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.

1A, 1B & 2, Echo 24, West Wear Street, Sunderland, Tyne and Wear, SR1 1XD

HM Revenue & Customs (“HMRC”) have confirmed to the administrator of the Seller that a VAT election has been made by Glenrose Developments (Hebburn) Limited in relation to the Lot in 2005 and a copy of HMRC’s confirmation has been uploaded to the legal pack. The sale is, therefore, either to be treated as the transfer of a going concern (“TOGC”) (where the Buyer opts to tax for VAT purposes and can satisfy the other HMRC requirements of a TOGC) or as a VAT exclusive supply with VAT being charged on top of the Price to the Buyer where the Buyer is unable to satisfy the TOGC requirements in the contract. The Seller has also confirmed that the sums in respect of arrears noted in the Extra Special Conditions are already the VAT exclusive amounts and that while VAT is outstanding as arrears on top of those amounts the Seller will retain the VAT element of those arrears and will continue to collect or pursue the VAT element from the occupational tenants directly. The Buyer will continue to be obliged to pay the non VAT element of the arrears and current arrears to the Buyer on Completion in addition to the Price in accordance with the contract and the General Conditions, Special Conditions and Extra Special Conditions of the same.
The rent stated in the auction particulars for Unit 2 is exclusive of VAT.
In respect of the floor areas for Atos IT Services Limited, this should read approximately 354.32 sq m (3,814 sq ft) and not as stated. In respect of the floor areas for Asiana Fusion Restaurant, this should read approximately 424.46 sq m (4,569 sq ft), and not as stated. The total commercial floor area therefore is 955.94 sq m (10,290 sq ft) and not as stated in the auction particulars.
A demand for service charge in relation to Unit 1B for the period 1 April 2015 to date has recently been issued and payment is awaited and will be deemed to be added to the Rent and Service Charge Payment Schedule incorporated into the Extra Special Conditions and representing additional outstanding arrears.