Lot 44

114 Upper Street, London, N1 1QN

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  4. Lot 44 - 114 Upper Street, London, N1 1QN
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Lot 44
114 Upper Street, London, N1 1QN
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Legal documents

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Legal documents

You are advised to download and read the legal documentation prior to bidding.

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Freehold Part Vacant Building arranged as a Commercial Premises and Two Self-Contained Flats

Description

By Order of Trustees

Six Week Completion

London Borough of Islington

Situated in a prominent position on Upper Street in the heart of Islington close to a good range of shops, restaurants and bars. Travelling facilities nearby include Angel Underground Station (Northern Line) and Highbury & Islington Station (Victoria Line & Overground). Islington Green is also nearby.

A Substantial Five Storey Building arranged as a Commercial Premises on the ground and lower Ground Floors, a Three Bedroom Self-Contained Flat on the first, second and Third Floors and a One Bedroom Self-Contained Flat to the rear of the building on the first and Second Floors as follows:

Flat 2 (First & Second Floor To Rear)
• Reception Room/Kitchen
• Bedroom
• Shower/WC

EPC Rating: E

Vacant Possession

Flat 1 (First, Second & Third Floors)
• Reception Room
• Kitchen
• Bedroom (One)
• Bedroom (Two)
• Bedroom (Three)
• Bathroom/Shower/WC

Let on an Assured Shorthold Tenancy agreement dated 7th September 2022 at rental income of £2,897 per calendar month.

EPC Rating: E

Commercial Premises (Ground & Lower Ground Floors)
• Commercial Shop Premises

Let to Giovanni Napolitano & Crispian Napolitano on a lease term of 15 years from and including 28th January 2021 to and including 27th January 2036 at a current rent of £55,000 per annum rising to £60,000 per annum from 28th January 2026 and £65,000 per annum from 28th January 2031 until end of term.

EPC Rating: TBC

Producing £89,764 per annum and in addition Vacant Possession of Flat 2

Inspection: By arrangement with the Auctioneers

Important Information

Each successful bidder will be required to pay the Auctioneers McHugh & Co., a non-refundable buyer's fee of £1,200 inclusive of VAT. Lots sold for less than £10,000 the buyer’s fee will be £300 inclusive of VAT. 
The seller may charge additional fees payable upon completion. If applicable, such fees are detailed within the special conditions of sale. Buyers are deemed to bid in full knowledge of this.
Each lot is sold in its actual condition and state of repair and the buyer shall be deemed to have surveyed and inspected the lot prior to the auction. For the avoidance of doubt, purchasers shall raise no objection or recourse to McHugh & Co as to the structure or condition of a property and its state of repair. McHugh & Co give no warranty or guarantee as to the structure, condition or issues of a property. This is in reference to (a) the state of the structure of any property or the working condition of any fixtures, fittings, heating systems, appliances or other items included in the sale of any property and (b) the type of the structure or whether such structure is adequate or property constructed. For purchasers requiring funding by mortgage or other means, they are advised to organise this in advance of the auction and shall raise no objection or recourse to McHugh & Co over whether a property is suitable for their lenders criteria.
The successful bidder is under a Binding contract as soon as the Auctioneer's electronic gavel falls on his/her Bid. Upon a successful bid, the bidder’s card will be automatically debited for the bidder security amount, which is considered as a whole or contribution towards the deposit. The bidder security amount is non-refundable upon a successful bid. The bidder/purchaser will be required to pay the balance for the 10% deposit of the purchase price subject to a minimum deposit of £5,000 whichever is greater and buyers fee within 24 hours of the auction date. The completion date is set usually within 20 working days of the auction date. The timeframe for completion on individual lots may vary, please read the special conditions of sale within the legal documentation.
Guides prices are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Each 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. Guide prices will be continually updated on our website up until the day of the auction.
Each purchaser shall be deemed to have read the legal documents or provided the legal documents to their legal representatives for advice on the lot they are intending on purchasing which has been made available on our website. The purchaser shall be deemed to have raised any enquiries with the vendors solicitors that a prudent purchaser would make. The purchaser is deemed to have read the special conditions of sale associated with the sale of the lot and bid in full knowledge of this and the legal documents prior to bidding.

Other lots in the sale

Primary Lot Photo

21 Steele Road, Tottenham, N17 6YJ

£300,000+

Freehold House Vacant Possession

Primary Lot Photo

Flat B, 26 Northwood Road, Highgate, N6 5TP

£275,000+

Share of Freehold Flat Vacant Possession