Next auction Thursday 25th April 2.30PM

Iron Gate Studios, 37-38 Iron Gate, Derby, Derby City, DE1 3GA



Sold
£22,000
Sold
£22,000
Guide price

£20,000+


Property Type

Commercial

Bedrooms

12


Key Features

  • An opportunity to acquire an income producing Head Lease secured against 12 residential units producing an income of £3,600 pa
  • located in the heart of Derby City Centre
  • An ideal investment opportunity

Part of the 17 August 2023 auction
The Nottingham Racecourse at 2.30PM

An opportunity to acquire an income producing Head Lease secured against 12 residential units located in the heart of Derby City Centre producing an income of £3,600 pa

  • Head lease with a term of 999 years from 12/12/2018
  • Situated in the heart of Derby City Centre
  • Adjacent variety of local amenities: Shops, Restaurants, pubs
  • Less than 1.5 miles from Derby Train Station
  • A 5 minute drive from A52, A61 & A601
  • Close to Derbion Shopping Centre, Derby Council Hall
  • Excellent transport links with bus routes to surrounding areas
  • Only 2 miles from Pride Park amenities
  • Head Lease secured against 12 residential units
  • Lease Terms of 12 units - 250 years from 1/1/2019
  • Each unit pays a Ground Rent of £300 pa
  • Total combined Ground Rent of £3,600 pa
  • Ground Rents are indexed to RPI every 10 years. Next review 1/1/2029
  • An ideal investment opportunity
  • Lessees Have not elected to take up their rights of pre-emption

Fees

A buyer's premium of £1,440 inc VAT (£720 inc VAT if the sale price is less than £10,000) is applicable to each lot purchased. The Seller may charge additional fees payable upon completion. If applicable, such fees are detailed within the Special Conditions of sale. Buyers are deemed to bid in full knowledge of this.

Guide Prices and Reserve Prices

Each property sold is subject to a Reserve Price. The Reserve Price, which is agreed between the seller and the auctioneer just prior to the auction, would ordinarily 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. Both the Guide Price and the Reserve Price can be subject to change up to and including the day of the auction.

Conditions of Sale

The Conditions of Sale will be deposited at the offices of the auctioneers and vendors solicitors/licensed conveyancers seven days prior to sale and the purchaser shall be deemed to have knowledge of same whether inspected or not. Any questions relating to them must be raised prior to 11.30 am. Prospective purchasers are advised to check with the auctioneers before the sale that the property is neither sold nor withdrawn.

The purchaser will also be deemed to have read and understood the auction conduct notes printed within the sale catalogue.

Head Lease with a term of 999 years from 12/12/2018 secured against 12 units all with lease terms of 250 years from 1/1/2019. Each unit is paying £250 pa with a total combined income of £3,600 pa. Ground Rents are indexed to RPI every 10 years. Next review 1/1/2029

Email: sal.mamujee@keystonelaw.co.uk
Telephone: 02033193700

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