Auction Venue Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On Behalf of a Major Bank
Property Information
Location
Miles
17 miles north of Milton Keynes, 31 miles south of Leicester, 50 miles south-east of Birmingham
Roads
A508, A45, A428, M1
Rail
Northampton Railway Station
Air
Birmingham Airport, London Luton Airport, London Stansted Airport
Situation
The property is situated in a prominent corner position at the junction of The Parade, Sheep Street and The Drapery, and benefits from the busy pedestrian flow between the town’s recently developed North Gate Bus Station and the Grosvenor Shopping Centre and Market Square. Nearby occupiers include Boots the Chemist, New Look, Debenhams, Santander and O’Neil’s.
Tenure
Freehold.
Location
Miles
17 miles north of Milton Keynes, 31 miles south of Leicester, 50 miles south-east of Birmingham
Roads
A508, A45, A428, M1
Rail
Northampton Railway Station
Air
Birmingham Airport, London Luton Airport, London Stansted Airport
Situation
The property is situated in a prominent corner position at the junction of The Parade, Sheep Street and The Drapery, and benefits from the busy pedestrian flow between the town’s recently developed North Gate Bus Station and the Grosvenor Shopping Centre and Market Square. Nearby occupiers include Boots the Chemist, New Look, Debenhams, Santander and O’Neil’s.
Tenure
Freehold.
Description
The property comprises an unbroken parade of 6 retail units each with retail accommodation on the ground floor and ancillary accommodation in the basement. The upper floors comprise 25 self-contained residential flats accessed from Sheep Street.
Six Week Completion
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 an unbroken parade of 6 retail units each with retail accommodation on the ground floor and ancillary accommodation in the basement. The upper floors comprise 25 self-contained residential flats accessed from Sheep Street.
Six Week Completion
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
Unit
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x.
Review/(Reversion)
1 The Parade
Ground Basement
Retail/Ancillary Ancillary
60.67 sq m 49.33 sq m
(653 sq ft) (531 sq ft)
SUBWAY REALTY LIMITED (1)
15 years from 12/03/2004
£25,000
(11/03/2019)
2 The Parade
Ground Basement
Retail/Ancillary Ancillary
60.01 sq m 50.63 sq m
(646 sq ft) (545 sq ft)
R M EVERALL (t/a Naked)
15 years from 01/01/2003
£28,000
(31/12/2017)
2-4 Sheep Street
Ground Basement
Retail/Ancillary Ancillary
104.70 sq m 113.06 sq m
(1,127 sq ft) (1,217 sq ft)
VACANT POSSESSION
6 Sheep Street
Ground Basement
Retail/Ancillary Ancillary
70.70 sq m 60.01 sq m
(761 sq ft) (646 sq ft)
EAT MORE RESTAURANT LTD (with Personal Guarantee) (2)
15 years from 19/07/2011 (2)
£15,500
19/07/2016 (18/07/2026)
8 Sheep Street
Ground Basement
Retail Ancillary
71.81 sq m 58.62 sq m
(773 sq ft) (631 sq ft)
IMPERIAL CANCER RESEARCH FUND (3)
25 years from 25/12/1988
£22,000
(24/12/2013) Holding over
Upper Floors
Residential
25 Self-Contained Flats
INDIVIDUAL HOMES (MIDLANDS) LTD (4)
125 years from 13/05/2003
£2,500 (5)
Totals
699.54 sq m
(7,530 sq ft)
£93,000
(1) For the year ending 31/12/2014, Subway Realty Limited reported a turnover of £28,613,501, pre-tax profits of £1,946,179 and a total net worth of £655,859. (Source: www.experian.co.uk 10/09/2015). (2)The lease provides for a tenant option to determine the lease on 19/07/2016 and 19/07/2021. Companies House has listed Eat More Restaurant Ltd (Company Number: 07558226) as dissolved on 1st July 2014. The lease is guaranteed by Muhammad Imran Cheema. (3)For the year ending 31/03/2015, Cancer Research UK reported pre-tax profits of £32,500,000 and a total net worth of £338,600,000. (Source: www.experian.co.uk 11/09/2015). The Tenant is currently holding over and is in discussions with the Seller to renew the lease. (4)Companies House has listed Individual Homes (Midlands) Ltd (Company Number 03492204) as dissolved on 31/12/2013. There are arrears of rent and service charge, which the seller is not seeking to recover from the buyer. (5)The lease provides for a fixed increase in rent by £2,500 p.a.x. at the 25th year and then an increase of £5,000 p.a.x. every 25 years thereafter.
