Newborough, Scarborough £250,000

FOR SALE BY MODERN METHOD OF AUCTION - COMMERCIAL INVESTMENT IN SCARBOROUGH TOWN CENTRE.

CPH bring to the market this commercial investment opportunity which is let on FRI TERMS to 2 private individuals trading as Harry's Diner. The 7 year lease was signed November 2021 with a passing rent of £20,000pa + VAT. This is a superbly positioned retail unit / sandwich bar, located adjacent to MARKS & SPENCER & BARCLAYS BANK on the pedestrian section of Scarborough's High Street (Westborough & Newborough). Occupiers within the immediate vicinity also include Barclays Bank, Lloyds Bank, Clarks Shoes, Millets, Thompson Travel Agents & Eden Mobility to name just a few. The premises are laid out over three floors and extend to an overall gross area of approximately: 141.5 sq m (1,523 sq ft).

All enquiries to CPH COMMERCIAL.

LOCATION:
The famous seaside of Scarborough has a resident population of some 61,000 which increases with a large influx of tourists throughout the year and is both a busy holiday resort and an established commercial and retail centre. The town is ideally located on the Yorkshire coast and also on the edge of the North York Moors, being some 37 miles north east of York and 37 miles of Hull. The town is served by the A64 trunk road together with the A165, A170 & A171 roads.

More precisely, the unit is ideally locayed on the south side of the pedestrian section of Scarborough's main shopping street.

DESCRIPTION & ACCOMMODATION:
The unit comprises a mid terrace retail unit with the ground floor benefiting from a generous sized sales area with disabled W.C, store together with a useful rear loading door. The first floor is accessed via stairs to the rear of the sales area which lead up to a further seating area whilst the second floor is currently utilised as a food preparation area / store room / office area.

Gross Areas:

Ground Floor: 52.0 sq m (560 sq ft)
First Floor: 50.8 sq m (547 sq ft)
Second Floor: 38.8 sq m (417 sq ft)

AUCTION INFO:
This property is for sale by the Modern Method of Auction. Should you view, offer or bid on the property, your information will be shared with the Auctioneer, iamsold.

This method of auction requires both parties to complete the transaction within 56 days of the draft contract for sale being received by the buyers solicitor. This additional time allows buyers to proceed with mortgage finance (subject to lending criteria, affordability and survey).

The buyer is required to sign a reservation agreement and make payment of a non-refundable Reservation Fee. This being 4.20% of the purchase price including VAT, subject to a minimum of £6,000.00 including VAT. The Reservation Fee is paid in addition to purchase price and will be considered as part of the chargeable consideration for the property in the calculation for stamp duty liability.

Buyers will be required to go through an identification verification process with iamsold and provide proof of how the purchase would be funded.

This property has a Buyer Information Pack which is a collection of documents in relation to the property. The documents may not tell you everything you need to know about the property, so you are required to complete your own due diligence before bidding. A sample copy of the Reservation Agreement and terms and conditions are also contained within this pack.

The buyer will also make payment of £300.00 including VAT towards the preparation cost of the pack, where it has been provided by iamsold.

The property is subject to an undisclosed Reserve Price with both the Reserve Price and Starting Bid being subject to change.

BUSINESS RATES:
The property has been assessed for business rates as follows:

2023 Rateable Value: 16,000

ENERGY PERFORMANCE CERTIFICATE (EPC):
Band 'E'

VAT:
VAT is payable.

DETAILS PREPARED:
08122022 JW