Nearby occupiers include HSBC, Debenhams and Lloyds TSB
Six Week Completion Period Available
Reviewed to the Greater of Rent Payable or 84% of Annual Rack Rental value
Lot 18
Auction 8th December 2011
Rent £271,400 per Annum Exclusive
Status Sold Prior
Price
Sector High Street Retail
Auction Venue Millennium Hotel 44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
15 miles north-east of Central London,, 18 miles south-west of Chelmsford
Roads
M25, M11, A12
Rail
Romford Rail, Gidea Park Rail
Air
London City Airport, Stansted Airport, Luton Airport, , Gatwick Airport and Heathrow Airport
Situation
The London commuter town of Romford is a major commercial, retail and leisure location with excellent communication links. The property is prominently situated on the east side of Market Place close to the junction with South Street, Romford's principal retail thoroughfare. The property benefits from its strategic adjacent to the Liberty Shopping Centre. Neighbouring occupiers include Marks & Spencers, Primark, Top Shop, HSBC, Debenhams and Lloyds TSB.
Tenure
Freehold.
Location
Miles
15 miles north-east of Central London,, 18 miles south-west of Chelmsford
Roads
M25, M11, A12
Rail
Romford Rail, Gidea Park Rail
Air
London City Airport, Stansted Airport, Luton Airport, , Gatwick Airport and Heathrow Airport
Situation
The London commuter town of Romford is a major commercial, retail and leisure location with excellent communication links. The property is prominently situated on the east side of Market Place close to the junction with South Street, Romford's principal retail thoroughfare. The property benefits from its strategic adjacent to the Liberty Shopping Centre. Neighbouring occupiers include Marks & Spencers, Primark, Top Shop, HSBC, Debenhams and Lloyds TSB.
Tenure
Freehold.
Description
The property comprises a substantial retail unit comprising retail and ancillary accommodation on the ground floor and extensive ancillary accommodation on both the first and second floors. The property benefits from a goods lift.
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 substantial retail unit comprising retail and ancillary accommodation on the ground floor and extensive ancillary accommodation on both the first and second floors. The property benefits from a goods lift.
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
Review
Ground First Second
Retail Ancillary Ancillary
1,873.48 sq m 1,359.63 sq m 163.13 sq m
(20,166 sq ft) (14,635 sq ft) (1,756 sq ft)
ARGOS LIMITED (2)
35 years from 29/09/1981
£271,400
29/09/2011 (3)
Totals
3,396.24 sq m
36,557 sq ft
£271,400
(1) Floor areas agreed at a previous rent review. (2) For the year ending 27th February 2010, Argos Limited reported a turnover of £4,164,475,000, pre-tax profits of £227,851,000 and a total net worth of £1,130,407,000. (Source: www.riskdisk.com 10/11/2011) (3) The rent is reviewed to the greater of the rent payable prior to the review date or 84% of the annual rack rental value of the premises at the commencement of the new review period.
