Acuitus 24/09/2021 Important Auction & Property Update

To the Catalogue for
Auction Sale: 24 September 2021

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 £1,000 inclusive of VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.

Due to the current restrictions in movement throughout the UK, the property may not have been inspected by Acuitus. Some photographs may not be current and these will be dated where this is the case. Plans showing nearby occupiers and mention of nearby occupiers may reflect a dated situation as some tenants are not currently in occupation. Floor areas and accommodation details are likely to have been obtained from VOA.Gov.UK and the Vendor.

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

Lot 14

Royal Arcade, Gentlemans Walk / Castle Street, Norwich, Norfolk, NR2 1NQ

Please note the following Rent Deposits are also held :-

Unit 3 – Saffire Chocolates Limited - £4,350
Unit 10 - Lady B Loves Limited - £5,595.36
Unit 11 – Kinnaird Foods Limited - £3,291.71
Unit 16 – Langleys Chapelfield Limited - £5,000

With regards to the Particulars, please note the areas stated are all Gross Internal Areas and the following amendments apply:-

Units 21/24, include a basement, accessed via a hatch and the second floor area should read 236.80 sq m (2,541 sq ft) and not as stated.

Total Gross Internal Area should read 2,923.22 sq m (31,466 sq ft)

All approximate floor areas provided are for guidance only and do not form part of the auction contract.

On the Street Traders plan, 10 London Street is vacant and not as stated.

The Tenants of Units 18 & 19 (and Seating Area) t/a Marmalades, have proposed a new lease of £25,000 per annum for a term of 3 years from expiry of their current lease on 10/03/2022. The matter will be left to the purchaser to negotiate.

With regards to Unit 2 Digby`s Fine Chocolates Limited (not in occupation) the Seller is in negotiations with the tenant to surrender its lease. Please see Clause 28 in the Special Conditions of Sale.

With regards to the Tenancy Schedule in the Special Conditions of Sale the following amendments apply :-

1. Unit 3 – term end date changed to 23/03/2031 to include term of reversionary lease dated 27/08/2021;
2. Unit 7 – term end date changed to 18/03/2022 to include term of reversionary lease dated 26/08/2021;
3. Unit 9 – rent review date changed to 29/10/2024 (error in original schedule);
4. Unit 10 – term end date changed to 06/05/2022 to include term of reversionary lease dated 27/08/2021; and
5. Unit 18/19 – previously stated rent review interval was 10 years, corrected to 5 years.