Acuitus 24/10/2019 Important Auction & Property Update

ADDENDUM
To the Catalogue for
Auction Sale: 24 October 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

334/334a Kennington Lane, London, SE11 5HY

For the avoidance of doubt the roof terrace is included in the sale of this property.

Lot 2

1 Rochester Parade, Feltham, Middlesex, TW3 4HU

With reference to the residential maisonette, please note a new 24 month AST has been agreed with the residential tenant at a rent £1,133 per calendar month, with a two month rolling mutual option to determine.

With reference to the property address, please note the postcode is TW13 4DX, and not as stated on the catalogue page.

Lot 3

4 & 4a and 5 & 5a The Broadway, Forty Lane, Wembley, London, HA9 8JT

Please note that completion of this sale is 30 business days after the contract date, as per the Special Conditions of Sale.

Lot 4

Unit 5 Teesway North Industrial Estate, Stockton on Tees, TS18 2RR

Please note the Term of the lease is 20 years from 1st May 1999 together with a reversionary lease granted to extend the lease by a further 5 years from 1st May 2019.

A recent inspection of the property has revealed that there is a small area of vegetation which seems to be fenced off separately from the property, but is within the registered title plan for the property. This does not include any buildings or parts of buildings. The seller has no further information than this and does not know when such area may have been fenced off from the property. The seller has also always assumed that the registered title plan is correct but has never been in physical occupation of the property, and does not know if any adjoining property may be able to establish a possessory title relating to such area"

Lot 7

24 High Street, Canterbury, Kent, CT1 2AY

Azzurri Central Limited is a guarantor to the lease to Azzurri Restaurants Limited.
For the year ended 1.07.2018, Azzurri Central Limited reported no turnover, pre-tax profits of £1,777,000 and a net worth of £48,077,000. (Source: Experian 1/10/2019)

The property is Grade II Listed

With reference to the Street Traders plan the following amendments apply :-

No. 20 High Street trades as Trespass
No.32 High Street trades as Poundworld +
No.36 High Street trades as Hoe Furnishings

Lot 8

70 High Street, Ruislip, Greater London, HA4 7AA

The Special Conditions of Sale provide for the Buyer to pay a contribution of £2000 plus VAT towards the Sellers fees.

Lot 9

121 High Road, Wood Green, London, N22 6BB

Sold Prior to Auction

Lot 12

326/326a Kennington Lane, London, SE11 5HY

For the avoidance of doubt the roof terrace is included in the sale of this property.

Lot 13

48 - 50 South Street, Romford, Greater London, RM1 1RB

In respect of footnote (4) in the auction catalogue and the third bullet point under ‘’key details’’ in the auction catalogue, please note that the new 5 year lease for the part ground, first & second floors has been agreed in principle but is not yet completed, without break, at a rent of £40,000 per annum. The tenant & guarantor is as per the auction particulars. For the avoidance of doubt, the Tenant is currently in occupation and the Landlord is receiving an equivalent rent of £30,000 per annum.

Please note the following changes to the street traders plan (all in South Street) in the auction catalogue: 21/23- Creams; 53/55-KFC; 67-Palmers Shoes; 81-Gadcel and Repairs; 93-Discount Beds.

Lot 14

Jack's by Tesco Stores, Kennedy Way, Immingham, North East Lincolnshire, DN40 2AB

In respect of footnote (3), please note that the September 2019 rent review has now completed and has been documented at £771,007.37 per annum. A copy of the completed Rent Review Memorandum is in the Legal Pack.

Please note that completion of this sale will take place on 16th December (as stated in the Special Conditions of Sale) and not as stated in the auction catalogue.

Please note that the approximate gross internal floor areas stated in the auction catalogue include approximately 167.22 sq m (1,800 sq ft) of ancillary accommodation at first floor level, above the part trading as Jacks. The approximate floor areas are provided as a guide only and do not form part of the contract of sale.

Lot 15

211 Lower Mortlake Road, Richmond upon Thames, Greater London, TW9 2LP

The Special Conditions of Sale provide for the Buyer to contribute £1,000 plus VAT towards the Seller’s legal fees.

The boundary plan on page 30 of the auction catalogue does not correctly identify the property being offered for sale. The title plan showing the correct extent of the property being offered for sale is available for inspection within the legal pack.

Lot 16

148 Bradfield Road, Hillsborough, Sheffield, South Yorkshire, S6 2BQ

Please note on the street traders plan in the auction catalogue that Sue Ryder now occupy 141/147 Bradfield Road.

Lot 19

180/196 Allerton Road, Liverpool, Merseyside, L18 5HU

Sold prior to auction

Lot 22

324/324a Kennington Lane, London, SE11 5HY

For the avoidance of doubt the roof terraces are included in the sale of this property.

Lot 23

71 / 79 Alcester Road South, Kings Heath, Birmingham, B14 7JG

Sold prior to auction.

Lot 24

28 Tamworth Road, Long Eaton, Nottinghamshire, NG10 1JJ

Sold prior to auction.

Lot 28

11/15 Week Street & Rose Yard, Maidstone, Kent, ME14 1QW

With reference to part 11 Week Street and Rose Yard Building which is let to an indivdual, please note the tenant is currently benefitting from a rent free due to expire on 21 August 2021, the seller has agreed to adjust the completion monies so the unit will effectively produce £40,000 p.a.x from the completion of sale.

Lot 29

Halfords Autocentre, 16 Worcester Street, Gloucester, Gloucestershire, GL1 3AB

The lease to Halfords Autocentres Limited is subject to a tenant only break option on 25/12/2021, subject to not less than 6 months written notice - please see lease.

Lot 30

42 High Street, Leighton Buzzard, Bedfordshire, LU7 1EA

There is a small single story outbuilding at the rear of the main building, which is currently being used by a third party. A temporary structure has been erected in front of it. The outbuilding is within the tenants demise. The purchaser will be deemed to have purchased with full knowledge thereof.

The Special Conditions of Sale provide for the Buyer to pay to the Seller on completion the sum of £950 plus VAT as a contribution in respect of the Seller’s legal costs.

Lot 31

305 - 317 Wednesbury Road, Walsall, West Midlands, WS2 9QJ

Sold Prior to auction.

Lot 33

Western House, Armstrong Road, Daneshill Industrial Estate, Basingstoke, Hampshire, RG24 8QE

Sold prior to auction.

Lot 34

Riverside House and 4 - 18A Amwell End, Ware, Hertfordshire, SG12 9HW

The Special Conditions of Sale provide for the Buyer to pay to the Seller, in addition to the Price, £2,000 + VAT towards the Seller’s legal costs.

Lot 35

Unit 2b, 22 Stockwell Street, Glasgow, G1 4RT

Sold Prior to auction.

Lot 36

Building 2, Gateway Business Park, Grangemouth, Falkirk, FK3 8WX

Withdrawn prior to auction.

Lot 37

21 - 23 Friar Gate, Derby, DE1 1BX

Please note the approximate commercial floor areas in the auction catalogue are Gross Internal Areas. The approximate floor areas are provided for a use as a guide only and do not form part of the contract of sale.

Lot 38

61-71 Church Street, Blackpool, FY1 4NP

With regards to the Tenancy and accommodation schedule the following amendments apply :-

Unit A - Basement - 190 sq m (2,045 sq ft)

Unit B – Part Second Floor – 155 sq m (1,668 sq ft) - Rent Review 04/04/2024

Unit C – Rent Review 10/06/2024

Unit D – Part Second Floor – 177 sq m (1,905 sq ft) - not inspected by the auctioneers – Floor Area taken from Valuation Office.

Unit D no separate access. Access is via Unit B the Chinese Buffet or via a shared service entrance at the rear of the building.

Unit E – Basement – 293 sq m ( 3,154 sq ft)

Unit E – Third – 201 sq m (2,163 sq ft)

Unit E no separate access. Access is via a shared service entrance at the rear of the building.

Total 2,229 sq m (23,993 sq ft)

The property is subject to a substation lease dated 5 August 1998 further details are available in the legal pack.

A six week completion is available to this lot.

Lot 39

Halifax House, Falcon Court, Stockton-on-Tees, TS18 3TS

For the purpose of clarification the rents of three of the units are inclusive of service charge and insurance. FSH Recruitment Solutions Limited rent is also inclusive of rates and other outgoings.

The total rent stated of £49,749 is therefore per annum inclusive and not as stated on page 64 of the auction catalogue.

Lot 42

489 Liverpool Road, Highbury & Islington, London, N7 8NS

The Seller will apply to register the deed of covenant dated 31 August 2018 signed by Pastamania UK Ltd and pay the relevant registration fee to the landlord on or before the date of completion. A copy of the Deed of Covenant is available in the legal pack.

The Special Conditions of Sale provide for the Buyer to pay to the Seller in addition to the Price a sum equivalent to 0.25% of the purchase price plus VAT towards the Seller’s legal costs.

Lot 44

Former Beehive Pub, 346 Baddow Road, Chelmsford, Essex, CM2 9RA

Sold prior to auction.

Lot 45

5, 9, 11 & 11b High Street, Warminster, Wiltshire, BA12 9AG

In addition to the floor areas stated, there is a hallway area of approximately 17 sq m (183 sq ft) that provides access to both units from the High Street. The total approximate floor area is therefore 100 sq m (1,077 sq ft). The auctioneers were unable to inspect basement accommodation which is accessed from 9 High Street.
The floor areas are provided for a use as a guide only and do not form part of the contract of sale.

As to the situation paragraph, Morrisons Supermarket is located to the rear of the property but is not accessible via the pathway to the side of the property. The pathway is adjacent Sports Direct at 33-35 High Street.

Lot 47

60 Market Street, Chorley, Lancashire, PR7 2SE

Sold prior to auction.

Lot 48

19-19a Victoria Street, Crewe, Cheshire, CW1 2HF

Sold Prior to auction.

Lot 49

41 a-c High Street, Stone, Staffordshire, ST15 8AD

In respect of footnote (3) in the auction particulars, the letting at 41B to the bar operator has not yet been concluded. However, the Seller has received confirmation on 14th October that planning permission has now been granted for the change of use of 41 B High Street to that of a bar and coffee shop (please see legal pack). A draft lease has been sent to the proposed tenant together with replies to enquiries CPSE 7 (please see legal pack). The proposed letting has now been put on hold pending the upcoming auction and a purchaser will be able to continue negotiations with the proposed tenant post completion of the sale.

Lot 50

1 Market square, Woodhouse, Sheffield, South Yorkshire, S13 7JX

The seller received a letter dated 30th September 2019, regarding the proposed assignment of the sub-lease from Lloyds Pharmacy Limited to Oakfield Pharma Limited and gave its consent dated 17th October 2019, to this assignment. Further documentation is available in the legal pack.

Lot 51

61-63 & 65-67 New Street, Albert Yard, Huddersfield, West Yorkshire, HD1 2BQ

61/63 New Street is Grade II Listed.

61/63 New Street is let to Kutie Limited, which was dissolved on 12th February 2019. The Vendor is not aware the lease has been formally disclaimed yet.

With regards to the Tenancy and accommodation schedule the following amendments apply :-

61/63 New Street - Second Floor - 192 sq m (2,067 sq ft)

65/67 New Street - Second Floor – 160 sq m (1,723 sq ft)

First & Second floors of 65/67 New Street have no separate access. Access is via the Ground Floor let to Zco Limited.

Subject to the necessary consents/permissions access to the First & Second floors of 65/67 New Street, could be made from 61/63 New Street.

Albert yard – 94 sq m (1,011 sq ft)

Total - 1,944 sq m (20,925 sq ft)

A six week completion is available to this lot.

Lot 52

5/5a Huntbach Street, Hanley, Stoke-on-Trent, West Midlands, ST1 2HQ

Please note that completion of this sale will be on 5th December 2019, as per the Special Conditions of Sale.

Lot 53

21 Cowgate, Kirkintilloch, Glasgow, G66 1HW

Sold prior to auction.

Lot 54

4 & 5 Market Square and 1 & 3 Market Square, Wellington, Telford, Shropshire, TF1 1BP

With regards to the Tenancy and accommodation schedule the following amendments apply :-

4 Market Square
Ground - 181 sq m (1,948 sq ft)
Basement - 54 sq m (581 sq ft)

Wrekin House
Ground Floor reception - 30 sq m 323 sq ft
First Floor - 273 sq m (2,938 sq ft)
Second Floor – 236 sq m (2,542 sq ft)

Total Area – 928 sq m (9,989 sq ft)

4 & 5 Market Square not inspected by the auctioneers floor areas taken from the Valuation Office

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

Please delete Footnote (2) and replace with :- Please note on the Valuation Office website, it states the Rateable Value at both 1st April 2010 and 1st April 2017 is £0.

This documentation is available within the legal pack.

The Vendor has not knowingly been charged or paid business rates on the 1st & 2nd floor of the property during its ownership.

Interested parties will not raise any further requisitions thereon.

A six week completion is available on this lot.

Lot 55

Cockenzie Business Centre, Edinburgh Rd, Cockenzie, East Lothian, EH32 0HL

Sold prior to auction.

Lot 58

1C Minto Drive, Altens, Aberdeen, AB12 3LW

Withdrawn prior to auction.