Acuitus 21/09/2023 Important Auction & Property Update

ADDENDUM
To the Catalogue for
Auction Sale: 21 September 2023

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 16

Old School, Calverley Street, Leeds, West Yorkshire, LS1 3ED

A lease of the lower ground floor was completed on 19 September 2023 made between (1) the Seller and (2) Northern Monk Brewing Company Limited. The term is 10 years from and including 19 September 2023, with a 12 months’ rent free period. The rent is £70,000 per annum (exclusive of VAT) and there is a rent review on the fifth anniversary of the term start date. The parties also entered into a rent deposit deed. Please refer to the legal pack for further information.

The rent-free period will be dealt with as a deduction from the purchase price, with the Special Conditions providing that the number of days between the completion date and the rent-free period will be calculated at a daily rate to calculate the deduction. Please refer to the legal pack for further information.

A Capital Contribution Deed was entered into on the same date, providing the Landlord is to pay towards the tenant’s fit-out costs. Half of the contribution was paid to the tenant on lease completion. The remainder is to be paid on completion of the tenant’s works. The Special Conditions deduct the remaining payment from the purchase price. Please refer to the legal pack for further information.

Shift Commerce Limited has advised the Seller that it does not intend to renew its lease of the ground floor unit.