Acuitus 28/10/2020 Important Auction & Property Update

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 19

Stuart Hotel, 74 Stuart Street (A505) and 37 Upper George Street, Luton, Bedfordshire, LU1 2SW

There is an electricity substation on the property that is let to The Eastern Electricity Board for a term of 63 years from 1st January 1964 at rent reserved of £1 per annum exclusive. A copy of the lease is available within the legal pack. The Stuart Hotel comprises accommodation as detailed below and not as stated in the Accommodation and tenancy schedule in the auction particulars.

Floor Use Sq m Sq ft
Lower Ground Entrance and ancillary 144.70 1557
Ground Reception and Lounge 349.80 3765
First Hotel Rooms including corridors 550.00 5920
Second Hotel Rooms 554.10 5964
Third Hotel Rooms 552.70 5949
Stuart Hotel Total    2,151.30  23,155
Unit 37a & b Retail 471.90 5080
Unit 37c Retail 117.99 1270
Total Approximate Floor Area   2741.19 29,505

The approximate floor areas provided above are for use as a guide only and do not form part of the auction contract. Floor plans for the entire property are available in the legal pack The property also comprises 15 car parking spaces and two retail units as detailed in the auction particulars.