Acuitus 07/07/2016 Important Auction & Property Update

ADDENDUM
To the Catalogue for
Auction Sale: 7 July 2016

All Lots

The purchaser of each lot is deemed to purchase with notice and full knowledge of the important notice to bidders, the Common Auction Conditions, where applicable, the special conditions of sale and this addendum.

The purchaser of each lot is deemed to have inspected the property and have verified the accuracy of all information given in the particulars including the extent of the premises to be sold and the floor areas. Additionally, the purchaser is deemed to have read the legal documentation.

The boundary plans in the auction catalogue are for identification only. The correct title plan showing the boundaries of the properties are available for inspection and the purchaser will be deemed to have purchased with full knowledge thereof.

Please note that vendors may require a supplementary amount to be paid by the purchaser to the vendor over and above the purchase price. Please check the special conditions of sale to ascertain whether this applies to the property for which you are bidding.

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 came into force on the 26th June 2017.

Under the Regulations, Acuitus is legally required to immediately undertake customer due diligence checks on the buyer and related parties.

Acuitus will need to receive identification documents that satisfy the Regulations for the bidder, the buyer (if different from the bidder), the beneficial owners with more than 25% of the voting rights or capital and proof of authority if the bidder is acting as an agent.

Acuitus will also need to receive satisfactory identification on the source of the deposit money provided by the bidder/buyer.

If you are the successful bidder, Acuitus requires a separate payment of £1,250+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.

The Common Auction Conditions have been updated as at March 2021.

Lot 5

Units 1 & 2 Fourth Avenue, Westinghouse Road, Trafford Park, Manchester, M17 1DB

As to Unit 1, the option to determine has been moved from 23 May 2018 to 23 May 2021 by way of a Deed of Variation which is available within the legal pack. The Deed of Variation also provides for the tenant to benefit from a rent free period due to expire on 22nd October 2016. The seller has agreed to adjust the completion monies so that the unit will effectively produce £56,680 p.a.x. from completion of the sale. For clarity the entire property (both units 1 & 2) will therefore still effectively produce £125,859 pax from completion of the sale. As to the tenancy and accommodation schedule, the approximate floor areas are as below and not as stated on page 17 of the auction catalogue:

Unit Floor Use Floor Areas (Approx)
1 Ground Warehouse/Office/Ancillary 874.67 sq m

(9,415 sq ft)

  First Office

112.69 sq m

(1,213 sq ft)

2 Ground Warehouse/Office/Ancillary

777.22 sq m

(8,366 sq ft)

  First Office

218.32 sq m

(2,350 sq ft)

     

1,982.90 sq m

(21,344 sq ft)

As to unit 1 there is an additional large mezzanine area which is not included in the floor areas above.