Ground floor let to Baleday Ltd until 2025 with fixed increase in 2020
Three residential flats on upper floors
Central London location on busy Whitechapel Road (A11) opposite the redeveloped Royal London Hospital site
Lot 10
Auction 27th March 2014
Rent £117,313 per Annum Exclusive
Status Sold
Price £2,000,000
Sector High Street Retail
Auction Venue The Millennium Hotel 44 Grosvenor Square London W1K 2HP
On behalf of Joint LPA Receivers
Property Information
Location
Miles
1 mile east of the City of London
Roads
A11, A10, A13
Rail
Whitechapel Underground (District, Hammersmith & City Lines) and Overground
Air
London City Airport
Situation
Whitechapel is a predominantly residential area located immediately to the east of the City of London. The property is situated in a prime location on the northern side of the busy Whitechapel Road which forms part of the A11 trunk road running east from the City of London. The property lies close to Whitechapel underground and overground station and opposite the Royal London Hospital site, with a number of independent retailers nearby. Whitechapel Road street market operates immediately outside the property from Monday to Saturday.
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.
Tenure
Freehold.
Location
Miles
1 mile east of the City of London
Roads
A11, A10, A13
Rail
Whitechapel Underground (District, Hammersmith & City Lines) and Overground
Air
London City Airport
Situation
Whitechapel is a predominantly residential area located immediately to the east of the City of London. The property is situated in a prime location on the northern side of the busy Whitechapel Road which forms part of the A11 trunk road running east from the City of London. The property lies close to Whitechapel underground and overground station and opposite the Royal London Hospital site, with a number of independent retailers nearby. Whitechapel Road street market operates immediately outside the property from Monday to Saturday.
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.
Tenure
Freehold.
Description
The property comprises a ground floor double retail unit with three residential flats on upper floors.
VAT
VAT is not applicable to this lot.
Viewings
There will be block viewings for this property. Interested parties must register
their details with the Auctioneers and provide identification on site.
Please contact Gwen Thomas. Tel: +44 (0)20 7034 4857.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a ground floor double retail unit with three residential flats on upper floors.
VAT
VAT is not applicable to this lot.
Viewings
There will be block viewings for this property. Interested parties must register
their details with the Auctioneers and provide identification on site.
Please contact Gwen Thomas. Tel: +44 (0)20 7034 4857.
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/(Reversions)
Ground
Retail
153.40 sq m
(1,651 sq ft)
BALEDAY LIMITED (1)
13 years from 01/07/2012 until 31/11/2025 on a full repairing and insuring lease
£62,837 (2)
01/12/2015 and 01/12/2020
First
Residential
3 Rooms, Kitchen & WC
INDIVIDUALS
Assured Shorthold Tenancy for a term of 1 year from 29/09/2013
£15,996
(28/09/2014)
Second
Residential
3 Rooms, Kitchen & WC
INDIVIDUALS
Assured Shorthold Tenancy for a term of 1 year from 10/08/2013
£17,160
(09/08/2014)
Third
Residential
3 Rooms, Kitchen/Living Room, WC
INDIVIDUALS
Assured Shorthold Tenancy for a term of 1 year from 03/08/2013
£21,320
(02/08/2014)
Totals
153.40 sq m
(1,651 sq ft)
£117,313
(1) Baleday Limited is a wholly owned subsidiary of Praesepe Holdings Limited. Praesepe is the UK’s largest chain of adult gaming centres operating from a total of 170 adult gaming centres, bingo clubs and family entertainment centres in 100 towns and cities throughout Great Britain (Source: www.cashinogaming.com 20/02/2014) (2)For the purposes of clarification the current rent is £55,000 p.a.x, rising to £62,837 p.a.x. in December 2015 and £71,790 p.a.x. in 2020. The Seller has agreed to adjust the completion monies so that the property effectively produces £62,837 p.a.x. from completion of the sale.
