Lot 1 - The Albert 23, 23.5 and 24 Fawcett Street, Sunderland, Tyne and Wear, SR1 1RH
- Unconditional Online Auction Sale
- Guide Price* : £85,000
- Commercial investment let on a rising combined rent of £17,750 per annum*
- Public house over ground and basement levels
- Prime City Centre location
ON BEHALF OF RECEIVERS: Public house over ground and basement levels extending to approximately 310.01 sq.m (3,336 sq. ft.) and let at a combined rent of £17,750*
Description
*VIDEO TOUR AVAILABLE ON REQUEST* An investment opportunity to purchase a public house situated in a prime position in Sunderland City Centre producing an annual combined rent of £17,750. The property comprises public house/bar premises arranged over ground floor and basement.
*The property is let on 2 leases to the same individual, with one of the leases having a contractual expiry date of 14th September 2022. They are therefore holding over on one of the leases and the combined rent reserved is actually £18,750 with effect from 25th September 2022, with further a £1000 increase in 2023. However we understand the Receivers have not implemented the rent increase that was due.
Location
The property is situated on Fawcett Street, a prime location in Sunderland City Centre. Sunderland is a major city within Tyne and Wear.
Tenure
Leasehold for a term of 935 years from 13th July 2018 subject to payment of an insurance rent and estate charge equivalent to 25% of the costs incurred in relation to the Landlord's Building - see copy lease in Legal Pack for further details.
Accommodation
We understand that the accommodation has the following net internal area (note measurements have been taken from a historic valuation report and not verified by Landwood):
Ground Floor and Basement Combined: 310.01 sq.m (3,336 sq. ft.)
Tenancies
The property is sold to 2 separate leases both granted to the same private individual as follows:
Part Ground Floor of No 23: Let for 5 years from 25th September 2019 at a current rent of £9,000 per annum(was £8,000 prior to 25th September 2022), rising to £10,000 per annum on September 25th 2025*
Note the copy lease in the Receiver's possession does not have the specific dates for expiry and rent increases written in so we have assumed these dates based upon the commencement date. Interested parties should satisfy themselves as to to the position.
Part Ground Floor and Basement of No 23: Let for 5 years from 15th September 2017 at a current rent of £9,750 per annum.
EPC
Ground Floor to No 23 has an Energy Asset Rating of C and Part Ground Floor and Basement of 23 has an Energy Asset Rating of D.
Buyers Administration Fee
There will be a Buyer's Administration Fee of £2,400 (inc VAT) payable upon exchange of contracts.Additional Information
1. The information contained within the Particulars are given in good faith, but all descriptions, statements, dimensions ( these may have come from a third party source e.g. the seller, valuation reports or historic sales particulars), references to condition and permissions for the use and occupation or other details are made without responsibility and should not be relied upon as representation of fact.
2. If a video walk through, or any other form of virtual tour, is provided whilst every effort is made to accurately give an overview of the property we cannot give any warranty concerning the nature, and condition of the property and the suitability thereof for any and all activities and use. The video, or tour, is provided to assist only and without responsibility and should not be relied upon as representation of fact, or replace all appropriate due diligence a prudent purchaser would make.
* 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.
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