Acuitus 26/03/2015 Important Auction & Property Update

ADDENDUM
To the Catalogue for
Auction Sale: 26 March 2015

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 21

1 - 28 North End Parade, London, W14 0SL

Most of the occupational leases forming part of the Property are subject to Rent Deposit Deeds-please see legal pack.


An up to date ‘’Schedule of Rent Demands’’ highlighting all rent, insurance or service charge arrears was added to the legal pack on 24th March 2015 (and a copy is also available from the Auctioneers). From this schedule, the Seller confirms that the tenant in respect of Unit 20 (t/a PC Clinic) has been paying a concessionary rent (£4,750 pa) since December 2013 and this was agreed by way of a verbal agreement with the Seller. In respect of Unit 26 (t/a Mongol Centre), the Seller confirms that a verbal agreement between the Seller and the tenant was agreed in June 2014 allowing the tenant to pay a concessionary rent of £500 p.c.m (£6,000 pa). The tenant currently uses this property for storage only. Irrespective of the Special Conditions of Sale, the Buyer will not have to pay the Seller on completion any arrears of rent or any other sums due under the leases of Unit 20 (t/a PC Clinic) and Unit 26 (t/a Mongol Centre) forming part of the Property.


In respect of the Tenancy and Accommodation schedule in the auction particulars, please note the following changes to the auction particulars:




Units 1 & 2 (t/a Karoon Dry Cleaning):


The ground rent is subject to fixed rental increases every 25 years, rising to £500 pa by 2100.




Unit 8 (t/a Dayanna Hair & Beauty):


This lease is also subject to a rent review 3 months prior to expiry of the term.




Unit 9 (Arearose Limited):


The rent is subject to a fixed rental uplift to £12,000 pa in September 2016.




Unit 12 (t/a Olympia Flowers):


This lease is also subject to a rent review 3 months prior to expiry of the term.




Unit 16/17 (Former William Hill):


The lease has been assigned by William Hill (Southern) Limited to Imperial Travel and Tours Limited (by way of an assignment dated 4th March 2015), with William Hill (Southern) Limited having given an Authorised Guarantee Agreement. The lease is subject to a final rent review in December 2017.




Unit 19 (Currently Vacant):


Heads of Terms have been agreed between the Vendor and A&Z Kapadia for a new lease for a term of 15 years at a commencing rent of £11,000 pa exclusive, subject to a tenant option to determine the lease at years 5 & 10, with a 4 month rent free period and a three month rent deposit, for use as a hardware shop.




Unit 21 (Currently Vacant):


Heads of Terms have been agreed between the Vendor and SA Mousavi for a new lease for a term of 20 years at a commencing rent of £12,000 pa exclusive, subject to a 6 month rent free period and a three month rent deposit, for use as an estate agent.




Unit 22 (t/a Zaven Salon de Men):


The lease is subject to a rent review in February 2015 and not as stated in the auction particulars. The landlord has served a Section 25 Notice (dated January 2015) bringing the existing tenancy to an end on 4th August 2015 and the landlord has proposed a new tenancy from 5th August 2015 for a term of 10 years at a commencing rent of £12,500 pa, subject to a rent review at year 5.




Unit 23 (G Knowles):


The ground rent is subject to fixed rental increases every 25 years, rising to £500 pa by 2100.




Unit 24 (t/a Iranian Supermarket):


The Vendor confirms that the rent being collected here is £12,000 pa, yet there is no rent review memorandum to support this. No objections or requisitions shall be made in this respect.




Unit 26 (t/a Mongol Centre):


The tenant of this unit is S Ulziihutag and not as stated in the catalogue.




Unit 27 (t/a Maison du Moulin):


The rent is subject to a fixed rental uplift to £15,000 pa in June 2016.