LOT
32
A three-bedroom mid-terrace house that is presented in good condition throughout...
*Guide Price | £190,000+ (plus fees)
Set just off of the High Street, within a popular square with good footfall, this attractive building offers over 2,700 sq. ft. of accommodation and is trading as a well established restaurant.
Let under a commercial lease with 13 years remaining of the original 20 year term, and trading as The Courtyard Brasserie, this sizeable restaurant offers a light and airy dining area on the ground floor, This includes vaulted ceilings, exposed ceiling timbers, large windows and roof windows, plus French doors which open out onto an outside dining area. There are also customer toilets on the ground floor, then on the first floor is a large and very well appointed kitchen, two store rooms and staff toilets. Stairs then rise to the second floor where there is another store room and an office which overlooks the square.
The property is held under a long leasehold with 173 years remaining and for more than 20 years it has been trading as as The Courtyard Brasserie. It is currently let, under a commercial tenancy agreement with an overall gross rental income of £35,000 per annum. An additional section of the courtyard dining area is rented by the Sellers at an annual cost of £5,439.60.
Leasehold
Courtyard dining area: We are advised that the head-lessee is required under the head-lease to pay Abbey Mill Homes a sum of £5,439.60 per annum for a section of the external area. This agreement is subject to 5 yearly reviews, with the next rent review being June 2029, and full details will be included within the legal pack.
200 years from 24/06/1998 (173 years remaining)
The property is let under a 20 year full repairing commercial lease from 7 December 2018. This agreement is subject to 5 yearly reviews, with the next rent review date being 7th December 2027, and generates £35,000 per annum.
C
VAT is not applicable
Milton Keynes Council
01908 691 691
There is no Buyer's Premium payable on this lot.
Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.
Purchasers will be required to pay an administration fee of £1,500 incl. VAT
12:00pm
Delta Marriott Hotel Timbold Drive, Milton Keynes, Buckinghamshire MK7 6HL
These are open house viewings, you do not need to make an appointment you can simply attend between the published times.
Price Information
*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.
Additional Fees Information
Please be aware there may be additional fees payable on top of the final sale price. These include and are not limited to administration charges and buyer’s premium fees payable on exchange, and disbursements payable on completion. Please ensure you check the property information page for a list of any relevant additional fees as well as reading the legal pack for any disbursements.
