 (1)
TOTAL  £37,960

(1) One room is vacant and we estimate once let will improve the rent by in the region of £4,680 PA.
The auctioneers have not measured the property. All areas have been obtained from the vendor.

 

Planning

324 and 364 Barking Road have recently been approved planning for an additional floor with the accommodation comprising of three flats and a shop. Work has commenced on the prior.
Interested parties will have to rely on their own enquiries:
London Borough of Newham
020 8430 2000
www.newham.gov.uk


*Terms & 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 £1,250 (inclusive of VAT) charged by BidX1. In the case of a joint agent this administration fee will be £2,400 (inclusive of VAT). 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. To participate in the sale BidX1 must hold a minimum amount from all bidders. This participation amount and administration fee is fully refundable in the event that you are not the successful purchaser. For example, a participation fee of £4,750 comprises £3,500 relating to your bidder security (partial deposit payment) and an administration fee payable directly to BidX1. A higher participation amount may be payable depending on the reserve price of the Lot.
  6. Please note that Lots may be sold or withdrawn prior to auction.
  7. All lots sold “Subject to Vendor Confirmation” will be subject to the acceptance and confirmation by the Vendor. The highest bid will be presented to Vendor, the vendor will have to either accept, decline or make a counter offer the highest bid within the confirmation period. Should the Vendor decide to make a counteroffer, then a private link will be sent to the Highest Bidder advising the offer the Vendor is willing to accept. The Highest Bidder will have to either accept or reject the Vendor’s counteroffer. The Vendor reserves the ultimate right, apart from the auctioneer, to accept and to decline to sell to the highest or any bidder, without giving any reasons.
  8. 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.
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