FOR SALE BY PUBLIC AUCTION ON WEDNESDAY 14TH SEPTEMBER 2022 AT 3.00PM BY ONLINE AUCTION. Guide price £175,000 - £200,000 A commercial investment opportunity. Fully Let and producing £18,500pa gross, increasing to £19,250 in Feb 23.

An excellent investment opportunity is provided by the sale of these freehold commercial premises that are currently fully let on FRI leases and producing a gross income of £18,500pa increasing to £19,250 in February 2023 (see lease details and the legal pack for more information).

Tenure

Freehold with possession being subject to the existing commercial leases.

Location

Driffield is an extremely busy and popular market town located approximately 12 miles north of Beverley. The property occupies a prominent position within Driffield town centre, within the main market square close to the junction between Market Place and Mill Street. Occupiers of these offices are able to take full advantage of all the shopping, business and transport facilities offered in the centre of Driffield, with the railway and bus station a short walk from the building.

Accommodation

23 Market Place, Driffield The accommodation comprises of ground, first and second floor offices, which are divided to provide a mixture of private and general offices. The offices have been recarpeted and redecorated within the last five years and benefit from gas central heating. The usual staff facilities are provided on the first floor including WCs and kitchen. Business Rates The current rateable value is £4,050. The tenant is responsible for the payment of the business rates. 23a Market Place, Driffield The property comprises of a spacious ground floor retailing unit with additional storage and staff facilities fronting directly onto the Towns Market Place which is a high-profile location. Business Rates The current rateable value is £7,100. The tenant is responsible for the payment of the business rates.

Important Information

Lease Details No. 23 is let on a full repairing and insuring (FRI) lease to Great Driffield Radio on a 5-year lease from 1st February 2020. The current rent passing is £8,500 pa and a rent review has been agreed for an increase in rent to £9,250pa from the 1st of February 2023. No. 23a is let on a full repairing and insuring (FRI) lease to Pins & Needles on a 6 year lease from 17th April 2018. The current rent passing following a mid-term review is £10,000 pa. VAT Interested parties should note that the property is VAT registered and VAT will therefore be payable in addition to the purchase price.

Viewing

Strictly by appointment with the sole agents on 0845 400 9900.

Legal Pack

A legal pack has been requested from the vendors solicitor and will be made available online as soon as it is received. You can register to receive an email notification when the pack is available by going to auctionhouse.co.uk/hullandeastyorkshire and clicking on the property you are interested in. On the property detail page you will see a red ‘LEGAL PACK’ button which you should click on and it will take you to the registration page.

Guide Price

Guides are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Each 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.

Method of Sale

The property will be offered for sale by public auction on Wednesday 14th September 2022 at 3.00pm by online auction. For further legal information relating to this lot please log on to www.auctionhouse.uk.net/hullandeastyorkshire.

Conditions of Sale

The property will be sold subject to conditions of sale, copies of which will be available for inspection at the auctioneer's offices, with the solicitors and on-line at www.auctionhouse.uk.net/hullandeastyorkshire prior to the date of the auction.

Online Bidding Information

If you are wanting to bid on this property, take a look at this video, which goes through the online bidding process: https://www.youtube.com/watch?v=ImXr4HXR36c

Services

Interested parties are invited to make their own enquiries to the relevant authorities as to the availability of the services.

Local Authority

East Riding Council

Solicitors

Knights Solicitors, Victoria Hudson Quarter, Toft Green, York, YO1 6AB, Ref: Harry Johnson, Tel: 01904 949200

Offered in association with

Dee Atkinson and Harrison

Additional Fees

Buyer's Premium - £480 (£400.00 + VAT)

Administration Charge - The purchaser will be required to pay an administration charge of 0.3% of the purchase price subject to a minimum of £750 (£625 plus VAT).

Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.