LOT 108 - Wells-next-the-Sea Commercial Auction - 3rd November 2020 Modern Freehold Petrol Filling Station Ground Rent Investment Wells Petrol Filling Station, Polka Road, Wells-next-the-Sea, Norfolk, NR23 1JG LOT 108 - Wells-next-the-Sea Modern Freehold Petrol Filling Station Ground Rent Investment Wells Petrol Filling Station, Polka Road, Wells-next-the-Sea, Norfolk, NR23 1JG GUIDE PRICE * £375,000 - £400,000 Gross Initial Yield 6.57% Commercial - 3rd November 2020 Online Auction - Bidding will open at 11am for all lots Key Features Turnover Rent (2) • Let to Certas Energy UK Ltd • Actual turnover rent received to 24th March 2020 was £9,635 (equating to 1,284,703 • Lease expiry 2037 (1) litres of fuel sold) • Fixed increases every 5 years to 5% • Current YTD (including the whole of Covid lockdown period) turnover rent invoiced is £4,726 which annualised equates to £9,452 despite including the lockdown period • Plus a turnover rent (additional rent linked to annual trading performance) (2) • Adjacent to Co-Op supermarket, fronting main road (A149) leading to the town centre • A full breakdown of fuel volumes achieved and actual turnover rents to date, as well as projected future volumes, are available from the Joint Auctioneers • Located in Wells-next-the-Sea, affluent Norfolk seaside coastal town • VATis applicable VAT- VATis applicable to this lot. Current Rent Reserved EPC - Exempt £24,635 p.a. (Combined) (includes turnover rent) with fixed increase Allsop Sellers Solicitor Tenure Alex Neil. Robert Wallwork. Tel: 0207 543 6895 Buckles Solicitors Llp Freehold Email:
[email protected] Tel: 0115 985 3486 Email:
[email protected] Location Wells-next-the-Sea is a small town and port on the North Norfolk coast of England.