Commercial Property in Derby

Afrikana, 53-55 Queen Street, Derby DE1 3DE
  • Lot No: 22
  • Property Type: Commercial Property
  • Contract Type: Unconditional with Fixed Fee

Guide Price* £165,000+ plus fees

Result Sold Prior to Auction

Property Description

Located opposite the Cathedral is a very prominent retail premises currently trading as Afrikana on a FRI lease from June 2019 at £20,000 per annum which represents a 12.1% return based on the guide price. The premises have extensive road frontage and have recently been professionally refurbished and comprises a large seating area of up to 60 guests with servery, quality fitted kitted, refurbished ladies and gents wc facilities and with a useful basement area. The premises are let on a 10 year lease from June 2019 at a rent of £20,000 per annum and this term expires in June 2029. We are given to understand that there is a rent review in June 2022. The property is located in the pretty Cathedral Quarter of Derby opposite the Cathedral and within close proximity of Iron Gate and Sadler Gate.

Tenure

Leasehold. 999 years from 24/06/2012. Please see legal pack for further information,


VAT

VAT at the current rate will be applicable to the sale price.


Tenure

Leasehold

Auction Details: The sale of this property will take place on the stated date by way of Auction Event and is being sold as Unconditional with Fixed Fee. Binding contracts of sale will be exchanged at the point of sale. All sales are subject to SDL Property Auctions’ Buyers Terms. Properties located in Scotland will be subject to applicable Scottish law. Auction Deposit and Fees: The following deposits and non- refundable auctioneer’s fee apply: • 10% deposit (subject to a minimum of £5,000) • Buyer’s Fee of £1,500 inc. VAT The Buyer’s Fee does not contribute to the purchase price, however it will be taken into account when calculating the Stamp Duty Land Tax for the property (known as Land and Buildings Transaction Tax for properties located in Scotland), because it forms part of the chargeable consideration for the property. There may be additional fees listed in the Special Conditions of Sale, which will be available to view within the Legal Pack. You must read the Legal Pack carefully before bidding. Additional Information: For full details about all auction methods and sale types please refer to the Auction Conduct Guide which can be viewed on the SDL Property Auctions’ home page. This guide includes details on the auction registration process, your payment obligations and how to view the Legal Pack (and any applicable Home Report for residential Scottish properties). Guide Price & Reserve Each property sold is subject to a Reserve Price. The Reserve Price will be within + or – 10% of the Guide Price. The Guide Price is issued solely as a guide so that a buyer can consider whether or not to pursue their interest. A full definition can be found within the Buyers Terms.

Auction Details

Date 28th April 2022

Venue National Property Auction
The National Property Auction will be conducted behind closed doors. The auction will be live-streamed online with remote bidding only. Registration for bidding will close at 12pm the day before the auction.

Lot Information

Contact Us

If you have any questions, call our team on 0800 046 5454

Map

Afrikana, 53-55 Queen Street, Derby DE1 3DE