Majority Let to Starbucks until 2022 (subject to option)
Busy and popular South West London suburb
Immediately adjacent to Tooting Broadway Station
Active management potential
Neighbouring occupiers include Sainsbury’s, Primark, New Look, Barclays Bank, Caffè Nero,Car Phone Warehouse and South Thames College
Six Week Completion Period Available
Lot 30
Auction 18th October 2012
Rent
Status Sold
Price £525,000
Sector High Street Retail
Auction Venue Millennium Hotel 39-44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
6 miles south-west of the West End of London, 7 miles east of Kingston Upon Thames
Roads
A24, A205 (South Circular Road), A217
Rail
Tooting Broadway Underground (Northern Line)
Air
London City, London Heathrow, London Gatwick
Situation
The property is prominently situated immediately adjacent to Tooting Broadway Underground Station at the major intersection between A217 and A24. The property is in a strong trading location along with neighbouring occupiers such as Sainsbury’s, Primark, New Look, Barclays Bank, Caffè Nero, Car Phone Warehouse and South Thames College.
Tenure
Leasehold. Leasehold. Held from London Underground Limited for a term of 99 years from 25th December 1927 until 2026 on a full repairing and insuring lease at a current rent reserved of £550 per annum exclusive. (2)
Location
Miles
6 miles south-west of the West End of London, 7 miles east of Kingston Upon Thames
Roads
A24, A205 (South Circular Road), A217
Rail
Tooting Broadway Underground (Northern Line)
Air
London City, London Heathrow, London Gatwick
Situation
The property is prominently situated immediately adjacent to Tooting Broadway Underground Station at the major intersection between A217 and A24. The property is in a strong trading location along with neighbouring occupiers such as Sainsbury’s, Primark, New Look, Barclays Bank, Caffè Nero, Car Phone Warehouse and South Thames College.
Tenure
Leasehold. Leasehold. Held from London Underground Limited for a term of 99 years from 25th December 1927 until 2026 on a full repairing and insuring lease at a current rent reserved of £550 per annum exclusive. (2)
Description
The property comprises a retail unit on the ground floor with ancillary accommodation in the basement. The first floor comprises office accommodation that extends over the entrance to the station and is accessed via Tooting High Street.
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 a retail unit on the ground floor with ancillary accommodation in the basement. The first floor comprises office accommodation that extends over the entrance to the station and is accessed via Tooting High Street.
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
Review
Ground Basement
Retail
80.98 sq m 14.54 sq m
(872 sq ft) (157 sq ft)
STARBUCKS COFFEECOMPANY (UK) LIMITED (1)
10 years from 27/03/2012 until 2022 (2)
£68,500
2017
First
Office
152.66 sq m
(1,672 sq ft)
ROBYN MOIRA LYNCH (t/a Kenwright and Lynch Solicitors
Holding Over (2) (3)
£12,000
Totals
248.18 sq m
(2,672 sq ft)
£80,500
(1) Starbucks Coffee Company (UK) Limited are a global company that operates from over 17,000 stores in more that 50 countries.There is a tenant's option to determine the lease on 27th March 2017 subject to three months notice. (2)The Headlease provides for a rolling option to determine by the superior landlord on tendering three months notice if London Underground Limited requires the property or any part for any purpose connected with the operation of their railways or any works or with any present or future buildings of the landlord. (3)As to the lease on the first floor there has been a new ten year lease at a rent of £25,000 proposed, this is subject to court determination.