Freehold Retail Investment with Residential Planning Consent
Tenants include British Heart Foundation and Mosaic Supermarket (UK) Ltd
Prominent Town Centre Location
Planning Consent granted for Nine Residential Flats on Upper Floors including Six Car Parking Spaces
Six Week Completion
Lot 16
Auction 5th December 2013
Rent £130,000 per Annum Exclusive
Status Sold
Price £1,230,000
Sector High Street Retail
Auction Venue Millennium Hotel 44 Grosvenor Square London W1K 2HP
On behalf of Joint LPA Receivers
Property Information
Location
Miles
7 miles west of St Albans, 16 miles north-west of High Wycombe, 23 miles north of Central London
Roads
A41, M1 (Junction 8), M25
Rail
Hemel Hempstead Rail (26 mins to London Euston)
Air
Heathrow Airport, Luton Airport
Situation
The property is situated on the eastern side of the pedestrianised Marlowes, one of the town’s prime retailing thoroughfares. The property is located less than 100 metres from The Marlowes Shopping Centre which houses retailers such as Marks & Spencer, New Look, River Island, Topshop and Carphone Warehouse. Other nearby occupiers include Boots, Nationwide, Santander, Betfred and Superdrug.
Tenure
Freehold.
Location
Miles
7 miles west of St Albans, 16 miles north-west of High Wycombe, 23 miles north of Central London
Roads
A41, M1 (Junction 8), M25
Rail
Hemel Hempstead Rail (26 mins to London Euston)
Air
Heathrow Airport, Luton Airport
Situation
The property is situated on the eastern side of the pedestrianised Marlowes, one of the town’s prime retailing thoroughfares. The property is located less than 100 metres from The Marlowes Shopping Centre which houses retailers such as Marks & Spencer, New Look, River Island, Topshop and Carphone Warehouse. Other nearby occupiers include Boots, Nationwide, Santander, Betfred and Superdrug.
Tenure
Freehold.
Description
The property comprises two ground floor retail units. The BHF unit benefits from first floor storage accommodation, whilst the supermarket benefits from fire exit access via the first floor. In addition there is unused storage accommodation on part first and second floors which benefits from planning consent.
Note
This property is being marketed for sale on behalf of Joint Law of Property Act Receivers, Philip Matthews and Edward Starling, and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Joint Law of Property Act Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Joint Law of Property Act Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises two ground floor retail units. The BHF unit benefits from first floor storage accommodation, whilst the supermarket benefits from fire exit access via the first floor. In addition there is unused storage accommodation on part first and second floors which benefits from planning consent.
Note
This property is being marketed for sale on behalf of Joint Law of Property Act Receivers, Philip Matthews and Edward Starling, and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Joint Law of Property Act Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Joint Law of Property Act Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
Ground First
Retail Fire Exit
882.57 sq m 56.00 sq m
(9,500 sq ft) (603 sq ft)
MOSAIC SUPERMARKET (UK) LTD
15 years from 20/08/2012 until 19/08/2027
£72,500
20/08/2017 and 20/08/2022
Ground First
Retail Storage
493.31 sq m 232.26 sq m
(5,310 sq ft) (2,500 sq ft)
BRITISH HEART FOUNDATION (1)
10 years from 05/07/2012 until 04/07/2022 (2)
£57,500
05/07/2017
First Second
Storage Storage
768.40 sq m 311.90 sq m
(8,270 sq ft) (3,357 sq ft)
VACANT POSSESSION
Totals
2,744.44 sq m
(29,540 sq ft)
£130,000
(1) British Heart Foundation is a leading UK Charity established in 1961 and currently trades from approximately 700 outlets in the UK including 150 furniture and electrical stores. In addition, British Heart Foundation operates an online store. (Source: www.bhf.org.uk) (2)The BHF lease provides a tenant option to determine on the sixth anniversary of the term, subject to 6 months’ notice and payment by the tenant to the landlord of one quarter’s rent.
