Home > Auctions > 10 May 2023 10 May 2023 - 9:00am > Lot 50

10 May 2023: Wednesday 10 May 2023 - 9:00am
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Property details

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    Key features

    • Investment let at £49,560 p.a.
    • Comprising of 3 self contained units
    • Commercial unit let on a new £18,720 p.a. on 16 year lease from 2020
    • 2 x studio flats let at £30,840 p.a.
    • An attractive end of terrace building comprising of a ground floor shop and 2 flats
    • Located in an affluent area an approx. 0.1 miles from Kensington Olympia station
    • Potential to split the lease and sell the properties separately (subject to the freeholders consent)
    • Potential to purchase a share of the freehold (subject to requisite consents) Please refer to legal pack

    Description

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    The property is an end of terrace 3 storey building located in a predominantly residential area. The property comprises of a studio flat at lower ground level and a commercial unit and studio flat at ground floor level.

    We have been advised that the current leaseholders are in process of looking to establish a Right to Manage company to self manage the property. There is the opportunity to buy the freehold from the Crown Estate. (subject to the requisite consents). The above information has been provided in good faith and cannot be relied upon, any incoming purchasers must do their own due diligence.

    Additional information

    Tenure

    Leasehold.

    Unit 2 - 999 years from 1st April 2003

    Unit 2A - Title split with Unit 4 & 2

    Unit 4 - 99 years from 25th December 1976


    Accommodation

    Unit 2:

    Ground Floor Shop - Office Area, WC


    Unit 2A:

    Basement Studio Flat - Studio Room, Kitchen, Shower Room/WC


    Unit 4:

    Raised Ground Floor Studio Flat - Studio Room, Kitchen, Shower Room/WC


    Tenancy

    Unit 2:

    • Let to a private individual
    • Let for a term of 16 years from 2020
    • Investment let at £18,720 p.a.


    Unit 2A:

    • Let to a private individual
    • Let on an AST at £15,000 p.a.


    Unit 4:

    • Let to a private individual
    • Let on an AST at 15,840 p.a.

    Rent

    £49,560 p.a.

    Notes

    Please note, the site areas provided are approximate. The photos and yellow line drawings are for illustrative purposes only and may not reflect the exact boundary of the site. The property has not been internally inspected by Savills, prospective purchasers must rely upon their own enquiries in this regard.

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        All viewings at this property have now taken place prior to the auction. For further information on the property please download the legal pack or email the property contact.

        Savills are not holding any viewings for this property. For further information please download the legal pack or email the relevant Savills Contact directly.

        Viewings are in the process of being finalised and will be online shortly, please click here for a notification when they go online.

        No set viewings will be available on this property prior to auction due to the tenants in situ. Please refer to the legal pack for further information.

        No set viewings will be available on this property prior to auction due to safety concerns within the property. Please refer to the legal pack for further information.

        There are no formal viewings for this property. You can visit during commercial trading hours as a customer.

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        Local information

        Kensington is a popular suburb of London in the borough of Kensington and Chelsea.

        The property is situated on the junction of Holland Road and Fairfax Place with Kensington Olympia within easy reach.

        The shopping and leisure opportunities of Kensington High Street are can be found less than a mile away.

        Holland Park is within easy reach and offers a large open green space for leisure and sporting opportunities.

        The property is accessible via the A3220 which also provides road communications to southwest London.

        Transport

        National Rail, Overground and Underground - Kensington Olympia (Southern, Overground & District Line)

        Legal documents

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        EPC rating

        If no EPC rating appears please refer to the legal pack.

        Guide prices and common auction conditions

        •Guide prices given are indications within 10% upwards or downwards of where the reserve price may be set at the time of going to print. Please note they are not an indication of the anticipated sale price or a valuation.

        •The reserve price is the minimum price at which the property can be sold.

        •Both the guide price and reserve price may be subject to change up to and including the day of the auction.

        •For unsold properties after an auction an Available price may be listed. This is the price that the seller(s) are looking for post auction, subject to contract and no higher offers, and has no relation to the guide prices listed prior to the auction sale.

        Please note that all prices listed, whether prior to or post auction, are subject to contract.

        The Auctioneers and sellers accept no responsibility for any loss, cost or damage that a buyer may incur as a result of relying on any guide price. It is the buyer's responsibility to decide how much they should bid for any lot. Please check with us for regular updates as guide prices are subject to change prior to the auction.

        The guide price does not include the buyer's fee charged by the auctioneer or VAT which may apply to the sale or other amounts the seller may charge. The seller's Special Conditions of Sale will state whether there are other seller's charges and whether the seller has elected to charge VAT on the sale price.

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