Acuitus 27/03/2024 Important Auction & Property Update
ADDENDUM
To the Catalogue for
Auction Sale: 27 March 2024

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 1
894/896 Uxbridge Road, Hayes, London, UB4 0RR
Please delete the reference to ‘’workshop’’ in the tenancy & accommodation schedule in the auction particulars.
Please note that the only arrears due as of 26/03/2024 amounts to £5,500 being the March quarter’s rent.
Lot 3
159 Hoxton Street, Hoxton, London, N1 6PJ
The tenure being offered for sale is Long Leasehold. Held for a term of 125 years from 1st September 2001 at a fixed rent of £1 per annum exclusive and not as stated in the auction particulars.
Sold prior to auction.
Lot 5
471-475 Beake Avenue, Coventry, Warwickshire, CV6 2HT
Please note that in respect of 473 Beake Avenue (B & N Mardania), the lease is subject to tenant break options on 05/09/2025 and 05/09/2027 and not as stated in the auction particulars.
Lot 6
San Carlo Restaurant, 38-40 Granby Street, Leicester, Leicestershire, LE1 1DA
Please note that the lease to Harnbury Holdings Limited is subject to a tenant only option to determine on 12th November 2026-please see lease. The lease was subject to a previous tenant option to determine in November 2021 which was not exercised.
Lot 7
KFC Drive Thru, Chester Way, Northwich, Cheshire, CW9 5GF
As to the Assignment of Lease from Scotco Restaurants Limited to Clokken Ltd (with KFC (Great Britain) Limited as guarantor). The Seller has had further discussions with lawyers for all parties involved in the proposed assignment. All parties have agreed the following position:
• Scotco Restaurants Limited will not be required to give an AGA on assignment;
• Clokken Ltd and Kentucky Fried Chicken (Great Britain) Limited will be the new tenant/guarantor and will be required to give an AGA/GAGA on any subsequent assignment.
The Seller is negotiating a licence to assign to finalise this. The tenant is not able to commit to a time-frame for completion (and will have up to six months to complete) so the Seller is not able to guarantee that the assignment will be completed prior to sale – but the tenant has asked to sign the licence as soon as possible and has told us that it intends to complete in the next few weeks if possible.
Lot 13
55, 59, 61 and 65 The Broadway, Greenford, London, UB6 9PN
As to the maisonette at 59a, the tenant has written to the Seller’s managing agent requesting an extension to their lease. No formal action in relation to this request has been taken. A copy of the tenant’s request is available within the Legal Pack.
The Special Conditions of Sale provide for the completion period to be 6 weeks from the date of the CONTRACT or earlier by agreement.
Lot 14
94 Parsons Mead, Croydon, London, CR0 3SL
Please note that as specified in the Special Conditions of Sale, the Buyer will pay a contribution of 1% plus VAT of the purchase price.
Lot 15
1-19 Reeves Way, South Woodham Ferrers, Chelmsford, Essex, CM3 5XF
Under Tenure in the Auction particulars, please note the property is held leasehold from SW Investments Limited for a term of 125 years from 29th September 1985 (approx. 86 years unexpired) at a rent of £25,000 pa (based on 25% of rents receivable), subject to 5-yearly rent reviews, the next in 2025-and not as stated in the auction particulars.
In respect of 7 Reeves Way and footnote (3) in our auction catalogue, 7 Reeves Way has now been let to Automotive Software Solutions on a lease commencing on 25/3/24 & expiring on 24/3/27 at a commencing rent of £7,500 pax rising to £7,875 pax in year 3. The current gross rent therefore of the property is £118,500 pax and the current net rent is £88,875 pax. A copy of the new lease & supporting documentation has been added to the legal pack.
Lot 16
EE, 37-39 Tavern Street, Ipswich, Suffolk, IP1 3AG
This property is being marketed for sale on behalf of Receivers and therefore no warranties, representations or guarantees are given or will be given by the Receivers or the Auctioneers in respect of the information in these particulars or any matter relating to the property, including VAT. Any information provided is provided without liability on the part of the Receivers and Auctioneers for any reliance placed on it. The Receivers are acting without personal liability and are not bound to accept the highest or any offer.
Lot 17
35 to 36 Market Place, North Walsham, Norwich, Norfolk, NR28 9BT
As to the description, the residential maisonettes each comprise 3 rooms, kitchen and bathroom and not as stated in the auction particulars.
As to flat 35a, the property is let on an Assure Shorthold Tenancy agreement for a term of 12 months from 05/02/2024 until 04/02/2024 at an increased rent of £9,600 per annum exclusive. Therefore, the property produces a total rent of £33,600 per annum exclusive and not as stated in the marketing particulars.
Lot 18
16-18 Rose Street, Wokingham, Berkshire, RG40 1XU
The Special Conditions of sale have been amended to show the current arrears. A copy of the revised Special Conditions is available within the Legal pack.
Lot 19
68 Palmerston Road and 92-100 Osborne Road, Southsea, Hants, PO5 3SJ
As to 68 Palmerston Road, the tenant has not yet commenced a fit-out programme at the Property and are not currently in occupation. The Auctioneer has been unable to inspect the Property and therefore unable to verify any information regarding the layout and condition of the Property. However there is a historic schedule of condition and indicative floor plans available for observation within the auction legal pack.
The Seller has recently been informed about damp patches, mould and some cracks on some of the walls and ceiling at flat 98. These are believed to have been caused by some standing water on the roof top.
The Seller is currently liaising with their contractor to view and rectify any issues with the roof. The Seller intends to have the matter resolved before completion of the sale with the intention being that the costs will be recoverable via service charge.
Lot 20
4a Vaughan Street, Llanelli, Carmarthenshire, SA15 3TY
Please note that as specified in the Special Conditions of Sale, the Buyer will pay a contribution towards the seller’s legal fees of 1% plus VAT of the sale price.
By way of an email from the tenant’s (McDonalds) leasing agent, Lambert Smith Hampton to the Seller dated March 19th, McDonald’s confirm that they are considering re-occupying the subject property. As part of this consideration McDonalds have suggested that they would be willing to commit to a longer term beyond the current expiry date of 2033, subject to the below. Below are the high-level terms that McDonald’s would accept (subject to board approval and reoccupation):
• 10-year reversionary lease from expiry of existing lease
• Upwards and downwards rent review on Day 1 of the reversionary lease
• Upwards only rent review on 5th anniversary of the term.
• 12 months’ rent free from completion (i.e. 12 months’ rent free at the passing rent)
A copy of the full email from Lambert Smith Hampton is evidenced in the Legal Pack.
Lot 22
92 & 94 Dunstable Street, Ampthill, Bedfordshire, MK45 2JP
Please note that completion of this sale will take place 20 business days after the Contract Date as specified in the Special Conditions of Sale.
Lot 23
6 King Street, Thetford, Norfolk, IP24 2AN
Sold prior to auction.
Lot 24
19 Gabriel's Hill, Maidstone, Kent, ME15 6HR
Please note that completion of this sale will be twenty business days after the Contract Date as specified in the Special Conditions of Sale, and not as stated in the auction marketing particulars. Please note that the Buyer will pay £1,500 + VAT as a contribution towards the Sellers legal costs, as stated in the Special Conditions of Sale.
Lot 25
23 Queen Street, Maidenhead, Berkshire, SL6 1NB
Please note that as specified in the Special Conditions of Sale, the Buyer will pay a contribution of 2% plus VAT of the purchase price as a contribution towards the seller’s costs of the sale.
Lot 26
Heart of England Co-op Funerals, King's Walk, Earl Shilton, nr Leicester, Leicestershire, LE9 7NL
Sold prior to auction.
Lot 31
444/446 Welbeck Road, Walker, Newcastle-upon-Tyne, NE6 2NY
Sold prior to auction.
Lot 33
Northern Cross, Basing View, Basingstoke, Hampshire, RG21 4HH
Withdrawn prior to auction.