Acuitus 13/07/2017 Important Auction & Property Update

ADDENDUM
To the Catalogue for
Auction Sale: 13 July 2017

All Lots

The purchaser of each lot is deemed to purchase with notice and full knowledge of the important notice to bidders, the Common Auction Conditions, where applicable, the special conditions of sale and this addendum.

The purchaser of each lot is deemed to have inspected the property and have verified the accuracy of all information given in the particulars including the extent of the premises to be sold and the floor areas. Additionally, the purchaser is deemed to have read the legal documentation.

The boundary plans in the auction catalogue are for identification only. The correct title plan showing the boundaries of the properties are available for inspection and the purchaser will be deemed to have purchased with full knowledge thereof.

Please note that vendors may require a supplementary amount to be paid by the purchaser to the vendor over and above the purchase price. Please check the special conditions of sale to ascertain whether this applies to the property for which you are bidding.

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 came into force on the 26th June 2017.

Under the Regulations, Acuitus is legally required to immediately undertake customer due diligence checks on the buyer and related parties.

Acuitus will need to receive identification documents that satisfy the Regulations for the bidder, the buyer (if different from the bidder), the beneficial owners with more than 25% of the voting rights or capital and proof of authority if the bidder is acting as an agent.

Acuitus will also need to receive satisfactory identification on the source of the deposit money provided by the bidder/buyer.

Lot 1

26 Market Square, Witney, Oxfordshire, OX28 6BB

Sold prior to auction.

Lot 2

30 Fore Street, Okehampton, Devon, EX20 1HB

An eight week completion period is available on this lot. 5 James Street comprises two residential flats let on a 999 year lease and accessed from the rear. Flats 1-5 are accessed from an entrance on Fore Street. There are therefore seven residential flats in total and not as stated on page 12 of the auction catalogue. As to the tenancy and accommodation schedule please note that Flat 3 is a studio flat and Flat 4 is a 2 bedroom flat and not as stated. The auctioneers did not gain access to all the residential flats.
The retail unit comprises approximately 96.14 sq m (1,035 sq ft) of retail and ancillary accommodation and not as stated.
The tenants of Flat 2 are required by a Court Order dated 11th July 2017 to vacate their flat by 25th July 2017- please refer to the legal pack for further information. The intention is that Flat 2 will therefore be offered with vacant possession at the point of completion. The total rent for the property is therefore £26,560 p.a.x. being produced from one shop and three flats, with the opportunity to create further income from Flat 2 and Flat 3.

Lot 3

29 Blackbird Hill, Kingsbury, London, NW9 8RS

Withdrawn prior to auction.

Lot 4

28 High Street, Oakham, Leicestershire, LE15 6AR

Sold prior to auction.

Lot 5

70 High Street, Ruislip, Greater London, HA4 7AA

There is an area to the rear of the property currently used for parking.

Lot 6

Units D1 & D2 Lowfields Business Park, Elland Riorges Link, Elland, Nr Leeds, West Yorkshire, HX5 9DG

During the printing process for the printed Auction catalogue, the Lot numbers for lots 6 and 15 have been inadvertently transposed. We have now amended the property details on the Acuitus website to correctly show Units D1 and D2 as Lot 6 and Units A1, A2, A4 and Elant House as Lot 15.

Lot 9

132, 134, 136, 138, 142, 146 / 148 Edgware Road & 22 - 23 Nutford Place (and First Floor Flats), London, W2 2DZ

For the avoidance of doubt, please note that the entrance to the flats at Forset Court (between 138 and 142 Edgware Road) does not form part of the sale and therefore the orange outline on the street trader’s plan in the auction particulars is incorrect-please see the legal pack for the title boundaries.

Lot 12

158 London Road South and 2a - 3 Waterloo Road, Lowestoft, Suffolk, NR33 0BB

An eight week completion period is available on this lot. 2 Waterloo Road comprises approximately 23.46 sq m (252 sq ft) of retail and ancillary accommodation and not as stated. The total commercial floor area is therefore approximately 92.76 sq m (998 sq ft). The auctioneers did not gain access to the residential flats.

Lot 14

Units C1 - C10 Culpepper Close, Laser Quay, Medway City Estate, Rochester, Kent, ME2 4HU

The Seller has now completed the Licence to Assign in respect of Unit C6 which is referred to in the Special Conditions. Copies of the Licence to Assign signed by the outgoing and incoming tenants have been uploaded to the auction pack. All arrears relating to Unit C6 have now been paid fully up to date. The Seller has received a rent deposit from the incoming tenant for Unit C6 in the sum of £4,166.67 and is arranging for the deposit monies which were held on trust for the outgoing tenant to be returned to them.

Lot 15

Units A1, A2, A4 and Elant House, Lowfields Business Park, Old Power Way, Elland, Nr Leeds, West Yorkshire, HX5 9DA

Sold prior to auction.

Lot 16

The Engineering Faculty, University College London, 66 - 72 (even numbers) Gower Street, London, WC1H 8AP

Please note that the rent payable by University College London is currently £528,500 pa. This rent includes an additional fixed rent of £15,500 per annum which was agreed with University College London as set out in a Deed of Variation dated 9th July 2012. The current net rent received is therefore £528,175 per annum, and not as stated in the auction particulars.
Please note that in respect of the occupational lease to University College London, the term is 62 years from 29/09/1966; and not as stated in the auction particulars.

Lot 23

116 Darkes Lane, Potters Bar, Hertfordshire, EN6 1AE

Please note that the new 10 year lease to Oxfam (agreed but not yet completed) will be subject to a tenant only break option at Year 5. Please note the first floor comprises a one bed flat, not a two bed flat as stated in the auction particulars.
Heads of Terms have been agreed in respect of the new Lease to Oxfam subject to Oxfam obtaining Board Approval thereto. A Section 25 Notice was served and an extension of time has been given for the Tenant to serve protective proceedings.
As part of the Heads of Terms, the Seller agreed to provide a rent free period equivalent to the cost of upgrading the flat so that it would achieve an EPC Rating of E.
The Property is currently let to Oxfam on a 10 year lease from 14/2/2007 at a current rent of £23,500 pa.

Lot 25

32 - 36b West Gate, Mansfield, Nottingham, NG18 1RS

In order to comply with money laundering regulations it is a condition of the contract that the Buyer appoints a Solicitor/Conveyancer to act on its behalf in respect of completion and notify the Seller’s solicitors of the identity of the same not less than ten Business Days prior to the Agreed Completion Date.

If the Buyer fails to appoint a Solicitor/Conveyancer in accordance with this addendum the Seller may serve not less than two Business Days’ notice on the Buyer making time of the essence in respect of compliance with this obligation.

If the Buyer fails to comply with a notice served pursuant to this addendum the Seller may, without affecting any other remedy the Seller has:

(a) terminate the Contract;
(b) claim the deposit and any interest on it if held by a stakeholder;
(c) forfeit the deposit and any interest on it ;
(d) resell the Lot; and
(e) claim damages from the Buyer.

Lot 27

76 Regent Road, Great Yarmouth, Norfolk, NR30 2AJ

An eight week completion period is available on this lot.
The auctioneers did not gain access to the residential flats.
The lease for the residential flat at 76c Regent Road is on a monthly rolling Periodic Tenancy from 03/07/2009 and not as stated.

Lot 29

53 Sandgate Road, Folkestone, Kent, CT20 1NY

Please note the new lease to Claire’s Accessories UK Limited has now completed and is for a term of 5 years from 24/6/2017 (and not as stated in the auction particulars) with a tenant break option on 23/6/2020 subject to a rent penalty of £8,000.

Lot 30

95 Old Christchurch Road, Bournemouth, Dorset, BH1 1EP

A six week completion period is available on this lot. The tenant of the residential upper floors is Old Christchurch Road LLP and not as stated.

Lot 33

131 High Street, Poole, Dorset, BH15 1AN

Please note the property benefits from a second floor, which is ancillary use comprising about 36.68 sq m (395 sq ft). The total floor area therefore comprises about 757.50 sq m(8,154 sq ft) and not as stated in the auction catalogue. On the street traders plan, please note that 141 High Street is now Taco Bell and 118 High Street is now unoccupied. Please delete the reference to McDonalds being a nearby occupier.
Please note that in respect of footnote (2) in the Auction Particulars, the new reversionary lease to Peacocks Stores Limited has now completed and is for a term commencing 11th July 2017, expiring on 6th August 2023 at a rent of £70,000 per annum subject a rent free period which expires on 10th July 2018. The lease is FRI subject to a Schedule of Condition. The Seller has agreed to adjust the completion monies so that property will effectively produce £70,000 per annum from completion of the sale until the expiry of the rent free period.

Lot 34

Barclays Bank, 49/51 High Street, Skipton, North Yorkshire, BD23 1DT

The auctioneers were unable to gain access to the second floor accommodation.

Lot 35

Kings Chambers, Queens Road, Coventry, West Midlands, CV1 3EH

As to the tenancy and accommodation schedule, Unit I comprises approximately 142.50 sq m (1,534 sq ft) and not as stated. The total approximate floor area for the property is therefore 1934.46 sq m (20,823 sq ft). The property is currently arranged as 12 office suites as Unit F is occupied by two separate tenants. The auctioneers did not gain access to Unit B or Unit K.
In relation to the break clause within the lease of Unit E due on 28/01/2018, the tenant has served notice to exercise.

Lot 37

8 / 12 Southgate Street, Gloucester, GL1 2DH

In respect of footnote (1) in the auction particulars, please note that the subtenant (London Camera Exchange) is holding over at a sublet rent of £10,000 pa, and not as stated in the auction particulars.
In respect of the description paragraph in the auction particulars, please note that, for the avoidance of doubt, all the upper floors can be separately accessed from Southgate Street and also from within the Ladbrokes shop.

Lot 40

9 Guildhall Hill, Norwich, Norfolk, NR2 1SN

Sold prior to auction.

Lot 43

15 Duke Street, Princes Risborough, Buckinghamshire, HP27 0AT

For the purpose of clarification the property is a Freehold Retail and Residential Investment. The total floor area stated is for the retail units only and does not include the floor areas of the residential flats.

Lot 44

Units 1, 2, 3 & 4 Spiersbridge Terrace, Thornliebank Industrial Estate, Glasgow, G46 8JH

In relation to the tenancy and accommodation schedule and description paragraph, please note Unit 1 comprises ground floor accommodation only and totals approximately 284.07 sq m (3,058 sq ft). Therefore the total approximate floor area is 773.97 sq m (8,331 sq ft) and not as stated.
For the avoidance of doubt, in relation to the description paragraph the property benefits from the use of car parking and a secure palisade fenced yard.

Lot 46

108 - 110 Bridge Street, Worksop, Nottinghamshire, S80 1HT

Sold prior to auction.

Lot 53

2 Chanonry Road South, Elgin, Moray, IV30 6NG

In relation to the Tenure paragraph on page 79 of the auction catalogue the second sentence should read ‘The next rent review is on 1st June 2018 and is reviewed on an upwards only basis to the greater of the passing rent OR 10% of the total rent received for the calendar year ending on the review date, subject to a minimum of £4,450 per annum. The seller has received an email from Moray Council confirming that they are prepared to consider selling their heritable interest in the site at 2 Chanonry Road South, Elgin. Further information can be found in the legal pack.
Please note that the seller understands that Arnold Clark have an informal arrangement with the tenant, whereby a number of cars are parked on the site at 2 Chanonry Road South. It is understood that they pay the tenant a rent of £1,200 per month.

Lot 54

51 / 53 Bridge Street, Swindon, Wiltshire, SN1 1BL

Sold prior to auction.

Lot 56

5 / 7 and 105 / 107 High Street, Westbury, Wiltshire, BA13 3BN

In relation to the tenancy and accommodation schedule on page 84 of the auction catalogue, please note the tenant of No. 105 High Street has vacated and is therefore no longer paying rent. The total annual rent for the property is £5,700 p.a.x.
The Auctioneers were unable to gain access to the residential maisonettes on the first and second floors.

Lot 57

Unit 2 Centech Park, Fringe Meadow Road, Moons Moat Industrial Estate, Redditch, Worcestershire, B98 9NR

Unit 2 Centech Park is currently occupied by AW Computers. AW Computers have a contract with Cash Converters (UK) Limited to provide IT support services. The seller has confirmed that Cash Converters (UK) Limited are continuing to pay the rent.

Lot 59

19-21 Chertsey Road, Woking, Surrey, GU21 5AB

As to the Ground floor and basement, the lease provides for a rent free period until 1st October 2017 and the tenant is currently fitting out the property and not as stated in footnote 3 under the Tenancy and Accommodation schedule on page 87 of the Auction catalogue.

Lot 60

34 Market Place, Great Yarmouth, Norfolk, NR30 1LX

As to the tenancy and accommodation schedule, the approximate floor areas are as below and not as stated on page 88 of the auction catalogue:

Ground 142.63 sq m (1,535 sq ft)
First 141.62 sq m (1,524 sq ft)
Second 173.85 sq m (1,871 sq ft)
Basement 140.61 sq m (1,514 sq ft)
  598.71 sq m (6,444 sq ft)

Please delete the note regarding Select Fashion below the tenancy and accommodation schedule in the auction catalogue. Yours Clothing have over 70 stores across the UK, as well as stores in the Middle East (Source: yoursclothing.co.uk 20/06/2017)

Lot 61

229/ 231 Commercial Road, Portsmouth, Hampshire, PO1 4BJ

As to the tenancy and accommodation schedule on page 89 of the auction catalogue particulars, the approximate Gross Internal floor areas are as follows:

Floor Use Floor Areas (approx)
Ground Restaurant 238.25 sq m 2,565 sq ft
Ground Store 69.15 sq m 744 sq ft
First & Second Planning Permission for 3x one bedroom, 2x two bedroom and 1x three bedroom residential flats 561.04 sq m 6,040 sq ft
Total Approximate Floor Area   868.44 sq m 9,348 sq ft

Lot 62

2 / 8 Albert Street & 1 Carlisle Street, Rugby, Warwickshire, CV21 2TP

Please delete reference to the lease of 1 Castle Street to SP Driving Limited. Whilst the unit was recently under offer to this party, the unit will now be offered with vacant possession. The Seller will provide a 12 month rental guarantee of £10,000 p.a.x so that the effective rental income for the property remains at £55,940 p.a.x.
As to the tenancy and accommodation schedule, the approximate floor area for 1b Castle Street is 30.40 sq m (327 sq ft) and not as stated on page 90 of the auction catalogue. The total approximate floor area for the property is therefore 461.01 sq m (4,962 sq ft).

Lot 63

17 / 23 Bank Street & 1 - 3 Anderson Street, Airdrie, West Lothian, ML6 0AA

An eight week completion period is available on this lot. As to lot 63, the area schedule in the tenancy section on page 91 of the auction catalogue, the areas are as follows and not as stated;

Unit Tenant Sq m Sq ft
1a Vacant 47.47 511
1b - Ground Co-operative – Semichem 103.19 1,111
1b  - Basement 50.60 545
1b - First 190.62 2,051
2 - Ground Brian Michie Optician 69.53 748
2 - Basement 9.74 105
3 – Ground Clydesdale Bank 172.81 1,860
3 - Basement 16.91 182
3  - First 149.01 1,604
     
1 Anderson Street Adcentiv 61.80 665
3 Anderson Street Chunky Monkey 116.41 1,253
TOTAL   988.09 10,635

Lot 64

Tricorn Hotel, Stone Barn Lane, Runcorn, Cheshire, WA7 2PQ

As stated in the Special Conditions of Sale, completion of the sale will take place 21 working days after receipt by the Seller of consent from the Homes and Communities Agency to the Sale of the Lot.

Lot 65

59 - 65A High Street & 17 18 Bath Street, Redcar, TS10 3AF

As per the Special Conditions and updated Auction Pack, the results of a search at the Land Registry have revealed that part of the Property (as shown coloured blue on the plan attached to the Special Conditions) is registered at the Land Registry with two freehold title numbers. The Seller has made contact with both the Land Registry and the adjoining landowner in order to
resolve the position and clarify whether the land shown coloured blue is owned by the Seller or the adjoining landowner. No resolution has been reached as yet. Copies of the correspondence between Gateley Plc, the Land Registry and the legal team for the adjoining landowner is available as part of the auction pack. The Seller is only able to transfer such right, title and interest (if any) which it has in that land shaded blue on the plan attached to the Special Conditions. Following completion, it will be the Buyer''s responsibility to resolve the title query, and the Seller is under no liability in this regard. The Special Conditions state that the Buyer is aware of the issue and buys the Property subject to it. The Buyer will not be entitled to raise any queries on the Property after exchange of contracts.
Please note that the property comprises six shops with seven residential flats, which includes one flat in the demise to MH Roberts Limited located on the second floor.

Lot 66

155 King Street, Great Yarmouth, Norfolk, NR30 2PA

An eight week completion period is available on this lot. The correct postcode for the property is as above and not as stated on page 94 of the catalogue page. The auctioneers did not gain access to the basement accommodation which is accessed via a hatch or the residential accommodation.
The lease to Orwell Housing Association is for a term of approx. 29 years from 9th May 2000 and not as stated.
Purchasers are deemed to be aware of enquiry 8.8 within Replies to CPSE 1 which is available within the legal pack.

Lot 67

96 Queensway, Bletchley, Milton Keynes, Buckinghamshire, MK2 2RU

On Completion the Buyer shall pay to the Seller, in addition to the Price, the cost incurred by the Seller in obtaining the searches included in the Auction Pack and shall contribute £1,500.00 + VAT in respect of the Seller’s legal fees.

Lot 69

3a & 3b Corbet Avenue, Norwich, Norfolk, NR7 8HN

An eight week completion period is available on this lot. The property comprises approximately 114.93 sq m (1,237 sq ft) accommodation and not as stated.

Lot 72

29 - 39 George Street, Bathgate, Lothian, EH48 1PG

An eight week completion period is available on this lot. As to lot 72, 29/39 George Street, Bathgate, the area schedule is as follows and not as stated on page 100 of the properties are as follows;

Caesar & Howie First floor 182.40 sq m 1,963 sq ft
Sport Swift (Card Factory)                            105.71 sq m 1,138 sq ft  
Colin Stebbing Photography                        Ground floor 75.21 sq m 810 sq ft *  
Blind  Design         Ground floor 81.00 sq m 872 sq ft
Blind Design First floor 42.49 sq m 457 sq ft
Debra Ground 332.52 sq m 3,579 sq ft
Debra First floor 175.12 sq m 1,885 sq ft**
TOTAL   994.55 sq m         10,704 sq ft

*Colin Stebbing Photography. First floor accommodation not accessible. First floor area from Assessor’s list 43.10 sq m (437 sq ft) ** Debra first floor. There is a further UNUSEABLE first floor area of c. 182.60 sq m (1,965 sq ft)

Lot 73

Unit 67 Tenter Road, Northampton, Northamptonshire, NN3 6AX

In relation to the tenancy and accommodation schedule on page 101 of the auction catalogue, please note the lease is subject to a schedule of condition.

Lot 75

10 English Street, Dumfries, DG1 2BT

In relation to the tenancy and accommodation schedule on page 103 of the auction catalogue, please note the lease is internal repairing and insuring and not as stated.

Lot 76

90 Queensway, Bletchley, Milton Keynes, Buckinghamshire, MK2 2RU

On Completion the Buyer shall pay to the Seller, in addition to the Price, the cost incurred by the Seller in obtaining the searches included in the Auction Pack and shall contribute £1,500.00 + VAT in respect of the Seller’s legal fees.

Lot 77

4 High Street, Sandown, Isle of Wight, PO36 8DA

Please remove reference to Lloyds Bank in the bullet points and in the situation paragraph on page 105 of the auction catalogue.

Lot 78

17 - 19 High Street, Fort William, Highland, PH33 6DH

The tenant, Fort William Franchise Site 1 Ltd was dissolved on 4 October 2016 and has requested that a new lease be granted on the same terms to a live company. The Seller is awaiting details of the proposed tenant. The unit is occupied and despite being dissolved, Fort William Franchise Site 1 Ltd has been paying the rent. There are no rental arrears.

Lot 79

120 - 124 Magdalen Street, Norwich, Norfolk, NR3 1JD

An eight week completion period is available on this lot. As to the situation paragraph please remove reference to the multi-storey car park within Anglia Square Shopping Centre which is currently closed. There are proposed development plans for the entire Anglia Square site to provide a mixed use development comprising 1,000 residential dwellings, a cinema, retail units, restaurants, cafes, a public square and a multi storey car park . See www.angliasquare.com for further information.

Lot 80

9 / 11 White Hart Street, Dalkeith, Midlothian, EH22 1AE

An eight week completion period is available on this lot.

Lot 81

19a Commercial Street, Aberdare, Mid Glamorgan, CF44 7RW

An eight week completion period is available on this lot.

Lot 82

69 High Street, Kirkcaldy, Fife, KY1 1LN

An eight week completion period is available on this lot.

Lot 83

39 - 41 & 41a High Street, Hawick, Roxburghshire, TD9 9BU

An eight week completion period is available on this lot.