Lot 52 - 6-7 West Market Street, Lynemouth, Morpeth, Northumberland, NE61 5TS
- Unconditional Online Auction Sale
- Guide Price* : £225,000
3x commercial unit investment opportunity
Description
• Prominent retail parade
• Mixed use investment
• Total size of 10,242sqft
• Town centre location
• May be suitable for a variety of uses STPP
LOCATION
The subject property is located on West Market Street in Lynemouth which is a village in Northumberland, 3 miles northeast of Ashington and 2.9 miles from Newbiggin-bythe-Sea. Transport links include the A1068 and the A189, both within 2 miles from the property with the closest bus stop within 100 yards. Other occupiers7 located on West Market Street include Premier, Riverside Take Away, and Lynemouth Pharmacy.
DESCRIPTION
The subject property is a masonry-built retail parade comprising of 3 retail units arranged over ground and first floors. Each unit benefits from traditional shop frontage with roller shutters and a shared yard to the rear for delivery access. The subject property currently has two tenants with the potential for a third.
ACCOMMODATION
We calculate the approximate net internal floor areas to be as follows:
Unit 1 - 5,016sqft
Unit 2 - 4,323sqft
Unit 3 - 10,242sqft
Total NIA 10,242sqft.
TENANCY INFORMATION
Unit 1 - vacant
Unit 2 - let on a 20y term from 13/11/2020 for £500pcm (£6,000pa)
Unit 3 - vacant.
ADDITIONAL TERMS
1. This lot is for sale subject to unconditional auction terms.
2. If the reserve price is met or exceeded, contracts will exchange with immediate effect upon the close of the auction.
3. Following exchange of contracts, parties have 28 days in which to complete the purchase (unless specified otherwise in the special conditions).
4. A non-refundable deposit of 5% is payable within 1 hour of the auction closing.
5. The winning bidder is to make payment to the auctioneer a reservation fee of 6% including VAT subject to a minimum of £6,000 including VAT. The reservation fee is payable in addition to the purchase price and is payable within 1 hour of the auction closing.
6. An administration charge of £714 including VAT is payable by the successful buyer within 1 hour of the auction closing.
7. A legal pack has been provided by the seller’s solicitor and is available to download. We strongly recommend reviewing this thoroughly and discussing any queries with your solicitor prior to bidding.
8. I acknowledge that the seller may accept my bid at any time prior to the scheduled auction end date.
Vendor
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
Loading the bidding panel...
Office Contact
Vendor
Agreement Documents
Related Documents
Make an Enquiry
Submit an enquiry and someone will be in contact shortly.
Share
By setting a proxy bid, the system will automatically bid on your behalf to maintain your position as the highest bidder, up to your proxy bid amount. If you are outbid, you will be notified via email so you can opt to increase your bid if you so choose.
If two of more users place identical bids, the bid that was placed first takes precedence, and this includes proxy bids.
Another bidder placed an automatic proxy bid greater or equal to the bid you have just placed. You will need to bid again to stand a chance of winning.