Acuitus 18/05/2022 Important Auction & Property Update

To the Catalogue for
Auction Sale: 18 May 2022

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 £1,250+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 March 2021.

Lot 1

10 & 10A Chaseville Parade, off Chaseville Park Road,, Winchmore Hill, London, N21 1PG

The lease provides for the rent to be reviewed on 24th June 2016 and 24th June 2021. The June 2021 Rent Review has not been initiated.

Lot 4

160 Eversholt Street, Euston, London, NW1 1BL

In addition to all other sums due from the BUYER under the terms of the CONTRACT the BUYER will upon COMPLETION pay to the SELLER’S SOLICITORS a contribution to the fees and disbursements of the SELLER in connection with the sale of this LOT which will be 1% of the PRICE plus VAT.

Lot 6

29/29a/29b Crowtree Road & 8/12 Maritime Terrace, Sunderland, SR1 3JU

The Seller holds a rent deposit in respect of 12 Maritime Terrace (Hung Duc Vu) in the sum of £11,700. The Seller holds a rent deposit in respect of 29a Crowtree Road (Fone Xperts Sunderland Limited) in the sum of £12,000.
Please note that the internal staircase to the first floor of 29a Crowtree Road (Fone Experts) was removed by a previous tenant and therefore we were unable to verify this floor area. The floor area as stated in the auction particulars for this part is from the VOA website. The approximate floor areas stated in the auction particulars cannot be relied upon and do not form any part of the Auction Sale Contract. Please note the Store Twenty One (marked on the street traders plan in the auction particulars as an adjacent trader on Blandford Street) is now a cleared site.

Lot 11

3 Weaver Walk, Norwood, London, SE27 0AH

There are arrears of rent under the tenancies which pre-date the appointment of the Receivers. Since the date of appointment of the Receivers (6 July 2021), the Receivers have not issued demands for rent in respect of the occupational interests, however, a total of £13,500 has been received from Triumphant Outreach Ministry International.

Lot 16

Former Go Outdoors Unit, New Hall Street, Hanley, Stoke on Trent, Staffordshire, ST1 5HQ

The completion period will be 8 weeks from the date of the contract or earlier by agreement between the parties.

Lot 17

The Roebuck Shopping Centre, Newcastle Under Lyme, ST5 1SW

The Car Parking Spaces let to Lloyds Bank Plc are located in the Service Yard and not the Multi Storey Car Park as stated in the tenancy schedule in the auction particulars.

The Completion period is 8 weeks from the date of the contract or earlier by agreement between the parties.

Lot 18

54/55/55a Ironmarket, Newcastle-under-Lyme, Staffordshire, ST5 1PE

Please note that in respect of footnote (1), the Seller confirms that no Notice has been served by the tenant, Oxfam, pursuant to their break option dated 19/10/2022.
In respect of the lease to Oxfam (55 Ironmarket), please note the term is for 5 years from 19/10/2019, and not 24/2/2020 as per the auction particulars.
In respect of 55a Ironmarket, the lease renewal to PDSA has now completed and a copy of the new lease (5 years from 11th May 2022 with a tenant only break option at year 3) has been uploaded to the legal pack on the Acuitus website. The commencing rent for years 1 and 2 is £11,000 per annum, rising in Years 3 and 4 to £14,000 per annum and in Year 5 to £17,000 per annum, as per footnote (2) in the auction particulars. The total rent passing is now £29,750 pax, rising in accordance with the fixed rental increases.
In respect of 54 Ironmarket (Vacant), please note that the ground floor area should read approximately 1,130 sq ft, and not as stated in the auction particulars. The approximate total floor area therefore should read 6,007 sq ft and not as stated in the auction particulars. Please note that the approximate floor areas as stated in the auction particulars cannot be relied upon and do not form part of the Auction Sale Contract.

Lot 20

180 Rye Lane, Peckham, London, SE15 4NF

The property does not benefit from rear loading from the Asda car park, accessed via Alpha Street as stated in the description paragraph of the auction particulars.

As to the street trading plan in the auction particulars, the mark-up does not show the full extent of the property being offered for sale. The Title Plan showing the full extent of the property being offered is available within the Legal Pack

Lot 25

47 and 48 Dudley Street, Wolverhampton, West Midlands, WV1 3ER

As to the ground and lower ground floor lease to Sportswift Limited, the tenant is currently paying the rent monthly in advance. The April and May rent is outstanding.

Lot 27

TK Maxx, 90 / 93 Cathedral Walk, The Ridings Shopping Centre, Wakefield, West Yorkshire, WF1 1YD

Please note that the tenant TJX UK has filed a Notice of Discontinuance dated 12 May 2022 in relation to their Court application relating to a possible Renewal Lease. A Copy of this Notice and covering letter stating that the occupational lease will terminate on 12th August 2022 has been uploaded to the Soft Copy Legal Pack on the Acuitus website.

Lot 28

9 Fargate, Sheffield, South Yorkshire, S1 2HD

As will be apparent from inspection and from the legal pack, there was a fire at the building in July 2021.

Lot 35

Howgate Shopping Centre, High Street, Falkirk, Central, FK1 1HG

Due to degradation of the concrete in some areas of the car park and the loading bay a programme of repairs and propping have been undertaken. Further information including a summary note (provided on a non-reliance basis) and construction contract is available in the legal pack.
By way of update to the Supplementary Report regarding works to the car park and loading bay at the Howgate Shopping Centre (Supplementary Report can be found in the legal pack), there will need to be ongoing inspection of the propping and the car park / loading bay on a monthly basis. It is likely that the props will need to be tightened due to movement and vibration etc. We would also recommend that the car park structure is inspected on a monthly basis. This would also highlight if there was to be additional debris netting installed as a further H&S measure.’