Retail Property (High Street)
A fully Let investment opportunity comprising 3 retail units located along Borough Road generating £12,480 per annum income. The properties comprise a terrace of single-story units located in the heart of Sunderland City Centre within walking distance of Sunderland Railway station all held on long FRI leases.
Number 4 Borough Road is held on a Full repairing and insuring lease with rent passing of £4160 per annum commencing 2021 with a 6-year term.
Number 5 and 6 Borough Road have a full repairing and insuring lease with rent passing of £8320.00 per annum commencing in 2022 held on a 6-year term.
We have been advised the properties have received recent new shop fronts, plastering, electrics throughout with A3 planning permission. Interested parties are to make their own enquiries as the auctioneers have not inspect the premises or had verification.
Number 4 Borough Road is trading as a mobile phone shop.
Number 5 and 6 is trading as a fast food/Cafe
We advise interested parties to inspect the legal pack for more information.
This property may qualify for stamp duty land tax relief, subject to certain conditions, please see further details below.
These sales details are awaiting vendor approval.
Please be advised that the auctioneers have not personally inspected the property. Prospective buyers are advised to make a viewing enquiry and any other necessary independent enquiries before placing their bid, as this will be binding.
We believe that this property may be of a type that qualifies for Stamp Duty Land Tax/Land and Buildings Transaction Tax/Land Transaction Tax relief (as applicable). We work with a tax consultancy who can provide expert tax advice in this regard. Free consultations are available. You will only be charged a fee for this service based on any actual tax savings made, on a percentage basis. We in turn will receive a fee from the provider in exchange for referring you. Please contact us if you are interested for further details.
Freehold. Subject to tenancy.
Auction Details
The sale of this property will take place on the stated date by way of Auction Event and is being sold as Unconditional with Fixed Fee.
Binding contracts of sale will be exchanged at the point of sale.
All sales are subject to SDL Property Auctions Buyers Terms. Properties located in Scotland will be subject to applicable Scottish law.
Auction Deposit and Fees
The following deposits and non- refundable auctioneers fee apply:
• 10% deposit (subject to a minimum of £5,000)
• Buyers Fee of £1,500 inc. VAT
The Buyers Fee does not contribute to the purchase price, however it will be taken into account when calculating the Stamp Duty Land Tax for the property (known as Land and Buildings Transaction Tax for properties located in Scotland), because it forms part of the chargeable consideration for the property.
There may be additional fees listed in the Special Conditions of Sale, which will be available to view within the Legal Pack. You must read the Legal Pack carefully before bidding.
Additional Information
For full details about all auction methods and sale types please refer to the Auction Conduct Guide which can be viewed on the SDL Property Auctions home page.
This guide includes details on the auction registration process, your payment obligations and how to view the Legal Pack (and any applicable Home Report for residential Scottish properties).
Guide Price & Reserve Price
Each property sold is subject to a Reserve Price. The Reserve Price will be within + or - 10% of the Guide Price. The Guide Price is issued solely as a guide so that a buyer can consider whether or not to pursue their interest. A full definition can be found within the Buyers Terms.
