REDUCED - 7 Market Side Scarborough

For Sale by Modern Method of Auction; Starting Bid Price £39,950.00 plus Reservation Fee.

*** INVESTMENT OPPORTUNITY *** Leasehold shop unit ideally located off St Helens Square opposite the Market Vaults.

This sale includes the freehold title for 7 Market Side, which covers three leasehold flats and two leasehold shop units. However, please note that the flats themselves are not part of this sale.

The shop unit is being sold with an existing lease running from 13th January 2021 until 12th January 2031, generating an annual income of £7,020.

This property is for sale and powered by "iamsold Ltd."

Viewing is recommended.


Starting Bid & Reserve Price
Please note this property is subject to an undisclosed reserve price which is generally no more than 10% in excess of the starting bid, both the starting bid and reserve price can be subject to change. Terms and conditions apply to the auction, which is powered by IAM Sold

Auctioneer's Comments
This property is for sale by the Modern Method of Auction, meaning the buyer and seller are to Complete within 56 days (the "Reservation Period"). Interested parties personal data will be shared with the Auctioneer (iamsold).
If considering buying with a mortgage, inspect and consider the property carefully with your lender before bidding.
A Buyer Information Pack is provided. The buyer will pay £300.00 including VAT for this pack which you must view before bidding.
The buyer signs a Reservation Agreement and makes payment of a non-refundable Reservation Fee of 4.50% of the purchase price including VAT, subject to a minimum of £6,600.00 including VAT. This is paid to reserve the property to the buyer during the Reservation Period and is paid in addition to the purchase price. This is considered within calculations for Stamp Duty Land Tax.
Services may be recommended by the Agent or Auctioneer in which they will receive payment from the service provider if the service is taken. Payment varies but will be no more than £450.00. These services are optional.


SHOP 6.85m (22' 6") x 4.08m (13' 5")
The shop unit is currently tenanted under an existing lease agreement starting from 13th January 2021 until 12th January 2031. The lease is subject to 3 yearly rent reviews without break clauses and is producing £7020 per annum.

BATHROOM
For sale along with the leasehold shop unit is freehold title. This consists of five leasehold properties. Maintenance is provided by Nicholsons Block Management Department with service charge contributions as follows each year including buildings insurance:
Service Charge Payable
Flats 1/2/3 @£1120.00 each
Shop 1 (Harry's Antiques and Collectables) @£1370.00
Fetta D'italia @£870.00
GROUND RENTS ARE NOT CURRENTLY COLLECTED


TENURE
The shop unit is leasehold (175 years as of 1993), but all matters of tenure are subject to verification and clarification by the solicitors in a contract of sale. All lease, under lease and title documentation is available to view through the agents.

BUSINESS RATES
Online enquires would suggest a rateable value of £2550.00 per annum

SERVICES
Mains supplies of water, electricity, gas and drainage are connected to the property. (Please note it is not company policy to test any services or appliances in properties offered for sale, and these should be verified by purchasers).

INSPECTION
By appointment through the agents.

DISCLAIMER
These particulars are subject to constant review and updating. Comments under tenure, council tax, planning use and service availability are provided for guidance only and are not based on formal enquiry, which is outside the scope of our agency instructions. It remains for a purchaser to satisfy themselves as to the facts. We cannot therefore accept any responsibility for information provided in good faith which may subsequently require amendment. Measurements provided are approximate only and should not be relied upon for other purposes. Features described in these particulars do not warrant or imply that the specification of each room are the same, the comments offered are an illustration only of points of interest.