PK Building, Trunch Lane, Chapel St. Leonards, Skegness

For Sale £850,000

8 bedroom Mixed Use

Property Description

Online auction date: 24 May 2022. Bidding opens at 11:00am and closes at 12:00noon. By Auction Property London  www.auctionproperty.co.uk
  Investment commercial and residential property with scope to develop further (subject to planning) 
The property as is offered with 5 retail units producing a passing rent of  £74,000.00 pa.
There are 4 x 2 bedroom residential flats above let out on ASTs producing a passing rent of £30,000.00
Total rent of £104,000.00 pa providing an annual yield of 12.23%.
The investment is situated in heart of the town centre of Skegness, a seaside town, with similar commercial and residential properties.
Inspection internally strictly by appointment only.
Please do not disturb the business and tenants.

EPC - see legal pack

FOR SALE BY ONLINE AUCTION ON 24TH MAY 2022 – BIDDING OPENS AT 11:00AM AND CLOSES AT 12:00 NOON.
All bidders must register beforehand by clicking ‘Log in / register to bid’ and following the prompts.
Bidding is also available by way of telephone and proxy. 
Please note that wherever possible viewings will be by virtual tour.  Any viewings that we do conduct in person will follow current Government guidelines.
For further information please contact our auction team on 020 3011 2469.

Exchange and administration fee information:  (plus fees)
Buyers Admin Fee Applies Upon the fall of the hammer, the Purchaser shall pay a 10% deposit (subject to minimum of £5,000, whichever is the greater) and a Buyer's Admin Fee of £1200 inc VAT and contracts are exchanged. The purchaser is legally bound to buy and the vendor is legally bound to sell the Property/Lot. The auction conditions require a full legal completion 28 days following the auction (unless otherwise stated).
In addition to the purchase price, buyers may be required to pay additional fees, costs and charges. These may include, but are not limited to, Value Added Tax (VAT), Stamp Duty, ground rents, rent arrears/apportionment of rent, outstanding service charges, sellers search costs/disbursements, reimbursements of sellers solicitors, auctioneer costs, buyer’s premiums or reservation fees.
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