Retail let to Tesco Stores Limited until 2023 (subject to option)
Highly affluent North London suburb
Prominent corner position in residential neighbourhood
Approximately 140 metres east of Hampstead Heath
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 4
Auction 19th May 2016
Rent
Status Sold
Price £1,005,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
3 miles north of Regent’s Park, 4 miles north of Central London
Roads
A1, A406 (North Circular) Road, M1
Rail
Tufnell Park Underground Station (Northern Line)
Air
London City Airport, London Heathrow Airport, London Gatwick Airport
Situation
The property is situated in a prominent corner position on the north side of Swain’s Lane and at its junction with the entrance to the Holly Lodge Estate, in a highly affluent North London suburb and some 140 metres east of Hampstead Heath.
Tenure
Freehold.
Location
Miles
3 miles north of Regent’s Park, 4 miles north of Central London
Roads
A1, A406 (North Circular) Road, M1
Rail
Tufnell Park Underground Station (Northern Line)
Air
London City Airport, London Heathrow Airport, London Gatwick Airport
Situation
The property is situated in a prominent corner position on the north side of Swain’s Lane and at its junction with the entrance to the Holly Lodge Estate, in a highly affluent North London suburb and some 140 metres east of Hampstead Heath.
Tenure
Freehold.
Description
The property comprises a double fronted retail unit on the ground floor and 4 self-contained residential flats on the first and second floors. The flats are accessed from the front and side of the property.
Planning permission was granted for the redevelopment of a neighbouring block for a new commercial redevelopment and new residential development, which will further enhance the attraction of the retail destination. See London Borough of Camden Planning Reference 2013/6674/P for further details.
Six Week Completion
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a double fronted retail unit on the ground floor and 4 self-contained residential flats on the first and second floors. The flats are accessed from the front and side of the property.
Planning permission was granted for the redevelopment of a neighbouring block for a new commercial redevelopment and new residential development, which will further enhance the attraction of the retail destination. See London Borough of Camden Planning Reference 2013/6674/P for further details.
Six Week Completion
VAT
VAT is not 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/Reversion
Ground
Retail
209.59 sq m
(2,256 sq ft) (4)
TESCO STORES LIMITED (1)
15 years from 25/03/2008 until 2023 (2)
£41,000
25/03/2018 (24/03/2023)
First & Second
Residential
4 x Self-Contained Flats
INDIVIDUALS
3 x 125 years from 1987 1 x 125 years from 2016 (3)
£230
3 are reviewed in 2037 and 1 in 2041
Total Commercial Area
209.59 sq m
(2,256 sq ft)
£41,230
(1) Tesco is one of the largest supermarket chains in the UK, with over 3,500 stores and over 310,000 employees. (Source: www.tescoplc.com) (2) The lease provides for a tenant option to determine the lease on 24th March 2018. (3) The seller has served a notice on the residential tenants, pursuant to Section 5B of the Landlord and Tenant Act 1987. (4) The floor area stated above is stated in the lease for rent review purposes.