Freehold Retail, Leisure and Residential Investment
Two Retail Units, Bar/Restaurant and Four Residential Flats
Affluent London Location
Flat leases expire in 42 years
Prominent corner position located just off Earls Court Road (A3220)
Approximately 75 metres from Earls Court Underground Station (Piccadilly and District Lines)
Lot 3
Auction 23rd October 2014
Rent £37,066 per Annum Exclusive
Status Sold
Price £1,000,000
Sector High Street Retail
Auction Venue The Millennium Hotel 44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
0.8 miles south of Kensington High Street, 1 mile south-east of Hyde Park, 3 miles west of Charing Cross
Roads
A3220, A4
Rail
Earls Court Underground (Piccadilly and District Lines)
Air
London Heathrow, London City
Situation
Earls Court is an area located within the affluent borough of Kensington and Chelsea, some 3 miles west of Central London. The property is situated in a prominent corner location on the western side of Hogarth Road which runs between the busy Earls Court Road to the south and the major A4 to the north and is approximately 75 metres from Earls Court Underground Station.
Tenure
Freehold.
Location
Miles
0.8 miles south of Kensington High Street, 1 mile south-east of Hyde Park, 3 miles west of Charing Cross
Roads
A3220, A4
Rail
Earls Court Underground (Piccadilly and District Lines)
Air
London Heathrow, London City
Situation
Earls Court is an area located within the affluent borough of Kensington and Chelsea, some 3 miles west of Central London. The property is situated in a prominent corner location on the western side of Hogarth Road which runs between the busy Earls Court Road to the south and the major A4 to the north and is approximately 75 metres from Earls Court Underground Station.
Tenure
Freehold.
Description
The property comprises two retail units, a basement bar/restaurant and four residential flats over ground, first and second floors.
VAT
VAT is applicable to this lot.
Viewings
There will be block viewings for this property. Interested parties must register their details with the Auctioneers and provide identification on site.
Please contact Gwen Thomas. Telephone: +44 (0)20 7034 4857.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises two retail units, a basement bar/restaurant and four residential flats over ground, first and second floors.
VAT
VAT is applicable to this lot.
Viewings
There will be block viewings for this property. Interested parties must register their details with the Auctioneers and provide identification on site.
Please contact Gwen Thomas. Telephone: +44 (0)20 7034 4857.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Unit
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews/(Reversion)
1
Ground
Retail
21.80 sq m
(235 sq ft)
GOLDRUSH EUROPE LTD (1)
25 years from 24/06/2008 until 24/06/2033
£10,000
24/06/2013 and 5 yearly (2)
1A
Ground
Retail
7.20 sq m
(78 sq ft)
INDIVIDUAL t/a Mobile Corner
25 years from 08/03/2008 until 08/03/2033
£12,000
08/03/2013 and 5 yearly (2)
3
Basement
Bar/ Restaurant
48.70 sq m
(524 sq ft)
INDIVIDUAL t/a Ashbees Wine Bar
25 years from 24/06/2008 until 24/06/2033
£15,000
24/06/2018
Ground
Residential
2 x Studio Flats
RESOLUTE PROPERTIES LIMITED
99 years from 25/03/1957
£22
(25/03/2056)
First
Residential
1 x One Bedroom Flat
INDIVIDUAL
99 years from 25/06/1957
£22
(24/06/2056)
Second
Residential
1 x One Bedroom Flat
RESOLUTE PROPERTIES LIMITED
99 years from 25/03/1957 (3)
£22
(25/03/2056)
Total Commercial Floor Area
77.70 sq m
(837 sq ft)
£37,066
(1) Goldrush Europe Ltd was set up in 1992 and specialises in jewellery from Hong Kong, Dubai and Singapore (Source: www.the-goldrush.co.uk 17/09/2014) (2)The 2013 rent reviews for units 1 and 1A are outstanding. (3)The original lease is for a term of 99 years and is due to expire on 25th March 2056. A Section 42 notice was served to extend the lease term for a further 90 years at a peppercorn rent and the agreed premium payable is £81,400. The offer is accepted by the Landlord who served a Section 45 notice and completion is subject to agreeing the new lease which is imminent, in which case the lease will expire 25/03/2146 and the ground rent will be a peppercorn. The proceeds of the lease extension will belong to the Vendors. (4) The Seller has served notice on the residential lessees under Section 5B of the Landlord and Tenant Act 1987.
