Freehold Retail Investment with Residential Planning Consent
Ground Floor Retail let to Burton/Dorothy Perkins Properties Ltd (guaranteed by Arcadia Group Limited)
5,628 sq ft Vacant Possession with Planning Permission for Eight Residential Flats
Prominent position opposite pedestrianised St Ann’s Road
Lot 7
Auction 27th March 2014
Rent £95,000 per Annum Exclusive
Status Sold
Price £1,780,000
Sector High Street Retail
Auction Venue The Millennium Hotel 44 Grosvenor Square London W1K 2HP
In behalf of Joint LPA Receivers
Property Information
Location
Miles
8 miles south-east of Watford, 15 miles north-east of Slough, 16 miles north-west of Central London
Roads
A40 (Western Avenue), M1, M25, M40
Rail
Harrow-on-the-Hill Mainline Railway Station and Underground (Metropolitan Line)
Air
London Heathrow Airport
Situation
The property is situated in a prominent location on the eastern side of Station Road, at its junction with the pedestrianised St Ann’s Road, Harrow’s prime retailing thoroughfare. St Anns Shopping Centre lies some 100m to the west and houses retailers such as Marks & Spencer, Primark, H&M, Topshop and River Island. Other nearby occupiers include NatWest, TSB, Greggs, Tesco, Superdrug and Nandos.
Tenure
Freehold.
Location
Miles
8 miles south-east of Watford, 15 miles north-east of Slough, 16 miles north-west of Central London
Roads
A40 (Western Avenue), M1, M25, M40
Rail
Harrow-on-the-Hill Mainline Railway Station and Underground (Metropolitan Line)
Air
London Heathrow Airport
Situation
The property is situated in a prominent location on the eastern side of Station Road, at its junction with the pedestrianised St Ann’s Road, Harrow’s prime retailing thoroughfare. St Anns Shopping Centre lies some 100m to the west and houses retailers such as Marks & Spencer, Primark, H&M, Topshop and River Island. Other nearby occupiers include NatWest, TSB, Greggs, Tesco, Superdrug and Nandos.
Tenure
Freehold.
Description
The property comprises a ground floor retail unit with self-contained D2 (Assembly/Leisure Use) accommodation over first to third floors benefitting from planning permission for 5 x one bedroom flats and 3 x two bedroom flats. Please refer to the legal pack for the planning documents. For further information please refer to Harrow Council at http://www.harrow.gov.uk/planningsearch (Ref: P/1355/13/4767).
Note
This property is being marketed for sale on behalf of Joint Law of Property Act
Receivers 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 a ground floor retail unit with self-contained D2 (Assembly/Leisure Use) accommodation over first to third floors benefitting from planning permission for 5 x one bedroom flats and 3 x two bedroom flats. Please refer to the legal pack for the planning documents. For further information please refer to Harrow Council at http://www.harrow.gov.uk/planningsearch (Ref: P/1355/13/4767).
Note
This property is being marketed for sale on behalf of Joint Law of Property Act
Receivers 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
Reversion
Ground
Retail
260.12 sq m
(2,800 sq ft)
BURTON/DOROTHY PERKINS PROPERTIES LTD (t/a Burton Menswear) (1) (GUARANTEED BY ARCADIA GROUP LIMITED) (2)
10 years from 25/12/2006 on a full repairing and insuring lease
£95,000
24/12/2016
First
D2
248.91 sq m
(2,679 sq ft)
VACANT POSSESSION (3)
Second
D2
253.40 sq m
(2,728 sq ft)
VACANT POSSESSION (3)
Third
D2
20.50 sq m
(221 sq ft)
VACANT POSSESSION (3)
Totals
782.93 sq m
(8,428 sq ft)
£95,000
(1) Burton Menswear which is part of the Arcadia Group is one of the largest men’s fashion retailers on the high street and the only men’s fashion brand in the UK to have over 400 stores. (Source: www.burton.co.uk 25/02/2014) (2)For the year ending 25th August 2012, Arcadia Group Limited reported a turnover of £133,196,000, pre-tax profits of £20,962,000 and a total net worth of £1,135,645,000. (Source: www.riskdisk.com 24/02/2014) (3)Please refer to the description paragraph for planning details.
Contacts
Seller's Solicitors
Lawrence Graham LLP 4 More Riverside London SE1 2AU
