Clare House, Hunters Road, Weldon North Industrial Estate, Corby, Northamptonshire, NN17 5JE
Guide Price* : £85,000
Freehold Commercial Ground Rent Investment
- Industrial Ground Rent
- On the instructions of the Paul Zalkin and Michael Kiely of Quantuma, Joint Liquidators of Hillgrove Developments (North West) Limited
- Freehold industrial unit of c. 22,084 sq ft on a 1.37 acre site
- Freehold is subject to a 99 year lease from 20/12/1982 (c.62 years unexpired term )
- Current rental income of £5,884 pa, subject to five yearly rent reviews. Next rent review December 2022
- Significant reversion on expiry
The property comprises a detached warehouse of circa 22,084 sq. ft. There is a car park and grounds laid to lawn to the front, with a secure yard providing access to a loading door to the rear. The site coverage is low.
The property is located in the town of Corby in Northamptonshire. The property is situated on the corner of Hunters Road and Brakey Road, within an established industrial estate circa 2¼ miles to the north east of Corby town centre in Northamptonshire. This is a popular industrial location with the A43 being close by which connects to the A1 to the north east, and Northampton and the M1 to the south west. Corby mainline station is situated approximately 2 miles away.
The freehold interest is held subject to a superior lease with c. 62 years unexpired at a passing rent of £5,884 pa with 5 yearly upwards only rent reviews (next due to 2022), to 8.75% of the rent received by the tenant or 7% of the rental value if the underlease is merged with the superior lease.
The superior lease is held subject to an underlease to Hillgrove Developments (North West) Limited (the same party as the freeholder) for a term of 99 years less 3 days from 20/12/1982, at a passing rent of £67,246 per annum, paid to the superior leaseholder .
The underlease is held subject to an occupational lease to Cambridge Weight Plan Limited for a term of 5 years from 20/12/2018, at a passing rent of £88,336 per annum.
Please see the legal pack for further information.
Bidder AML Requirements
For clarification, before being approved to bid, we require the following from all bidders, the documents must be certified by a solicitor who is a member of the law society and be sent from the certifiers e-mail to firstname.lastname@example.org:
• Certified copies of Government issued ID –provided by the certifying solicitor
• Proof of address from within the last three months – provided by the certifying solicitor
The certification must comply with HMRC requirements:
• a statement that the document is “Certified to be a true copy of the original seen by me” and where appropriate, “This is a true likeness of the person” from a person who is competent at document inspection and impostor detection, such as a person from a regulated industry or in a position of trust
• an official stamp of the person certifying and indication of professional status
• been signed and dated with a printed name
• the occupation and address or telephone number
If bidding as a company we will require confirmation of the company name and number and documentation from all persons with significant control.
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
Administration Fee The successful purchaser will be required to pay the auctioneers administration fee of £1,200 inclusive of VAT on purchases of £20,000 and above and £360 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.
Sold for £217,000
This auction lot is now closed.
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The successful purchaser will be required to pay the auctioneers administration fee of £990 inclusive of VAT on purchases of £20,000 and above and £240 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.
Subject to Contract and Exclusive of VAT © Lambert Smith Hampton April 2020
Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries, including 574, and their joint agents if any ("LSH") for themselves and for the seller or landlord of the property whose agents they are give notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of LSH or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of LSH has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of LSH or its employees or agents, LSH will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by LSH. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists’ impressions or architects’ drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and LSH shall have no liability whatsoever concerning any variation or discrepancy in connection with such matters.