Online Auction

3, 5 & 7 Fort Cumberland Road, Southsea, Hampshire, PO4 9LG

  • Unconditional Online Auction Sale
  • Reserve not to exceed : £20,000

Upon Instructions of

  • Freehold reversionary ground rent investment
  • 99 year lease expiring in 2056 (approximately 38 years unexpired)
  • Site area 0.17 acres (0.07 hectares)
  • Current ground rent £87 per annum (fixed)
  • This Lot will not be sold prior to the auction

Details

Location

Summary: Freehold reversionary ground rent investment
Miles: Portsmouth 4 miles, Havant 7 miles, Fareham 11 miles
Roads: A288, A2030, M275, M27 (junction 12)
Rail: Fratton
Air: Southampton

Description

The property comprises a detached parade of three shops with residential/ancillary accommodation on the first floor with a site area of approximately 0.17 acres (0.07 hectares).

Tenure

Freehold

Planning Authority

Portsmouth City Council (02392 834334) www.portsmouthcc.gov.uk

Legal Pack

Please click on the relevant link to register and download the legal pack. A buyer's premium will be payable upon completion and further details of this can be found within the legal documentation.

Bidder Registration

In order to bid you will be required to provide proof of identification, proof of address and source of funds before being authorised to bid.

We will also take a hold on funds from your debit or credit card of £3,000 before you can bid.

Please see our Online Bidding and Registration Guide for further information, but note that as soon as you enter your debit or credit card details, the hold on funds will be taken and this amount will be "reserved" from your card for this potential transaction. The amount will be deducted from the balance of your bank account.

We recommend you enter your debit or credit card from 7 days before the auction date, to avoid the £3,000 payment being processed and the funds being "reserved" and held by our Sagepay provider unnecessarily.

It is the cardholder's responsibility to ensure that they have adequate funds in their bank account so that the initial hold on funds can be taken and reserved by our Company so that this does not impact on their immediate banking responsibilities. We will not be held responsible for any financial penalties that may arise once a hold on funds has taken place. Please contact the auction team for further information if required.

Registration for bidding will close at 5:00 pm on Tuesday, 5 June 2018, after which we cannot guarantee giving you permission to bid at the auction.

Glossary

A Glossary of some common auction terms and an explanation around them to assist you with your purchase can be found here.

VAT

The Seller has not elected to charge VAT

Energy Performance Certificate

See website

Address Tenant Acres Hectares Lease Terms Rent £ pa
TOTAL £87
3, 5 & 7 Fort Cumberland Road Cowley Investments Limited (1) 0.17 0.07 99 years from 24/07/1957 (approximately 38 years unexpired) £87
(1) The rent is fixed for the remainder of the term.

Contact

Seller's solicitor

MoD Legal Advisors Gemma Astbury
030 679 88011
gemma.astbury100@mod.gov.uk

*Reserve Not to exceed

The reserve is the minimum amount the seller will currently accept. This figure does not represent a valuation nor does it reflect the likely sale price. It is subject to change, upwards or downwards.

Administration Fee

The successful purchaser will be required to pay the auctioneers administration fee of £990 inclusive of VAT. Other additional costs/fees may apply - Click here.

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Sold for £117,000

This auction lot is now closed.

Auction Ended

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The successful purchaser will be required to pay the auctioneers administration fee of £990 inclusive of VAT. Other additional costs/fees may apply - Click here.


Agreement Documents