- ICONIC PORTSMOUTH LANDMARK
- The Modern Method of Auction
- BUILT IN 1784
- For Sale by Auction – T & C’s apply
- TENANTS IN SITU
- 9 YEARS ON TENANCY
- LISTED BUILDING
- CAR PARK
- Subject to an undisclosed Reserve Price
- Reservation Fee applicable
For sale by Modern Method of Auction; Starting Bid Price £650,000 plus Reservation Fee.
This property is for sale by Auction powered by iam-sold Ltd
***Own an iconic piece of Portsmouth History***
Bernards Southsea are delighted to introduce for sale, The Groundlings. This unique Georgian Theatre was built in 1784. The Theatre has seen a varied history with its usage including classrooms impoverished children, and meetings, concerts and theatre for the high society
The school had to be closed in 1939 due to the outbreak of WW2 and it is said that a Nazi sympathizer used the roof of the school to shine a torch to direct bombers seeking to hit Portsmouth Dockyard. It was in 2010 the Theatre was purchased as burned-out shell of a theatre- thanks to a stray firework – when then embarked on a major restoration job.
Today Groundlings Theatre is buzzing with life and it truly is a unique, intimate experience watching a performance.
A unique opportunity has now arisen for a new owner to enjoy ownership of the Theatre, with the current tenants in situ for 9 years, currently paying £36,000 PA.
This property is for sale by the Modern Method of Auction. Should you view, offer or bid on the property, your information will be shared with the Auctioneer, iamsold Limited.
This method of auction requires both parties to complete the transaction within 56 days of the draft contract for sale being received by the buyer’s solicitor. This additional time allows buyers to proceed with mortgage finance. The buyer is required to sign a reservation agreement and make payment of a non-refundable Reservation Fee. This being 4.2% of the purchase price including VAT, subject to a minimum of £6,000.00 including VAT. The Reservation Fee is paid in addition to purchase price and will be considered as part of the chargeable consideration for the property in the calculation for stamp duty liability. Buyers will be required to go through an identification verification process with iamsold and provide proof of how the purchase would be funded.
This property has a Buyer Information Pack which is a collection of documents in relation to the property. The documents may not tell you everything you need to know about the property, so you are required to complete your own due diligence before bidding. A sample copy of the Reservation Agreement and terms and conditions are also contained within this pack. The buyer will also make payment of £300 including VAT towards the preparation cost of the pack, where it has been provided by iamsold.
The property is subject to an undisclosed Reserve Price with both the Reserve Price and Starting Bid being subject to change.
The Partner Agent and Auctioneer may recommend the services of third parties to you. Whilst these services are recommended as it is believed they will be of benefit; you are under no obligation to use any of these services and you should always consider your options before services are accepted. Where services are accepted the Auctioneer or Partner Agent may receive payment for the recommendation and you will be informed of any referral arrangement and payment prior to any services being taken by you.