Acuitus 28/03/2018 Important Auction & Property Update

ADDENDUM
To the Catalogue for
Auction Sale: 28 March 2018

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

69 Netherhampton Road, Salisbury, Wiltshire, SP2 8NA

Please note the first rent review is on 23rd January 2023, and not 23rd January 2028 as stated in the auction particulars.

Lot 3

36 King Street, Southall, Greater London, UB2 4DB

Please note the Freehold interest is to be sold together with a Long Leasehold interest (999 years from 29 September 1922 at £8 per annum) both interests to be transferred to the purchaser.

Lot 4

8 Duke Street, Henley-on-Thames, Oxfordshire, RG9 1UP

Please delete the reference to Maison Blanc being a nearby occupier.

An EPC has been provided in respect of the commercial parts of the Property. The Seller shall use all reasonable endeavours to provide an EPC for the residential flat that forms part of the Property prior to the completion date.

Lot 5

27 / 29 High Street, Rushden, Northamptonshire, NN10 0QE

Boots have confirmed they have been in occupation of the unit since 1919.

Lot 6

Lloyds Bank, 75 Cheap Street, Sherborne, Dorset, DT9 3BD

Please note that the self-contained residential flats on the first and second floors comprise; four rooms, kitchen and bathroom respectively and not as stated.

Lot 8

124 South Street, Braintree, Essex, CM7 3QQ

For the clarification please note that VAT is applicable to this lot, however the sale can be treated as a transfer of going concern (TOGC), subject to clause G15 of the common auction conditions.

Lot 9

60 Brown Street, Sheffield, South Yorkshire, S1 2BS

The property comprises accommodation as detailed below and not as not as detailed in the Tenancy and Accommodation schedule on page 21 of the Auction catalogue.

Floor Use Floor Areas (Approx)
Ground Leisure 401.06 sq m (4,317 sq ft)
First Leisure 404.91 sq m (4,358 sq ft)
Second Ancillary 121.87 sq m (1,312 sq ft)
Total   927.84 sq m (9987 sq ft)

 

Lot 10

316a Station Road, Harrow, Middlesex, HA1 2DX

Sold prior to auction.

Lot 11

5 Finkle Street, Thorne, South Yorkshire, DN8 5DE

Boots have confirmed they have been in occupation of the unit since 1980.

Lot 14

42 Eccleston Street, Prescot, Liverpool, L34 5QJ

Boots have confirmed they have been in occupation of the unit since 1973.

Lot 15

Abbeygate Shopping Centre, Nuneaton, Warwickshire, CV11 4EL

In relation to the tenancy and accommodation schedule available within the legal pack, please note the 3rd Floor (West Wing) Heron House lease to NHS Property Services Limited has completed. The lease is for a term of years from 23/03/2018 to 10/08/2020 at a rent of £10,100 per annum. The tenant is to benefit from a six month rent free period from completion of the lease.

In relation to the tenancy and accommodation schedule available within the legal pack, please note the total income from the car parking licences is currently £8,103 per annum and not £9,053 per annum as previously stated.

The total gross rent is therefore currently £764,386 per annum and the total current net rent is £539,777 per annum (allowing for landlord’s shortfall of £219,609 per annum and a £5,000 landlord’s contribution to marketing). For the avoidance of doubt net income allows for service charge shortfall, insurance and void business rates.

Lot 16

20 High Street, Haverhill, Suffolk, CB9 8AR

The freehold title under title number SK178755 (item 1 of the Legal Pack) is subject to a lease dated 25 April 1963 for the premises known as the land fronting high street and for a term of 99 years from 25 March 1962 (‘’the Lease’’). According to the official copy of the register for the freehold title, no further details of this Lease were supplied to the Land Registry upon first registration and it now takes effect as an underlease. The Seller has requested the Lease from the Land Registry, but the Land Registry has confirmed that the Lease cannot be located (please see item 17 of the legal pack). As such, the Seller does not have or know of any further information regarding the Lease other than that which is provided in the legal pack.

Please delete HSBC and Nat West banks as nearby occupiers as they no longer occupy 31 & 35 High Street. Please also note that Betfred now occupy 14 High Street and Co-Op Funerals occupy 24 High Street.

Lot 17

Hareness Road, Altens Industrial Estate, Aberdeen, Aberdeenshire, AB12 3LE

The aerial photograph used on page 32 of the auction catalogue was taken in May 2013.

Lot 18

39 - 47 Market Street, Crewe, Cheshire, CW1 2EZ

Sold prior to auction.

Lot 21

494 Sauchiehall Street, Glasgow, G2 3LW

Boots have confirmed they have been in occupation of the unit since 1968.

Lot 23

160 - 164 Mortimer Street, 203 - 207 High Street and 32 - 34 East Street, Herne Bay, Kent, CT6 5DU

Please note that the AST for Flat 2 is for a term of 6 months from 19/2/2018 at £520 p.c.m. (£6,240 pa), and not as stated in the auction catalogue. Please note that Flat 3 is now vacant. The total rent therefore is £73,240 pa (plus one vacant flat) and not as stated in the auction catalogue.

As per the Special Conditions of Sale (clause 21), please note that on completion of the sale, the Buyer will pay the Seller’s legal costs equivalent to 1% + VAT of the purchase price.

Lot 26

Unit 2, Denbigh Retail Park, Vale Street, Denbigh, Denbighshire, LL16 3EA

As to the tenancy and accommodation schedule, the approximate floor area for the mezzanine is 132.12 sq m (1,422 sq ft) and not as stated on page 43 of the auction catalogue. The total approximate floor area is therefore 600.26 sq m (6,461 sq ft). The mezzanine is a tenant’s improvement.

Lot 27

Twydale Business Centre, Skerne Road, Driffield, East Riding of Yorkshire, YO25 6JX

Please remove reference to Unit 16 and note that Unit 1b is a temporary office building. For up to date floor areas and tenancy information, please refer to the tenancy and accommodation schedule within the legal pack which shows the total approximate floor area as 5,064.56 sq m (54,515 sq ft)and the total rental income as £167,678.99p p.a.x., and not as stated on page 44 and 45 of the auction catalogue.

Lot 28

15 Allerton Road, Mossley Hill, Liverpool, Merseyside, L18 1LJ

Boots have confirmed they have been in occupation of the unit since 1937.

Lot 29

312 Wrythe Lane, Carshalton, Surrey, SM5 1AF

Please note the Leasehold tenure to be sold is held on one Title pursuant to two separate leases. The landlords of those two leases are two separate parties:-
1 - 312 Wrythe Lane (building) shown pink on Title Plan SGL329403 in the legal pack (the landlord is an individual)
2 – Land at the back of 312 Wrythe Lane (part of the access road at the rear) shown blue on Title Plan SGL329403 in the legal pack (the landlord is The Mayor and Burgesses of the London Borough of Sutton Council)
Interested parties are referred to the legal pack.

Lot 32

6 Market Place, Newbury, Berkshire, RG14 5AY

Please note that the approximate floor area for the property should state 208.36 sq m (2,243 sq ft), and not as stated in the auction particulars.

Lot 37

59 High Street, Colchester, Essex, CO1 1DH

Please note the following approximate floor area changes from those issued in the auction particulars. Please note that part of the second and third floors are currently used as residential on a service occupancy basis and accessed from within the restaurant. The change of use of the upper parts has been documented by way of a Deed of Variation to the lease, dated 22nd March 2018:

Floor Use Approx sq m Approx sq ft
Ground Restaurant 105.44 sq m (1,135 sq ft)
First Ancillary 77.68 sq m (836 sq ft)
Second Restaurant/Ancillary 90.03 sq m (969 sq ft)
Second Ancillary 38.66 sq m (416 sq ft)
Second Residential (2 rooms, Shower/wc/Kitchenette) 40.82 sq m* (439 sq ft)*
Third Residential (2 rooms, Shower/wc/Kitchenette) 35.22 sq m* (379 sq ft)*
Total 387.76 sq m (4,174 sq ft)

*Gross Internal Areas

Lot 38

9 Penrhyn Road, Colwyn Bay, Conwy, LL29 8LW

Please note the first and second floors are self-contained and accessed from the rear.

The approximate ground floor area stated is on a gross internal basis (GIA).

Lot 39

21 Clapham High Street, London, SW4 7TR

The property is let to So Me Beauty and Wellness Limited (company number 09811535) on assignment from So Me Health and Beauty Limited (company number 07452641) and not as stated in the Tenancy and Accommodation on page 57 of the Auction catalogue.

The Seller has agreed a reversionary lease on similar terms to the occupational lease for an additional five year term subject to completion of the new lease.

Lot 41

9 Bank Street, Rawtenstall, Lancashire, BB4 6QS

Boots have confirmed they have been in occupation of the unit since 1976.

Lot 42

18 - 20 West Park Street & 20 Bethel Street, Brighouse, West Yorkshire, HD6 1DU

With reference to 20 West Park Street a lease renewal has been agreed with the tenant and the lease is currently out for signature. The lease is for a term of 5 years from 11/05/2018 at a passing rent of £11,500 p.a.x. The lease provides a fixed rental uplift to £12,500 on the first anniversary of the term and £13,500 on the second anniversary of the term. The agreed form of lease is available in the legal pack. For the purpose of clarification the property comprises three ground floor units with office accommodation on first and second floors above 20 West Park Street and a self contained office suite on first and second floors accessed via Bethel Street Please note that the address for the property is 20 West Park Street and 18 & 20 Bethel Street, Brighouse, West Yorkshire, HD6 1DU The boundary plan on page 60 of the auction catalogue does not accurately identify the property being offered for sale and should include 18 Bethel Street (t/a Your Local Minimart). Please refer to the title plans available in the legal pack. The property comprises the following tenancies, accommodation and approximate floor arears and not as stated.

Unit Floor Use Sq M Sq Ft Tenant Term Rent p.a.x Review (Reversion)
20 West Park St Ground Office 52.54 565 INDIVIDUAL t/a Dermace Academy (1) 3 years from 11/05/2015 £11,500 (10/05/2018)
First 54.73 589
Second 50.79 546
18 Bethel Street Ground Retail 39.48 425 RETAIL SHOP LIMITED t/a Your Local Minimart 5 years from 30/05/2017 (2) £7,000 (29/05/2022)
20 Bethel Street Ground Retail 63.17 680 INDIVIDUAL t/a The Clinik (3) 6 years from 15/05/2015 £7,500 15/05/2018 (14/05/2021)
20 Bethel Street First Office 70.72 761 INDIVIDUAL t/a The Works (4) 5 years from 14/05/2015 £9,250 (13/05/2020)
Second 83.46 900
Total     414.89 4,466     £35,250  

(1) Dermace Academy run industry-leading training courses in semi permanent makeup and Medical Micropigmentation (Source: www.dermace.co.uk 01/03/2018). (2) The lease provides an option to determine on 30/11/2018 subject to 3 months written notice. (3) The Clinik provide a wide range of Cosmetic and Aesthetic treatments (Source: www.theclinik.co.uk 01/03/2018). (4) The Works Beauty Clinic is situated in the heart of Brighouse, West Yorkshire, and offers the largest range of beauty, Holistic and Aesthetic treatments in the area (Source: www.theworks-brighouse.co.uk 01/03/2018).

Lot 43

13 / 15 Market Place, Wigan, Lancashire, WN1 1PE

With regards to the Special Conditions of Sale, please note VAT is payable. TOGC provisions will apply if all the necessary requirements are complied with.

Lot 44

22 / 26 Lord Street & 10 / 14 Egerton Street, Wrexham, LL11 1LW

Sold prior to auction.

Lot 45

2 and 4 High Street and 42 Market Square, Toddington, Bedfordshire, LU5 6BY

The replies to 12.8 a and b in CPSE1 enquiries have been amended. A revised copy is available in the legal pack. The tenant Dunstan Properties Limited has made an application to assign the lease to the subtenant Household Estate Agents Limited who have been in occupation of the property since 23rd June 2006. The property is let on two separate leases to Dunstan Properties Limited, 2 High Street and 42 Market Square at a current rent reserved of £13,000 per annum exclusive and 4 High Street at a current rent reserved of £8,000 per annum exclusive. The total current rents reserved are £21,000 per annum exclusive. The tenants repairing obligation under the terms of the leases excludes the roof and not as stated on page 63 of the Auction catalogue. (See leases for details). The first and second floors are used as a Tattoo Studio and a Laser Clinic and office and not Retail as stated on page 63 of the Auction Catalogue. The tenant has sublet the property as follows. Copies of the sub leases are available in the legal pack.

    Sub Tenant Sub rent (pax)
4 High Street Ground floor Household Estate Agents Limited £7,700
2 High Street and 42 Market Square Ground floor Household Estate Agents Limited £8,250
4 High Street First and Second floor An Individual  t/a Slimshader Tattoo Studio Tattoo and Toddington Laser Clinic   £11,434
    Total Sub Rents £27,384

Lot 48

52 - 54 Market Street, Ely, Cambridgeshire, CB7 4LS

The lease in favour of I-Vapo Limited has been assigned to Phoenix Vapers Limited (CRN 1133744) and not as stated in the Tenancy and Accommodation schedule on page 67 of the Auction catalogue.

The first floor rear accommodation let to South Staffordshire and Shropshire Healthcare NHS Foundation Trust is currently being used as a clinic (Use class D1). The offices at the first floor front require refurbishment.

Lot 49

144-148 Wallasey Road, Wallasey, Merseyside, CH44 2AF

Withdrawn prior to auction.

Lot 51

21 West Blackhall Street, Greenock, Inverclyde, PA15 1UA

The tenant''s financial figures are for the year ending 1st April 2017 and not as stated in the Key Details section on page 70 of the catalogue.

Lot 54

40 King Street, Cottingham, East Yorkshire, HU16 5QE

With reference to page 73 in the auction catalogue and the Tenure paragraph, the rent of £3,240 per annum was agreed at the 2016 review with the freeholder, East Riding of Yorkshire Council. Next review 2041. The basis of review is the higher of £3,000 and 27% of the “net rental value” of the Premises at the date of review. The “net rental value” is defined in the lease and subject to detailed assumptions.

Lot 55

292 / 294 Hessle Road, Kingston-upon-Hull, East Yorkshire, HU3 3EA

Please remove reference to Barclays Bank and Yorkshire Bank as nearby occupiers

Lot 57

Plots 20 / 30 Otterpool Lane, Link Park, Lympne, Kent, CT21 4LR

Sold prior to auction.

Lot 58

13A / 15A Hamilton Road, Bellshill, Near Glasgow, ML4 1AF

Sold prior to auction.

Lot 60

Angel Mall, Angel Place, Worcester, Worcestershire, WR1 3QN

Withdrawn prior to auction.

Lot 62

Prospect House, 25, 26 & 27 Worcester Street, Kidderminster, Worcestershire, DY10 1ED

Withdrawn prior to auction.