• Rarely available mixed-use town centre investment

• Producing £119,620 per annum on completion

• Total NIA (exc. the residential block) is 739.55 sq m (7,955 sq ft)

• 86% let by floor area

• To be sold via Knight Frank Auctions on Thursday 13th February

Property Description

The site comprises a mixed-use scheme situated around Union Wharf. It includes the original wharf building, now trading as a restaurant/bar and a self-contained office/studio let to a local gallery, together with a part-let office building, a block of fully-let terraced single storey commercial units/studios and a residential block that is subject to a long lease on a peppercorn rent. The entire site benefits from ample parking areas.

We understand the access road is included within the sale and as part of the disposal, the Vendor will have access rights for operational use following on from.

SERVICE CHARGE
Refer to the legal park for the service charge budget/expenditure.

VAT
VAT is applicable

The property offers a number of exciting asset management opportunities, including re-gearing and letting vacant units to improve the income stream. The property may also offer development potential for a variety of uses (subject to the existing leases and obtaining the requisite consents).

Knight Frank have not measured the property or reviewed the tenancy agreements. This information has been provided by the vendor and interested parties are advised to review the legal pack, together with relying on their own enquiries.

Location

The property is situated off the B6047 Leicester Road, approximately 0.75 miles north of Market Harborough town centre. The property is situated in a predominantly residential area with the subject centred around the Canal Wharf. The property is accessed from the south east of the site via a single point of access (Union Wharf) which directly connects to Leicester Road. Road connections are good as Leicester Road provides direct access to the town of Market Harborough which in turn connects to the A304 which provides access to the wider A6 main arterial route linking northwards to Leicester and the A14 to the south.

Occupancy

Tenanted

Tenancies

A summary of the current tenancy position is below. Refer to the legal pack for a full copy of the tenancy schedule, any heads of terms and draft leases. • Producing £119,620 per annum on completion • Currently arranged as 8 Class E units • 86% let by floor area • Unit 1A Stables - New long lease is being finalised and is due to complete prior to the auction. Refer to the legal pack for further details • Terminal Warehouse / Foxton Locks Inn Limited - New 15-year lease is being finalised and is due to complete prior to the auction. Refer to the legal pack for further details

Tenure

Freehold

Auction Details: The sale of this property will take place on the stated date by way of Auction and is being sold as on an Unconditional basis. 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 of the purchase price, subject to a minimum of £5,000. The deposit contributes to the purchase price. • Buyer’s Fee- is £1950 including VAT. This is only payable by the successful purchaser. There are no costs to bidding for the property. 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 and take professional advice 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 Auction Conduct Guide.