Garages, Rear of 44 Lynewood Close, Cromer, Norfolk, NR27 0EF

  • Unconditional Online Auction Sale
  • Guide Price* : £55,000 - £65,000*†

Investment opportunity

Description

Eight garages arranged in two blocks lying adjacent to each other, one block of five and the other of three. At the time of writing, seven of the garages are let under licence, one at £235 per quarter (£940 per annum), six at £200 per quarter (£4,800 per annum), making a total current income of £5,740 per annum, with the potential to increase rents.

Keys to the vacant garage may not be available upon completion and the successful bidder is likely to have to bear the cost of any replacement lock.

Wayleaves, Easements and Rights of Way: These garages are sold subject to and with the benefit of all existing rights including rights of way whether public or private light support drainage water and electricity supplies and other rights easements quasi-easements and all wayleaves whether referred to or not in these particulars.

Note: An overage of 25% of uplift in value will be imposed on the site for a period of 15 years in respect of future residential development. Full details will be found within the legal pack.

Solicitors: Fosters (Attn James Allen) William House, 19 Bank Plain, Norwich, Norfolk NR2 4FS 01603 620508.

Location

The garages lie on the fringe of this popular and well served coastal town which has a wide and varied range of amenities and facilities.

Directions

Head away from Cromer town centre and at the traffic lights turn left onto Overstrand Road. After passing Station Road, bear right onto Northrepps Road Turn third right into Lynewood Road and at the junction bear left and continue round the corner, still on Lynewood Road. Continue past the right hand junction (Queens Road) and the road then becomes Lynewood Close. The entrance to the garages will be found on the right hand side, behind no. 44.

Notes

Buyer Fees - Please note that the successful bidder will be required to pay the sellers auction listing costs of £2,500 plus Vat (£3,000) plus an Administration Charge of £900 inclusive of VAT. These fees are due and payable by the winning bidder immediately after the timed auction ends. The successful bidder will additionally pay over to the auctioneer a deposit of 10% of the purchase price, subject to a minimum of £5,000, after the timed auction ends. All payments to be made by debit card payment or electronic bank transfer to the Brown&Co Client Account, the details of which will be provided by the auctioneer to the successful bidder shortly after the auction ends. Other fees may be payable on completion and will be detailed within the Special Conditions of Sale to be found within the published Auction Pack.

Ability to Buy: This property is being sold under Unconditional Auction Rules creating a legally binding contract at the conclusion of the timed auction. DO NOT bid unless you can complete the sale within 28 days, or on the terms specified within the Special Conditions of Sale.

Help and Assistance: If you have any questions or require any clarification as to the online auction process please contact the auctioneer prior to commencement of the bidding window as we will be unable to enter into any discussions once the auction has started.

Bidding Process: Prior to bidding the bidder will complete a Passport-to-Bid process, which requires registration, verification and agreement to Buyers Terms.

Following the Auction: Use 'Watch' button to follow the auction. If you register to Watch an auction you will receive email notifications of any bidding activity on the specific lot.

How It Works: Unconditional Timed Auction Online: This is a binding method of sale similar to a traditional public property auction. The only difference is the bidding takes place on line. The successful purchaser will be required to pay a 10% deposit (subject to a minimum payment of £5,000) on the fall of the virtual gavel and contracts will be exchanged. Bidding for properties online works in a similar fashion to eBay. You can place bids using your PC, tablet or mobile phone and the minimum amount you can bid is defined by the 'bid increment' level. When you place a bid, the property listing page will show you if your bid was successful and whether or not you are the highest bidder. When you are the highest bidder on a property, if another bidder outbids you the system will notify you by email so that you can place another bid if you wish. The major difference from eBay is that our system eradicates sudden death 'bid sniping' through the use of auction 'extension times'. If you have any questions or require any clarification please contact the auctioneer.

Agents Notes: (1) All measurements are approximate and quoted for general guidance only and whilst every attempt has been made to ensure accuracy, they must not be relied upon. (2) Any fixtures, fittings and appliances referred within these published details have not been tested and therefore no guarantee can be given that they are in working order. (3) Internal photographs are reproduced for general information and it is not inferred that any item shown within any picture is included with the property. (4) Photographs shown within these details may have been taken with a camera using a wide-angle lens. (5) These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact. (6) In accordance with UK Anti Money Laundering Regulations Intending buyers will be asked to produce original Identity Documentation, Proof of Address and be subjected to an electronic ID verification check before a purchase conveyance is instructed. (7) Brown&Co comply with the General Data Protection Regulation (EU) 2016/679 (“GDPR”) please visit our website www.brown-co.com for our Privacy Statement, Subject Access Requests can be submitted to dataprotectionmanager@brown-co.com . (8) Brown&Co are regulated under the RICS code of conduct. (9) Brown&Co are a member of The Property Redress Scheme, Membership Number: PRS012758 https://www.theprs.co.uk/ (10) Brown&Co is a member of RICS Client Money Protection Scheme, RICS Firm Reference: 016189 (11) Brown&Co-Property And Business Consultants LLP trading as Brown&Co Registered Company Number OC302092. (11) Registered Office Address – The Atrium, St George's Street, Norwich, Norfolk, NR3 1AB

* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. 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.

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Minimum Opening Bid

TBA


Bidding Opens On
17th Aug 2021 11:00
Scheduled End Date

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