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Lot - Basement Car Park at Premier Inn, Southernhay Gardens, Exeter, Devon, EX1 1UH

Guide Price* £950,000

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Property Type
Parking
Tenure
Leasehold
Type
Land
Bidder Security Deposit
£3,500*

Property Summary

  • On the instructions of the Joint Fixed Charge Receivers
  • Leasehold basement city centre car park
  • c.150 car parking spaces plus motorbike and bicycle parking
  • Lift access to the Premier Inn
  • Separate internal lift between the car park levels
  • Vacant possession

Prime city centre basement car park arranged over four levels providing c.150 car parking spaces plus motorbike and bicycle parking

Description

The basement car park is arranged over four levels providing c.150 car parking spaces plus motorcycle and bicycle parking. The standard size of a car parking space has increased since the property was developed, so bringing the car park up to standard will reduce the number of car parking spaces. It benefits from lift access to the Premier Inn reception as well as an internal lift between the floors. The lift apparatus has not been tested. It is currently not in operation and will need to be serviced and recommissioned in partnership with the Landlord.

The car park is able to be operated 24 hours a day, although any buyer will need to install an access control system.

Due to the design of the hotel and car park, the Landlord/Premier Inn retains overall responsibility for the repair and maintenance of the structural parts of the building of which the car park forms part of the wider estate, with the costs being recoverable by the Landlord through service charge.

There is water ingress into the car park, and the electricity has been turned off as this needs to be tested and may need reinstating. Interested parties should make their own further enquiries.

Location

The ancient city of Exeter is located on the River Exe approximately 32 miles south-west of Taunton, 11 miles north-west of Exmouth and 45 miles north-east of Plymouth. The city is accessible via the A380, A30 and A377 trunk roads, with the M5 motorway (Junctions 30 & 31) providing access to the north-east up to Bristol. Exeter Airport is located approximately 6 miles to the east of the city centre.

The property is accessed from Southernhay Gardens on the edge of the city centre, adjacent to Exeter Law Courts and the main city centre office developments around Southernhay. The car park sits below the Premier Inn. All city centre amenities are available within a short walk of the property.

Lease Details

Held on a lease for a term of 999 years from 11/03/2016 at a peppercorn

Planning

The planning reference for the car park and hotel is 11/1816/03.

Local Authority – Exeter City Council (01392 265010) www.exeter.gov.uk

EPC Rating

No applicable

VAT

This property is elected for VAT

Disclaimer*

* Guide Prices are provided as an indication of each seller's minimum expectation (also known as the 'Reserve Price'). 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 Price (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 Price.

The Guide Price for the Lot does not include the Buyers Administration Fee of £1,500 (inclusive of VAT). In addition, the Guide Price does not include VAT on the sale price, or any additional costs, charges or encumbrances that might apply to some Lots and/or some buyers. The Special Conditions of Sale of the seller, and any applicable Addendum, will state if there are other costs, charges or encumbrances and whether the seller has elected to charge VAT on the sale price.

To participate in the sale, SW Property Auctions must hold a minimum amount from all bidders. This participation amount and administration fee is fully refundable in the event that you are not the successful purchaser. For example, a participation fee of £5,000 comprises £3,500 relating to your bidder security (partial deposit payment) and the buyers administration fee of £1,500 (inc. VAT).

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All bidders must satisfy themselves by carrying out their own independent due diligence, inspections or otherwise as to the correctness of any and all of the information, statements, descriptions, quantity or measurements contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of SW Property Auctions or the seller.

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Office Contact

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Oliver Childs
07732 681 150
Sanderson Weatherall LLP,
4th Floor,
87-88 Bartholomew Close,
London,
EC1A 7BL

Joint Agent

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Sanderson Weatherall
Mark Slade
07771 727819

Vendors Solicitor

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Burges Salmon LLP
Christopher Bartlett
0117 902 7234

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