Acuitus 28/10/2020 Important Auction & Property Update

ADDENDUM
To the Catalogue for
Auction Sale: 28 October 2020

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 £1,000 inclusive of VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.

Due to the current restrictions in movement throughout the UK, the property may not have been inspected by Acuitus. Some photographs may not be current and these will be dated where this is the case. Plans showing nearby occupiers and mention of nearby occupiers may reflect a dated situation as some tenants are not currently in occupation. Floor areas and accommodation details are likely to have been obtained from VOA.Gov.UK and the Vendor.

Lot 11

Spitalfields Day Nursery and Pre-School, 21 Lamb Street, Spitalfields, London, E1 6EA

Please note that the existing occupational lease to Bright Horizons Family Solutions Limited, as detailed in the auction particulars, has been surrendered and a new lease has now completed. The new lease still expires on 31st May 2028 , but the rent is subject to a minimum fixed rental uplift at the rent review in June 2023 to £80,000 pax (or passing rent x RPI, whichever is the higher). The current rent until the rent review in June 2023 remains at £61,352.80 pax. The mutual break option in June 2023 has now been removed, meaning term certain until 31st May 2028, and the new lease is drawn inside the Security of Tenure provisions of the Landlord & Tenant Act, 1954. A copy of the new lease is included in the Legal Pack.