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Lot - 8 Cowgate, Peterborough, Cambridgeshire, PE1 1NA

Guide Price* £170,000

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Property Type
Mixed Use
Tenure
Freehold
Type
Commercial
Bidder Security Deposit
£3,500*

Property Summary

  • On the instructions of the Joint Fixed Charge Receivers
  • Freehold retail/office investment
  • Town centre location
  • Trading as Subway
  • Occupancy terms and rent unknown

Freehold retail/office building trading as Subway upon unknown terms

Description

The property comprises a prominent three storey city centre building arranged as a ground floor retail unit with self-contained offices over the first and second floors. There could be potential to convert the upper floors to residential, subject to possession and any necessary consents.

Location

The cathedral city of Peterborough is located on the River Nene approximately 90 miles north of London, 36 miles south-west of King’s Lynn and 43 miles north-west of Cambridge. The city is located just to the east of the A1/A1(M) at Junction 17.

The property is situated on the south side of Cowgate, close to the junction with Cross Street in a busy retailing pitch just to the south of Queensgate shopping centre and a short walk to Peterborough mainline railway station.

Tenancy Schedule

Address Floor Use Sq M Sq Ft Tenant Tenancy Rent (£ pa)
8 Cowgate Ground Retail
Internal storage
Staff toilet
61.19
12.67
659
136
t/a Subway (1) Unknown Unknown
First Office
Kitchen
Internal storage
64.18
7.10
7.20
691
76
78
Second Office 37.00 398
Total 189.34 2,038 Unknown
The floor areas have been taken from the VOA website.

Planning

There could be potential to convert the upper floors to residential, subject to possession and any necessary consents.

Local Planning Authority
Peterborough City Council (01733 747474) www.peterborough.gov.uk

Note

(1) The receivers have not been provided with copy lease, license, tenancy agreement or any other document to confirm the terms under which the property is being occupied however, we understand the occupier is holding over under the terms of a previous agreement. We do not know if any rent is being paid or demanded. We understand the occupier is a related party to the borrower. Interested parties will need to make their own further enquires. If we are provided with any further information this will be uploaded to the legal pack.

The auctioneers have not been provided access to inspect or measure the property

EPC Rating

To be advised

VAT

Please refer to the legal pack in this regard

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 £2,000 (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 £5,500 comprises £3,500 relating to your bidder security (partial deposit payment) and the buyers administration fee of £2,000 (inc. VAT).

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