Acuitus 18/05/2023 Important Auction & Property Update

ADDENDUM
To the Catalogue for
Auction Sale: 18 May 2023

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.

If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.

The Common Auction Conditions have been updated as at June 2024.

Please note the Product Guide for the Octopus Bridging Loan has been updated and is dated March 2025.

Lot 6

Units C & D, 4-8 Winchester Road, Swiss Cottage, London, NW3 3NT

For clarity, Building Structure Limited is not a co-op franchisee. However, the tenant does trade as Welcome and stocks co-op branded products.

Lot 8

Energie Fitness, 44-46 Falcon Road, Battersea, London, SW11 2LR

For the avoidance of doubt the exact tenant name of the 999 year leasehold interest of the first, second, third and fourth floor residential accommodation is MONTAGU INVESTMENTS (LONDON) LIMITED (CRN: 11023082) and not as stated in the tenancy & accommodation table in the auction particulars of sale.

1)
The Seller can confirm that it is in advanced stages of negotiations with Tesco Stores Limited for them to take a new lease of the commercial space. The key terms of the proposed letting are:
• Annual rent of £115,000 excluding VAT subject to review
• Rent to be reviewed on an upwards only basis subject to a 12.5% cap
• 15 year term
• Effective full repairing and insuring
• Conditional principally upon:
• Tesco Stores Limited obtaining relevant planning consent and a premises licence
• the Seller/Landlord procuring vacant possession. It is expected the possession would be obtained through agreement with existing tenant if possible or through enforcement of lease provisions.
It is understood that the points of principle in documentation are now agreed, subject to wording agreement. Hence we understand that entering the Agreement for Lease will be possible shortly after exchange, should a buyer so desire.
In respect of the current tenant, since the granting of the Vesting Order, the Seller’s managing agent has demanded rent in accordance with the lease terms and on a quarterly in advance basis. The tenant remains in arrears having only made part payment (equivalent to a monthly pro-rata sum). The Seller has not agreed to monthly rent payments following granting of the Vesting Order. We understand the tenant is keen to remain in the Property and would like to agree monthly rent payments.
The following documentation is available in the legal pack:
• Heads of Terms;
• Current rent statement for existing tenant;

2)
The Seller can confirm that the residential block management arrangements are undertaken by BW Residential Ltd as instructed by the residents RTM Company, 46 Falcon Road RTM Company Ltd. A copy of BW Residential Ltd''s management contract is available in the legal pack alongside the following documents:
• Current insurance certificate;
• 2022 service charge budget and apportionments schedule;
• Cladding information and assessment confirming compliance status (as at date of report).

Lot 9

The Ninth Life, 167 Rushey Green, Catford, London, SE6 4BD

Please delete the references to outbuildings in the auction particulars. There is a large bin store to the rear, but this has not been measured. The total approximate gross internal area therefore should read 939.43 sq m (10,112 sq ft) and not as stated in the auction particulars. Please note the approximate floor areas do not form part of the auction contract of sale.

Lot 10

The Anchorage, 47 Haven Road, Canford Cliffs, Poole, Dorset, BH13 7LH

Please note for the avoidance of doubt, the completion period of this sale will be 30 working days from the contract date and not as specified in the auction particulars of sale.

Lot 14

4 Rose Street, Wokingham, Berkshire, RG40 1XU

The Property comprises accommodation as detailed below and not as stated in the auction sales particulars:

Floor Use Floor Areas
sq m (1)
Floor Areas
sq ft (1)
Tenant Term Rent p.a.x. Rent Review
(Reversion)
Ground
First
Retail
Residential
63.50
2 bedroom flat
(684)
-
RUBY ROSE BEAUTY LIMITED (CRN: 08511504) (2) 10 years from 13/01/2023 (3)
£31,600
13/01/2028
(12/01/2033)
Total Approximate Commercial Floor Area  
63.50
(684)
   
£31,600
 

(1) The floor areas stated above are those published by the Valuation Office Agency (https://www.tax.service.gov.uk/business-rates-find/valuations/start/459403165) The floor areas stated above are for use as a guide and should not be relied upon and do not form part of the contract for sale.

Lot 15

Units A & B, 4-8 Winchester Road, Swiss Cottage, London, NW3 3NT

1. The property cannot be used as a convenience store that competes with the tenant of the adjoining Unit C-D for as long as the terms of the existing lease of Unit C-D remain in place.

2. An offer has been received from an interested party wishing to take a 10 year lease at a starting rent of £70k pa with stepped annual increases to £85k pa (year 4 onwards) and review at year 5, with 4 month rent free period and payment of £40k security deposit. The proposed use would not breach 1 above. This offer is under consideration and has not been accepted.

Lot 16

Castle Place Shopping Centre, Market Street, Trowbridge, Wiltshire, BA14 8AL

Please note that completion of the sale will take place 20 working days from the Contract Date, as stated in the Special Conditions of Sale and not as stated in the auction particulars.

Lot 17

The Cornmarket, Market Place, Warminster, Wiltshire, BA12 9BX

The contractual term of the lease in regard to Unit 10 expires on 28 September 2025 and not as stated in the auction particulars. A copy of the lease is included in the sales pack.

Lot 19

140-142 Hall Lane, Bradford, West Yorkshire, BD4 7DG

Please note the large rear yard allows for car parking for about 30 cars to the rear, and not as stated in the auction particulars.

Lot 22

280 Old Christchurch Road, Bournemouth, Dorset, BH1 1PH

Please note for the avoidance of doubt, the completion period of this sale will be 30 working days from the contract date and not as specified in the auction particulars of sale.
Sold prior to auction.

Lot 23

165 - 167 High Street, Orpington, London, BR6 0LW

The completion period will be 8 weeks from the date of the contract or earlier by agreement between the parties and not as stated in the Auction particulars.

Lot 24

Crayke House, Easingwold Business Park, Stillington Road, Easingwold, Nr. York, North Yorkshire, YO61 3FB

Please note that the ground floor suite, let to an individual (N. Levin), is held by way of a Tenancy at Will and not a licence, as incorrectly stated in the auction particulars. Please note that the first-floor suite let to Cyclaire Limited is held by way of a Licence to Occupy and not by way of a lease as incorrectly stated in the auction particulars.

Lot 27

71-73 High Street, Falkirk, FK1 1ES

The property does not include access to the Howgate Centre. The current access and right to install a shop front is held under a separate lease between the Howgate Centre and Wilko. Wilko pay a service charge direct to the Howgate Centre for this.
An agreement between the owners of the property and the Howgate Centre gives the property rights to use the Howgate Centre loading bay subject paying service charge to the Howgate Centre. The obligation to pay this service charge is passed to Wilko under the lease.
On the expiry of the Wilko lease, the owner of the Howgate Centre and the owner of the property are to cooperate to try and let the combined unit as a single trading unit. If they are unsuccessful the unit will be split into the two owned areas and the cost of building the dividing wall will be split 50/50. If the unit is split the property can continue to use the Howgate Centre’s loading bay subject to the owner paying service charge to the Howgate Centre.
All relevant documents are included in the seller’s legal pack and the buyer is buying subject thereto

Lot 29

60 Cornhill, Bury St Edmunds, Suffolk, IP33 1BE

The leasehold tenure being offered for sale is held for a term of 106 years from 8th October 1988 until 2094 and not as stated in the Tenure paragraph in the Auction sale particulars.

Lot 30

113 London Road North, Lowestoft, Suffolk, NR32 1LX

Please note that whilst the tenant did not exercise their break option in November 2022, the lease is subject to a further tenant option to determine the lease on 16th April 2024-please see lease.

Please note that the approximate first floor area should read 99.56 sq m (1,072 sq ft) and not as stated in the auction particulars. The approximate total area therefore should read 233.93 sq m (2,518 sq ft), and not as stated in the auction particulars. Please note that the approximate floor areas do not form part of the Auction Contract of Sale.

Lot 34

25, 27, 29 High Street, Shanklin, Isle of Wight, PO37 6JW

As to the rents stated in the tenancy and accommodation schedule and the bullet points in the auction particulars of sale, please note these are inclusive of VAT at the current prevailing rate.

Lot 39

Spectrum 5, Spectrum Business Park, Seaham, County Durham, SR7 7TT

In respect of the completion period, completion of this sale will be 30 Business Days (not 20 Business Days as specified in the Special Conditions of Sale) after the Contract Date in respect of the property comprised in Transfer 1 and Transfer 2 provided that if the provisions of paragraphs 3 and 4 of the Extra special conditions apply the completion date shall be as specified therein.

Lot 40

3 King Street, Gillingham, Kent, ME7 1EY

The Receivers and the Auctioneer have been unable to inspect the upper floors of the Property and therefore no information regarding the layout, condition and occupation of the upper floors of the Property is available. Interested parties should refer to the legal pack for the updated Special Conditions/Auction Contract.

Lot 43

102-108 High Street, Redcar, Cleveland, TS10 3DL

Please note the tenant at 106 High Street should read Farplace Animal Rescue Limited & not as stated in the auction particulars.

Lot 44

40 Chester Road, Flint, Flintshire, CH6 5DT

Please note that the tenant on Unit 1 t/a Hot House, is currently fitting out and will be trading as a take-away restaurant. Please note that the approximate floor areas as stated in the auction particulars for Unit 1 (t/a Hot House) are the approximate floor areas for Unit 2 (t/a Krakow Mini Market) & vice versa.

Lot 49

Former Wishart Church, 61 King Street,, Dundee, Angus, DD1 2JD

The description of the property can be amended to read '' The property comprises a former church with leisure and ancillary accommodation arranged on lower ground, ground and upper floors''

Lot 51

McGowan House, Nobel Business Park, Ardeer,, Stevenston, North Ayrshire, KA20 3LJ

Sold prior to auction.

Lot 52

Africa House, Lundholm Road, Stevenston, North Ayrshire, KA20 3LR

Sold prior to auction.

Lot 55

Nile Court, 154 High Street,, Ayr, South Ayrshire, KA7 1PX

Sold prior to auction.