41 Effingham Street & 2a George Street Ramsgate Kent CT11 9AT

41 Effingham Street & 2a George Street
Ramsgate
Kent
CT11 9AT

Freehold Retail Investment

Prominent corner building within Ramsgate town centre
Two minutes walk from the High Street
Located in busy Kent town
Outstanding 2013 rent review
For the Seller's Legal Pack, please click the Property Documents tab below

Lot
96
Auction
7th July 2016
Rent
£5,800 per Annum Exclusive
Status
Sold
Price
£47,000
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Squafre
London W1H 7BG

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Freehold Retail Investment

Prominent corner building within Ramsgate town centre
Two minutes walk from the High Street
Located in busy Kent town
Outstanding 2013 rent review
For the Seller's Legal Pack, please click the Property Documents tab below

Lot 96
Auction 7th July 2016
Rent £5,800 per Annum Exclusive
Status Sold
Price £47,000
Sector
High Street Retail
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Squafre
London W1H 7BG

Property Information

Location

Miles: 4.5 miles south of Margate, 16 miles west of Canterbury, 20 miles north of Dover
Roads: M2, A253, A256
Rail: Ramsgate Rail
Air: Manston Airport, London Gatwick

Situation

Ramsgate is a busy town on the east coast of Kent, with excellent links to the M2 via the A253. The property is located within the town centre on the eastern side of Effingham Street at it's junction with George Street. The pedestrianised High Street is within a two minute walk and houses retailers including Argos, Greggs, WH Smith, New Look and Boots.

Tenure

Freehold.

Location

Miles: 4.5 miles south of Margate, 16 miles west of Canterbury, 20 miles north of Dover
Roads: M2, A253, A256
Rail: Ramsgate Rail
Air: Manston Airport, London Gatwick

Situation

Tenure

Freehold.

Description

The property is a Grade II listed building comprising a ground floor retail unit with basement ancillary accommodation. There are two residential flats on the upper floors and a ground floor retail unit to the rear which have been let on 125 year leases.

VAT

VAT is not applicable to this lot.

Completion Period

Six Week Completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

VAT

VAT is not applicable to this lot.

Completion Period

Six Week Completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Unit No.	Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Review/(Reversion)
41	Ground Basement	Retail Ancillary	35.40 sq m 13.70 sq m	(381 sq ft) (147 sq ft)	INDIVIDUALS t/a Bliss Salon	6 years from 13/09/2010	£5,500	13/09/2013 (1) (12/09/2016)
41a	First	Residential	Not measured		INDIVIDUAL	125 years from 01/01/2005 until 31/12/2130 (2)	£100	01/01/2038, 01/01/2071 and 01/01/2104 (3)
41b	Second	Residential	Not measured		INDIVIDUAL	125 years from 01/01/2005 until 31/12/2130 (2)	£100	01/01/2038, 01/01/2071 and 01/01/2104 (3)
2a George Street	Ground	Retail	Not measured		INDIVIDUAL	125 years from 01/01/2005 until 31/12/2130 (2)	£100	01/01/2038, 01/01/2071 and 01/01/2104 (3)
Total Commercial Area			49.10 sq m	(528 sq ft)			£5,800

(1) The 13th September 2013 rent review is outstanding.
(2) The seller has served notices on the residential lessees under Section 5B of the Landlord and Tenant Act 1987.
(3) The lease provides fixed rental increases to £200 in 2038, £300 in 2071 and £400 in 2104.