A Ground Floor Retail Unit Subject to a Lease Producing £55,000 Per Annum

The property comprises a ground floor retail unit situated within a mid terrace building arranging over lower ground, ground and three upper floors.

Tenure

Leasehold. The property is held on a 99 year lease from 20th June 1977 (thus approximately 51 years unexpired).

Location

The property is situated in the highly sought after area of Chelsea. The open spaces of Ranelagh Gardens are within easy reach. Transport links are provided by South Kensington underground station (Circle line) and West Brompton rail station.

Accommodation

Lower Ground Floor Basement Ground Floor Retail Unit N.I.A Approximately 88 sq m (943 sq ft)

Tenancy

The property is subject to an lease for a term of 10 years commencing 29th September 2020 at a rent of £55,000 per annum.

Further Information

When purchasing a flat that has a short lease, it is important to understand that in addition to the purchase price, if you wish to extend the lease to 90+ years, you will need to pay a premium to the freeholder. This is done by way of serving a Section 42 notice to the freeholder requesting a lease extension with a suggested price for the extension. The freeholder has the right to refuse the offer and submit a counter notice with their suggested price. If you do not fully understand this process, please ask the auctioneers or a solicitor.

Services

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

Additional Fees

Administration Charge - Purchasers will be required to pay an administration fee of £1,500 inc VAT

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