12 / 13 Queens Square Crawley West Sussex RH10 1DY

12 / 13 Queens Square
Crawley
West Sussex
RH10 1DY

Well Located Retail Investment

  • Tenants Trading as Starbucks and Solicitors
  • Prime Pedestrianised Town Centre Location
  • Important London Commuter Town 2 miles south of Gatwick Airport
  • Nearby occupiers include New Look, Marks & Spencer, Superdrug and Primark
  • Producing £73,500 p.a.x. (Gross) £72,900 (Net) (Subject to Note 3 below)
  • Buyer's Legal Report available <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>
  • Lot
    43
  • Auction
    22nd October 2015
  • Rent
    £73,500 per Annum Exclusive
  • Status
    Sold
  • Price
    £590,000
  • Sector
    High Street Retail
  • Auction Venue
    Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
  • On behalf of a Major Fund
Important Update
  • Expand
  • Photos
  • Map

* More information on the term "guide" can be found here

Well Located Retail Investment

  • Tenants Trading as Starbucks and Solicitors
  • Prime Pedestrianised Town Centre Location
  • Important London Commuter Town 2 miles south of Gatwick Airport
  • Nearby occupiers include New Look, Marks & Spencer, Superdrug and Primark
  • Producing £73,500 p.a.x. (Gross) £72,900 (Net) (Subject to Note 3 below)
  • Buyer's Legal Report available <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>
  • Lot 43
  • Auction 22nd October 2015
  • Rent
  • Status Sold
  • Price £590,000
  • Sector
    High Street Retail
  • Auction Venue
    Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
  • On behalf of a Major Fund

Property Information

Location
Miles
30 miles south of Central London, 22 miles west of Tunbridge Wells, 26 miles south-east of Guildford
Roads
A23, A264, M23
Rail
Crawley Railway Station
Air
Gatwick Airport
Situation

Crawley is an important London commuter town some 30 miles south of Central London and approximately 2 miles south of London Gatwick Airport. The property is situated on the north side of the prime pedestrianised Queen Square and faces the Pavillion Shopping centre in Crawley Town Centre. New Look and Primark are both opposite with Superdrug, Burton, Marks & Spencer and H & M nearby.

Tenure

Long Leasehold. Held from 24th June 1956 for a term of 99 years until 24th June 2055 at a rent of £600 per annum exclusive.

Location
Miles
30 miles south of Central London, 22 miles west of Tunbridge Wells, 26 miles south-east of Guildford
Roads
A23, A264, M23
Rail
Crawley Railway Station
Air
Gatwick Airport
Situation

Crawley is an important London commuter town some 30 miles south of Central London and approximately 2 miles south of London Gatwick Airport. The property is situated on the north side of the prime pedestrianised Queen Square and faces the Pavillion Shopping centre in Crawley Town Centre. New Look and Primark are both opposite with Superdrug, Burton, Marks & Spencer and H & M nearby.

Tenure

Long Leasehold. Held from 24th June 1956 for a term of 99 years until 24th June 2055 at a rent of £600 per annum exclusive.

Description

The property comprises ground floor retail accommodation and self-contained office accommodation on the first and second floors. The property benefits from a service yard to the rear accessed from The Boulevard.

Buyer's Legal Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here.

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

The property comprises ground floor retail accommodation and self-contained office accommodation on the first and second floors. The property benefits from a service yard to the rear accessed from The Boulevard.

Buyer's Legal Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here.

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Floor Use Floor Areas (Approx) Tenant Term Rent p.a.x Reviews/(Reversions)
Ground Retail/Ancillary
349.87 sq m
(3,766 sq ft)
COBRA COFFEE
LIMITED with Guarantee
(t/a Starbucks) (1)
10 years from 12/01/2015 (2) £58,500 (3) 11/01/2020
(11/01/2025)
Part
Ground
First
Second
Third

Entrance
Office/Ancillary
Office/Ancillary
Office/Ancillary


78.13 sq m
78.40 sq m
11.06 sq m


(841 sq ft)
(844 sq ft)
(119 sq ft)
RUSSELL & CO
SOLICITORS LIMITED
(4)
10 years from 20/05/2013(5) £15,000 20/05/2020
(26/05/2023)
Totals  
517.46 sq m
(5,570 sq ft)
    £73,500

(1) The lease to Cobra Coffee Limited is guaranteed by Cobra Restaurants Limited. The seller is holding a rent deposit equal to three months yearly rent plus VAT. The guarantor will be released from the guarantee and the rent deposit must be repaid to the tenant if satisfactory accounts for the tenant are provided to the landlord. See lease for details.
(2) The lease provides for a tenant option to determine the lease on 11/01/2021 subject to 6 months prior notice.
(3) As to the lease to Cobra Coffee Limited, the current rent reserved is £58,500 p.a.x. The lease provides for the tenant to pay an incentivised rent of £29,250 p.a.x. from 10/03/2015 to 19/03/2016. The seller will pay the buyer the difference between the current rent reserved of £58,500 p.a.x. and £29,250 p.a.x. from completion of the sale until 09/03/2016. Therefore the property will produce £58,500 p.a.x. This will be accounted for on the completion statement.
(4) Russell & Co Solicitors is a specialist and independent firm of solicitors and was established in 1987. In 2007, Russell & Co Solicitors merged with Bannister Hunt Solicitors who were established in 1979 (Source: www.russell-co-legal.co.uk)
(5) The lease provides for a tenant option to determine the lease on 19/02/2020 subject to 6 months prior notice and a penalty of £4,500.

Property Documents

  • Site Plan
    Updated Date
    30.09.15
    File Size
    56 KB
    View PDF
  • Catalogue Page
    Updated Date
    30.09.15
    File Size
    666 KB
    View PDF
  • Common Auction conditions
    Updated Date
    10.06.21
    File Size
    168 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
John MehtabJohn Mehtab +44 (0)20 7034 4855 +44 (0)7899 060 519john.mehtab@acuitus.co.uk
Seller's Solicitors
Cripps LLP Wallside House, 12 Mount Ephraim Road
Tunbridge Wells
Kent
TN1 1EG
Federica Timms 01892 506 036 federica.timms@cripps.co.uk

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk

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