Acuitus 24/05/2012 Important Auction & Property Update

ADDENDUM
To the Catalogue for
Auction Sale: 24 May 2012

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

38/40 Market Place, Coleford, Gloucestershire, GL16 8AA

Please delete reference to HSBC and Halifax in Situation paragraph and key features on page 11 of the auction catalogue

Lot 2

67/69 Woolwich New Road, Woolwich, SE18 6EE

Please note the property is situated directly opposite the major new Woolwich Central development currently under construction (see www.woolwichcentral.com) a mixed retail and residential scheme including a Tesco Extra Store.

The basement is accessed externally at the rear of the property.
The ground floor also includes ancillary accommodation.

Lot 3

118 - 121 East Street, Southampton, SO14 3HD

The Buyer will pay the Seller a contribution towards Seller’s Costs as set out in the Extra Special Conditions.

Lot 4

22 Telford Way, Kettering, NN16 8UN

The buyer will pay the Seller a contribution towards seller’s costs as set out in extra Special Condition 1.1.1. Please delete reference to a works office in the schedule of tenancy and accommodation. The floor area is, therefore, approximately 1,511 sq m (16,264 sq ft).
The tenant also occupies the adjoining site which is in separate ownership.

Lot 5

Tesco Express, 165 North Street, Glasgow, G3 7DA

Sold prior to auction.

Lot 6

54 Friars Stile Road, Richmond Upon Thames, London, TW10 6NQ

The seller is holding a rent deposit of £14,500.

Lot 7

471 - 473 Norwood Road, London, SE27 9DJ

For the purposes of clarification, the residential flats are let to individuals on ten separate leases, full details of which are available from within the legal pack. The Receivers have received confirmation from HMRC that having checked their records they do not appear to have been notified of an option to tax in respect of the Property. However, the Receivers & Auctioneers offer no warranty that such notification has not been made. The confirmation letter from HMRC is available to inspect in the legal pack.

Lot 8

LA Fitness, 33 Imperial Way, Croydon, CR0 4RR

The Property is sold subject to and with the benefit of a Deed of Variation dated 24th May 2012. A relevant extract from this Deed of Variation is available for inspection in the auction room. For clarity, this Deed of Variation does not affect the lease terms, the passing rent, the fixed increase in 2016 or the future rent reviews of the subject property under the lease dated 21 June 2006. This information has been disclosed for completeness only as in some cases it formally varies the rents payable by L A Leisure Limited under the lease of other Properties dated 21 June 2006 with effect from 24 June 2011. As this Deed is a confidential document a full certified copy will be handed over at Completion.

Lot 9

Barclays Bank, 1-3 Wood Street, Wakefield, West Yorkshire, WF1 2EA

The auctioneers understand the tenant has recently vacated the property and the tenant’s managing agents have indicated the tenant may wish to sub-let the property or assign or surrender the lease.

Lot 10

27 Kings Road, Reading, Berkshire, RG1 3AR

Sold prior to auction.

Lot 12

108/108a High Street, Eltham, London, SE9 1BW

The self-contained first and second floors have, in effect, been sublet to Francis Li trading as Omer and Company Chartered Accountants.
The ground floor is approximately 137.03 sq m (1,475 sq ft). The basement is approximately 31.09 sq m (339 sq ft). The First floor is approximately 41.82 sq m (450 sq ft). The second floor is approximately 45.78 sq m (493 sq ft). The total floor is, therefore, 255.72 sq m (2,757 sq ft) and not as stated in the auction catalogue page 25.

Lot 13

Gladstone Buildings, 2, 4 & 6 Church Street and 1, 3 & 5 St James' Row, Sheffield, S1 2EU

Please note that the offices has recently been subject to a refurbishment programme and the tenants of the uppers are not currently in occupation of the property.
The tenure being offered for sale is a long leasehold held from Sheffield City Council for a term of 125 years until 2109 at a fixed rent reserved of £100 per annum exclusive.
In addition there is a long leasehold granted out of the above lease held for a term of 125 years less 5 days at a peppercorn rent out of which the occupational leases are granted.

Lot 14

19 Crown Passage, St James's, London, SW1Y 6PP

A 6 Week Competition is available on this Lot. The property is being offered with Vacant Possession. The furniture currently inside the property will be removed by the seller prior to completion save for the fitted desks.

Lot 17

119 Commercial Road, Portsmouth, PO1 1BU

Please note that the successful purchaser will be required on exchange of contracts to provide to the Auctioneers a cheque made payable to the sellers solicitors for 10% of the purchase price as deposit. The purchaser will also be required within 1 business day after exchange of contracts to pay 10% of the purchase price as deposit by direct credit from the Buyers solicitors client account to the Sellers Solicitors client account. On receipt of the deposit monies the cheque will be destroyed. For further information please refer to the special conditions of sale which are available in the legal pack.

Lot 18

23-35 and 37-47 Bond Street, Southampton, SO14 5QA

The Buyer will pay the Seller a contribution towards Seller’s Costs as set out in the Extra Special Conditions. The correct tenant name is WH Rowe Ltd and not as stated on page 34 of the auction catalogue.

Lot 19

6-7 Newton Terrace, Glasgow, G3 7PJ

Please note that the successful purchaser will be required at the time of signing the Minute (exchange of contracts) to provide to the Auctioneers a cheque or bankers draft made payable to Pinsent Masons LLP for 10% of the purchase price as deposit. The purchaser will also be required within 1 business day after signing the Minute (exchange of contracts) to pay 10% of the purchase price as deposit by direct credit from the purchasers solicitors client account only to the Sellers Solicitors client account. On receipt of the deposit monies the cheque will be destroyed or returned. For further information please refer to the articles of roup which are available in the legal pack.

Lot 20

Former Lithuanian Embassy, 84 Gloucester Place, London, City of Westminster, W1U 6AU

The deposit will be held by the seller’s solicitor as stakeholder and not as agent as previously stated in the special conditions of sale.

Lot 22

287 High Street, Dorking, Surrey, RH4 1RL

The first floor is currently used as staff/storage and ancillary accommodation and not retail as stated in the description in the catalogue.

Lot 23

The Quadrangle, 59 Ruchill Street, Glasgow, G20 9PX

As to the tenancy and accommodation schedule, the total approximate floor area for Unit 8C is 157.50 sq m (1,696 sq ft) and the total approximate floor area for Unit 8D is 186.57 sq m (2,008 sq ft) and not as stated on page 41 of the catalogue.
The Princes Trust, currently occupying Units 3 & 6, have started negotiations for an extension of their lease. They currently have board approval for an 8 month extension.
Please note that the successful purchaser will be required at the time of signing the Minute (exchange of contracts) to provide to the Auctioneers a cheque or bankers draft made payable to Pinsent Masons LLP for 10% of the purchase price as deposit. The purchaser will also be required within 1 business day after signing the Minute (exchange of contracts) to pay 10% of the purchase price as deposit by direct credit from the purchasers solicitors client account only to the Sellers Solicitors client account. On receipt of the deposit monies the cheque will be destroyed or returned. For further information please refer to the articles of roup which are available in the legal pack.

Lot 24

3100 Thorpe Park, Century Way, Leeds, West Yorkshire, LS15 8ZB

Sold prior to auction.

Lot 25

Lloyds Bank Chambers, 8-16 Church Street & 9 James Street, Sheffield, Yorkshire, S1 1HP

As to footnote (2) under the tenancy and accommodation schedule on page 45, a formal assignment has taken place so that the subtenant of one of the ground floor retail units is now Interaction Recruitment plc and not Kelly Services (UK) Limited.

Lot 26

Staples, Huntingdon Street, Nottingham, NG1 3NL

The correct tenant name is Staples UK Retail Limited and not Staples (UK) Retail Limited.
The approximate site area in the bullet point on page 46 of the auction catalogue does not include the road area or additional car parking. The correct approximate area for the entire site offered for sale is 0.453 hectares (1.120 acres).
The licence to Sherwood Climbing Company Ltd has been agreed but not yet completed as planning approval is being awaited which is expected imminently. The total current rent is therefore £177,000 p.a.x. and not as stated on page 46 and 47 of the auction catalogue.

Lot 27

Vespasian House, Bridport Road, Dorchester, Dorset, DT1 1BX

Sold prior to auction.

Lot 31

163 High Street, Southampton, SO14 2BT

The Buyer will pay the Seller a contribution towards Seller’s Costs as set out in the Extra Special Conditions.

Lot 32

149 High Street, Southampton, SO14 2BT

The Buyer will pay the Seller a contribution towards Seller’s Costs as set out in the Extra Special Conditions. The correct tenant name is Kenestates Limited and not as stated on page 53 of the auction catalogue.

Lot 34

34 Courtenay Street, Newton Abbott, Devon, TQ12 2DG

Withdrawn prior to auction.

Lot 35

262-266 High Street, Bangor, Clwyd, LL57 1NY

Sold prior to auction.

Lot 36

91/91a High Street, Welling, Kent, DA16 1TY

The site that is marked ‘under construction’ on the street trader plan in the auction catalogue is now trading as a Tesco Supermaket. The address of the property is 91 Welling High Street, Welling, Kent, DA16 1TY and not as stated on page 58 of the catalogue.

Lot 37

28/30 West Street, Boston, PE21 8QH

Following a recent refurbishment programme carried out to the property, the floor area currently used for retail is 55.8 sq m (600 sq ft).

The upper floors are currently accessed via a ceiling hatch only.

Lot 40

178 Upper Richmond Road West, East Sheen, London, SW14 8AW

As to lot 40

There is an advertising hoarding on the side of the property. The seller has previously benefitted from income from this advertising hoarding. Further details are available in the legal pack.

Lot 41

12 Chepstow Road, Notting Hill, London, W2 5BD

Withdrawn prior to auction.

Lot 43

1-2 Ivatt Road, Dartmouth, Devon, TQ6 9LD

As to the tenancy, the lease is NOT guaranteed by Alldays Stores Limited as stated in the Tenancy and Accommodation schedule on page 65 of the auction catalogue.

Lot 44

Millfield Trading Estate, Arksey Lane, Bentley, Doncaster, DN5 0SJ

As to the description of the property in the auction catalogue please note the office at first floor level have ancillary accommodation below.

The buyer will pay the Seller a contribution towards seller’s costs as set out in extra Special Condition 1.1.1.
An adjoining owner claims ownership of a small area in the north west corner of the property which they have fenced off. There is, however, no evidence of any ownership other than that of the vendor and there is no evidence of any claim for adverse possession of this area. The unregistered title deeds indicate that the entirety of the property is in the ownership of Hampden Press Limited.

Lot 45

NCP Car Park, Portman Road, Ipswich, Suffolk, IP1 2BP

Please delete reference to ‘Future Development Potential’ in the bullet points at the top of page 67 of the auction catalogue.

The lease to National Car Parks Limited has now been completed on a 15 year term from 23rd May 2012 until 22nd May 2027 at a rent of £25,000 p.a.x with annual RPI Index linked increases, capped at 2.5%, and a landlords option to break at year 5 and year 10 of the term, subject to 6 months’ notice.

Lot 47

B & M Store, Croft Road, Hawick, TD9 9RD

Please note that to satisfy Money Laundering Regulations 2007, the 10% deposit cheque must be from a UK clearing bank and from an account in the name of the purchaser.

Lot 48

Enterprise House, 45 North Lindsay Street, Dundee, DD1 1HT

As to the Tenancy and Accommodation Schedule in the catalogue, the approximate floor areas are 1,793.57 sq m (19,306 sq ft) and not as stated on page 70 of the catalogue.
Please note that the successful purchaser will be required at the time of signing the Minute (exchange of contracts) to provide to the Auctioneers a cheque or bankers draft made payable to Pinsent Masons LLP for 10% of the purchase price as deposit. The purchaser will also be required within 1 business day after signing the Minute (exchange of contracts) to pay 10% of the purchase price as deposit by direct credit from the purchasers solicitors client account only to the Sellers Solicitors client account. On receipt of the deposit monies the cheque will be destroyed or returned. For further information please refer to the articles of roup which are available in the legal pack.

Lot 50

Land at 4-8 Victoria Street and 27-30 Rochester Street, Southampton, SO14 5QZ

For the purposes of clarification, the property comprises a site of approximately 0.23 acres, upon which has been constructed two buildings, one of which extends into the adjoining site which is in separate ownership. The total approximate floor area for the part of the building within the sale area is 325.81 sq m (3,507 sq ft) and not 383.31 sq m (4,126 sq ft) as stated on page 72 of the auction catalogue. The Buyer will pay the Seller a contribution towards Seller’s Costs as set out in the Extra Special Conditions.

Lot 51

Land at 9-11 Victoria Street and 24-26 Rochester Street, Southampton, SO14 5QZ

The Buyer will pay the Seller a contribution towards Seller’s Costs as set out in the Extra Special Conditions.

Lot 52

12-14 Victoria Street, Southampton, SO14 5QZ

The Buyer will pay the Seller a contribution towards Seller’s Costs as set out in the Extra Special Conditions.

Lot 53

Aldermoor Road Substation, Southampton, Hampshire, SO15 5HW

The total approximate site area is 119.5 sq m (1,286 sq ft) and not as stated on page 73 of the auction catalogue. The Buyer will pay the Seller a contribution towards Seller’s Costs as set out in the Extra Special Conditions.

Lot 54

Vincents Grove Substation, Southampton, Hampshire, SO15 5HW

Sold prior to auction.

Lot 55

Royal Crescent Road Substation, Southampton, Hampshire, SO15 5HW

Sold prior to auction.

Lot 56

Upper Bugle Street Substation, Southampton, Hampshire, SO15 5HW

Sold prior to auction.