Acuitus 14/02/2019 Important Auction & Property Update

ADDENDUM
To the Catalogue for
Auction Sale: 14 February 2019

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

15 & 15A High Street, Hailsham, East Sussex, BN27 1AL

With regards to the Tenancy & Accommodation Schedule the following amendments apply :-

First – Ancillary - currently used as part of the flat and comprises 2 rooms

First – Residential – 4 rooms, kitchen & bathroom - 67 sq m (722 sq ft) net internal area

Total Area - 245 sq m (2,637 sq ft)

The floor areas are provided for use as a guide only and do not form part of the contract of sale.

With reference to the Street Traders plan and Situation paragraph, please delete reference to NatWest Bank

The current passing rent is £28,500 per annum. The vendor has agreed to adjust the completion monies so that the property will effectively produce £30,500 per annum from completion, until the fixed increase on 22nd September 2019. The Rent Review Memorandum dated 14th October 2016 documents the fixed increase to £30,500 per annum on 22nd September 2019 and is available for inspection in the legal pack.

Lot 2

Unit 7, Arlington Business Park, Whittle Way, Gunnels Wood Road, Stevenage, Herts, SG1 2FS

Sold prior to auction.

Lot 4

McColl's Convenience Store, 222 Congleton Road, Scholar Green, Cheshire, ST7 3HF

Sold prior to auction.

Lot 6

Wyevale Garden Centre, 229 Wimborne Road West, Ferndown, Wimborne, Dorset, BH21 2DN

Please note that Fairy Chic Emporium no longer operate as a concession at the property. They previously operated from a separate building on the site which is currently unoccupied.

Lot 7

Hay & Brecon Farmers, Tremont Road, Llandrindod Wells, Powys, LD1 5BE

There is no electricity substation on the property and not as stated in the description paragraph. The total approximate floor area of the property is 906.29 sq m ( 9755 sq ft) and not as stated in the Tenancy and Accommodation schedule on page 18 of the auction catalogue.

The sub-lease has expired but as far as the Seller is aware the sub-tenant is still in occupation. The sub-lease was contracted out of the provisions of the Landlord and Tenant Act 1954 and therefore the sub-tenant, despite being in occupation, is not holding over as stated in footnote (2) under the Tenancy and Accommodation paragraph on page 18 of the auction catalogue.

Lot 12

33 Tavern Street, Ipswich, Suffolk, IP1 3AG

The basement and second floor are both accessible via hatches only

Lot 13

Santander Bank, 61 High Street, Rayleigh, Essex, SS6 7EW

Please note that Santander have the right to use four car parking spaces in the private service yard and car park to the rear of the property.

Lot 15

Unit 3 Millars Brook Business Park, Molly Millars Lane, Wokingham, Berkshire, RG41 2AD

Please note the property to be sold interconnects at ground floor level with the adjoining property, Unit 4. Unit 4 is not included in the sale. The Tenant is responsible for reinstatement of the dividing wall.

Lot 16

8 / 8a The Pavement, St Ives, Cambridgeshire, PE27 5AD

Please note the property comprises the following approximate floor areas and not as stated in the auction catalogue:

Unit Floor Floor Areas (Approx)
8 (Barnardo’s) Ground 63.64 sq m (685 sq ft)
8 a (Countrywide) Ground 38.09 sq m (410 sq ft)
First 42.55 sq m (458 sq ft)
Second 27.03 sq m (291 sq ft)
Total 171.30 sq m (1,844 sq ft)

Please note that the floor areas are provided for use as a guide only and do not form part of the contract of sale. For the avoidance of doubt, please note that the upper parts are currently accessed internally only through the part of the property let to Countrywide

Lot 18

The Forum, Market Hall Street, Cannock, Staffordshire, WS11 1EB

Please note that the Market Hall Multi Storey car park mentioned in the situation paragraph of the auction particulars is not currently open.

Lot 19

The Buttermarket, North Street, Chichester, West Sussex, PO19 1LQ

Withdrawn prior to auction.

Lot 20

McColl's Convenience Store, Cleveland Terrace, Newbiggin-By-The-Sea, Northumberland, NE64 6RF

Please note the approximate floor areas in the Tenancy & Accommodation schedule in the auction catalogue should read as follows:

Floor Use Floor Areas (Approx)
Ground Retail/Ancillary (including sublet) 202.25 sq m (2,177 sq ft)
First Ancillary 138.73 sq m (1,493 sq ft)
Total 340.95 sq m (3,670 sq ft)

The approximate floor areas in the auction catalogue apply to the part occupied by McColls only. Please note that the floor areas are provided for use as a guide only and do not form part of the contract of sale.

Please note that in respect of the ‘’Description’’ paragraph in the auction catalogue, that the public library is no longer opposite the subject property and that there is now car parking on this site.

Lot 22

13 New North Street, Holborn, Central London, WC1N 3PJ

The property comprises accommodation as detailed below and not as stated on page 41 of the auction catalogue.

Floor Use Sq m Sq ft
Lower Ground Office 69.53 748
Lower Ground Office (Restricted height between 1.49m to 1.57m) 16.92 182
Lower Ground Storage (Restricted height between 1.49m to 1.57m) 9.47 102
Lower Ground Kitchen 2.61 28
Ground Office 66.68 718
Total Approximate Floor Area 165.21 1778

The floor areas are provided as a guide and do not form part of the contract of sale. As to the tenure, the property is held for a term of 125 years from 25th December 1996 at ground rent reserved of £150 per annum rising by £50 per annum every 25 years and not as stated on page 39 of the auction catalogue. The current rent reserved under the term of the occupational lease is £62,948 per annum exclusive until and including the 16th April 2019 when there is a fixed increased in the rent to £85,437 per annum exclusive. The Seller will pay the Buyer the difference between the current rent reserved of £62,948 per annum exclusive and £85,437 per annum exclusive from completion of the sale until 16th April 2019. Therefore the property will produce £85,437 per annum exclusive from completion of the sale.

Lot 23

Nag's Head, 242 Camberwell Road, Camberwell, London, SE5 0DP

As to the description of the property, the first floor flat comprises 3 rooms, kitchen and bathroom and not as stated in the tenancy and accommodation schedule and description paragraph and bullet point on page 43 of the auction catalogue.

Lot 24

162 - 164 High Street, Northallerton, North Yorkshire, DL7 8LY

Please note that the first floor at 162 High Street (Vape With Us) is currently used as a staff flat.

The rent deposit for 162 High Street is held by Lambert Smith Hampton, the agents of the previous owners, who have the right to deduct their costs from the balance held on deposit as detailed in the rent deposit deed. Please note the sale is subject to a 6 week completion period.

Lot 25

722 Capability Green Business Park, Luton, Bedfordshire, LU1 3LU

Sold prior to auction.

Lot 26

27 Hamilton Way, Greenock, Inverclyde, PA15 1RG

Please remove reference to Superdrug as a nearby occupier.

Lot 27

Barclays Bank, 67 Cape Hill (A4092), Smethwick, Birmingham, B66 4RZ

Barclays Bank plc has closed the branch that operated from this property from 1st February 2019, but are still obligated to pay the rent under the terms of the lease.

Lot 29

Old Vicarage Place Shopping Precinct, 19 - 21 Fore Street, St Austell, Cornwall, PL25 5YY

As to Unit 2 Old Vicarage Place, a new 3 year lease from 13th February 2019 to an Individual has been completed at a rent of £7,000 pax, with a rent free period until 31st March 2019. A copy of the lease can be found within the legal pack. The total rent for the property is therefore £258,528 pax.
As to Unit 9 Old Vicarage Place, please note that the tenant is not in occupation.

Lot 30

Unit 6 Arlington Business Park, Whittle Way, Gunnels Wood Road, Stevenage, Herts, SG1 2FS

Please note the lease to Cotiviti Europe Limited has been surrendered. With regards to the tenancy & accommodation schedule, reference to Cotiviti Europe Limited, 3 years from 11/03/2017 at £50,000 pa should be deleted.

The entire property is offered with vacant possession on completion of the sale.

Lot 31

Wellington House, Falcon Court, Stockton-on-Tees, County Durham, TS18 3TS

Withdrawn prior to auction.

Lot 32

20 Queens Road, Hastings, East Sussex, TN34 1QY

With regards to the Tenancy & Accommodation Schedule the following amendments apply :-

Basement – not inspected – hatch access

First – 25 sq m (269 sq ft)

Second & Third – 4 rooms, kitchen & bathroom – 66 sq m (710 sq ft) net internal area

Total Area - 189 sq m (2,034)

The floor areas are provided for use as a guide only and do not form part of the contract of sale.

With reference to the Street Traders plan, 26 Queens road trades as a Charity Shop

Lot 33

Barclays Bank, 43 / 45 High Street, Stone, Staffordshire, ST15 8AQ

The lease to Barclays Bank plc is subject to a schedule of condition.

The Barclays Bank plc lease provides for the rent to be reviewed on 1st January 2020 and 2025.

Lot 34

Job Centre Plus, Pennine House, Washington Quadrant, Washington, Tyne and Wear, NE37 1LY

Withdrawn prior to auction.

Lot 36

95 Old Christchurch Road, Bournemouth, Dorset, BH1 1EP

The Special Conditions of Sale provide for the Buyer to pay the Seller 1% of the purchase price on completion of the sale. The Buyer is also required to pay a contribution towards other legal costs incurred by the seller as detailed in the Special Conditions of Sale.

Lot 37

Lyric Buildings &, 6 King Street, Carmarthen, Carmarthenshire, SA31 1BD

As to Unit 7A, a new 3 year lease to Bridget’s Boudoir Ltd has been completed at a rent of £11,000 pa with a 3 month rent free period. The lease to Better Gentleman Ltd detailed in note 2 below the tenancy schedule on page 60 of the auction catalogue has been forfeited. A copy of the lease is available within the legal pack. The total rent for the property is therefore £142,060 pax.

Lot 39

5 Bladud Buildings, The Paragon, Bath, Somerset, BA1 5LS

Please note, part ground (entrance way to upper floors) first, second and third floors are let for a term of 999 years from 12th February 2019 at £10 per annum. A copy of the lease is available for inspection in the legal pack.

Lot 42

483 - 493 Glossop Road, Sheffield, South Yorkshire, S10 2QE

With regards to the Key Details the property comprises 4 retail units, one of which is treble fronted retail unit, together with 5 flats.

With regards to the Tenancy and Accommodation schedule please note the AST for 485a expires 30th/06/2019 and not as stated.

Please note with regards to Unit 487/491, the Vendor has received an offer from an established operator for a lease of the ground floor and basement only, for 10 years with breaks in the 5th & 7th years at £25,000 pa on IR&I, subject to planning consent for D1 use. The matter remains outstanding. Interested parties are referred to the Associate Auctioneer SMC Surveyors.

Please note that flat 487a-491a referred to in the Tenancy and Accommodation schedule should be referred to as flat 491a. This flat is accessed from a separate entrance via Glossop Road and is included in the lease to Lloyds Bank PLC (not in occupation). Please also note that the tenant of unit 485 Glossop Road has not taken occupation and the auctioneers have not measured this unit. The retail units have basements which have not been inspected by the auctioneers.

Please note for 485a an AST agreement signed for 1 year for 2019 to 2020 at £9,360 pa.

Lot 43

65 High Street, Newcastle-under-Lyme, Staffordshire, ST5 1PN

Please note that part of the first floor comprises a two bedroom flat, with an approximate Gross Internal Area of 56 sq m (602 sq ft), this is in addition to the ancillary accommodation stated. This flat is separately accessed from Scarlett Street, to the rear of the property.

The auctioneers understand that the second floor comprises residential accommodation, accessed via Scarlett Street. The second floor has not been inspected by the auctioneers. The second floor area stated in the catalogue is from www.tax.service.gov.uk/business-rates-find/search.

Please note that the floor areas are provided for use as a guide only and do not form part of the contract of sale.

Lot 44

1 High Street, Rugby, Warwickshire, CV21 3BG

Please remove reference to Monsoon as a nearby occupier. The Swan Shopping Centre houses occupiers such as Asda, Betfred, Anytime Fitness and The Entertainer along with over 250 car parking spaces and therefore the comments in relation to the Swan Shopping Centre stated in the situation paragraph on page 69 of the auction catalogue should be removed. Rugby Central Shopping Centre is also within close proximity housing Wilko, Superdrug, Iceland, Boots and New Look.

The ground floor area (GIA) is approximately 157.38 sq m (1,694 sq ft) and not as stated. The total floor area for the property is therefore approximately 283.64 sq m (3,053 sq ft). Please note that the floor areas are provided for use as a guide only and do not form part of the contract of sale

Lot 45

312 Wrythe Lane, Carshalton, Greater London, SM5 1AF

Please delete the reference to Lease of accessway at the back of 312 Wrythe Lane in the tenancy and accommodation schedule on page 70 of the Auction catalogue. Therefore the property produces a total income of £40 per annum exclusive and not as stated.