Block of flats for sale

78 Ilford Lane, Ilford IG1

Interested parties should contact Knight Frank Auctions for further information.

Description
On the instructions of Joint Receivers.

The subject comprises a mid terrace mixed-use (retail & offices) three storey property, with basement and single storey rear extension.

Accommodation (1)
Ground floor - Retail unit with w/c and store room - 64 sq m (685 sq ft)
Rear ground and basement (accessed via rear alleyway off Bengal Road) - Conference room, offices, shower and separate w/c - 75 sq m (807 sq ft)
First and second floors (access via Ilford Lane or rear alleyway) - Offices with kitchenette, shower / w/c and store room - 87 sq m (937 sq ft)
Total: 226 sq m (2,429 sq ft)
(1) Knight Frank have not measured or inspected rear ground and basement. Areas and accommodation have been provided by the vendor.

External
There is a rear yard which can accommodate two cars, and a double garage below the rear extension which can accommodate two cars. There are steel roller shutters providing security to the yard, which is accessed from Bengal Road.

Tenancies
Ground floor - Let to Cellentric Ltd / ta. WeBuyAnyMobile (with Guarantor) for 15 years from 14/03/2024, with a passing rent of £36,000 per annum. Rent reviews every fifth year.
Rear ground and basement - Vacant
First and second floors - Let to Purple Academy Ltd (with Guarantor) for 15 years from 14/03/2024, with a passing rent of £24,000 per annum. Rent reviews every fifth year.
Total: £60,000 per annum

An asset management opportunity, with development potential including change of use, subject to the existing leases and obtaining the requisite consents. Interested parties are to rely on their own enquiries

Open House viewings:
Wednesday 4th February: 12:00pm 12:30pm
Friday 6th February: 11:00am 11:30am
Please arrive at the start time.
VAT

Refer to legal pack

This property is being marketed for sale on behalf of Joint Receivers and therefore no warranties, representations or guarantees are given or will be given in respect of the information in this brochure or any matter relating to the property, including VAT. Any information provided is provided without liability for any reliance placed on it and the Receivers are acting without personal liability.

Location
The property is located on the west side of Ilford Lane, close to its junction with Bengal Road, which is a busy and popular mixed commercial and residential location close to the town centre.

Local amenities and shops are at Ilford Lane.

The property has easy access to the A406 (North Circular) and Ilford Station is 0.5m to the north.

Occupancy
Tenanted

The buyers fee is including VAT. This is only payable by the successful purchaser. There are no costs to bidding for the property.

Auction Details
The sale of this property will take place on the stated date by way of and is being sold as Unconditional.
Binding contracts of sale will be exchanged at the point of sale.
All sales are subject to the Common Auction Conditions and Extra General Conditions.

Auctioneer Fees and Deposit
The following deposits and non-refundable auctioneer fees apply:

• 10% deposit, subject to a minimum of £5,000. The deposit contributes to the purchase price.
• Buyer’s Fee- the value of this fee will be listed against the property details, inclusive of VAT.

The Buyer’s Fee does not contribute to the purchase price and will be considered as part of the chargeable consideration for the property in the calculation of stamp duty liability.
There may be additional fees contained within the Special Conditions of Sale, which can be viewed within the Legal Pack. You are strongly advised to 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 Knight Frank Auctions website.
This guide includes details on the auction registration process, your payment obligations and how to view the Legal Pack.

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.