Debenhams Department Store 275-287 Station Road Harrow Greater London HA1 1NA

Debenhams Department Store
275-287 Station Road
Harrow
Greater London
HA1 1NA

Freehold Long Dated Geared Ground Rent Investment

  • In association with TPF Retail
  • Entirely let to Nomiees of the M & G Property Portfolio until 2074 with option to renew for 26 years
  • Geared to 35% of ‘Annual Market Rental’ value
  • Highly prominent and substantial department store in heart of the affluent town centre
  • Approximately 20,604.61 sq m (221,788 sq ft)
  • Neighbouring occupiers include New Look, Superdrug, Tesco Express, Lloyds Bank and Nando’s Restaurant
  • Six Week Completion
  • Lot
    20
  • Auction
    27th March 2014
  • Rent
    £412,500 per Annum Exclusive
  • Status
    Sold
  • Price
    £9,550,000
  • Sector
    Ground Rent
  • Auction Venue
    The Millennium Hotel
    44 Grosvenor Square
    London W1K 2HP
  • On behalf of Trustees
Important Update
  • Expand
  • Photos
  • Map

* More information on the term "guide" can be found here

Freehold Long Dated Geared Ground Rent Investment

  • In association with TPF Retail
  • Entirely let to Nomiees of the M & G Property Portfolio until 2074 with option to renew for 26 years
  • Geared to 35% of ‘Annual Market Rental’ value
  • Highly prominent and substantial department store in heart of the affluent town centre
  • Approximately 20,604.61 sq m (221,788 sq ft)
  • Neighbouring occupiers include New Look, Superdrug, Tesco Express, Lloyds Bank and Nando’s Restaurant
  • Six Week Completion
  • Lot 20
  • Auction 27th March 2014
  • Rent
  • Status Sold
  • Price £9,550,000
  • Sector
    Ground Rent
  • Auction Venue
    The Millennium Hotel
    44 Grosvenor Square
    London W1K 2HP
  • On behalf of Trustees

Property Information

Location
Miles
11 miles north-west of Central London
6 miles south-east of Watford
7.5 miles north-east of Uxbridge
Roads
A40 (Western Avenue), M1, M25, M40
Rail
Harrow-on-the-Hill Mainline Rail Station and Underground (Metropolitan Line)
Air
London Heathrow Airport, London Luton Airport, London City Airport
Situation

Harrow is an affluent North-West London suburb and home to the historic Harrow Public School. The property is prominently situated in the heart of the Town Centre in close proximity to the pedestrianised St Ann’s Road and St Ann’s Shopping Centre. Neighbouring occupiers include New Look, Superdrug, Tesco Express, Lloyds Bank and Nando’s Restaurant.

Tenure

Freehold.

Location
Miles
11 miles north-west of Central London
6 miles south-east of Watford
7.5 miles north-east of Uxbridge
Roads
A40 (Western Avenue), M1, M25, M40
Rail
Harrow-on-the-Hill Mainline Rail Station and Underground (Metropolitan Line)
Air
London Heathrow Airport, London Luton Airport, London City Airport
Situation

Harrow is an affluent North-West London suburb and home to the historic Harrow Public School. The property is prominently situated in the heart of the Town Centre in close proximity to the pedestrianised St Ann’s Road and St Ann’s Shopping Centre. Neighbouring occupiers include New Look, Superdrug, Tesco Express, Lloyds Bank and Nando’s Restaurant.

Tenure

Freehold.

Description

The property, a substantial department store on a site of approximately 0.69 hectares (1.70 acres), comprises retail accommodation on basement, ground, first, second, mezzanine, and third floors. The property benefits from a significant frontage to both Station Road and Greenhill Crescent.

VAT

VAT is not applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

The property, a substantial department store on a site of approximately 0.69 hectares (1.70 acres), comprises retail accommodation on basement, ground, first, second, mezzanine, and third floors. The property benefits from a significant frontage to both Station Road and Greenhill Crescent.

VAT

VAT is not 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
Basement
Ground
First
Second
Mezzanine
Third
Ancillary
Retail
Retail
Retail
Ancillary
Ancillary
686.55 sq m
5,656.91 sq m
5,446.02 sq m
5,710.89 sq m
1,315.87 sq m
1,788.37 sq m
(7,390 sq ft)
(60,891 sq ft)
(58,621 sq ft)
(61,472 sq ft)
(14,164 sq ft)
(19,250 sq ft)

NOMINEES OF THE M & G PROPERTY PORTFOLIO (1) on assignment from Debenhams Limited (Company No. 83395) (2) & Harrow LP (8) & BF Properties (no 3) Limited & BF Propco (no 7) Limited (a subsidiary of British Land Company Public Limited (The)) (3) (4)
99 years from 04/11/1975 until 2074 on a full repairing and insuring lease (7) £412,500
25/12/2015 & 5 yearly
geared to 35% of ‘Annual
Market Rental’ value (5)
Totals  
20,604.61 sq m
(221,788 sq ft)
    £412,500  

(1) Let to British Overseas Bank Nominees Limited (220905) and WGTC Nominees Limited (01255218) in their capacity as nominees for and on behalf of National Westminster Bank plc as depository of the M&G Property Portfolio.
(2) For the year ending 1st September 2012, Debenhams Retail plc (formerly Debenhams Limited) (Company No. 83395) reported a turnover of £2,020,200,000, pre-tax profits of £191,800,000 and a total net worth of £695,900,000. (Source: www.riskdisk.com 17/02/2014)
(3) BF Properties (No 3) Ltd are ultimately owned by Debenhams plc and BF Propco (No 7) Ltd are ultimately owned by The British Land Company Limited.
For the year ending 31st March 2013, The British Land Company plc reported a turnover of £329,000,000, pre-tax profits of £260,000,000 and a total net worth of £5,687,000,000. (Source: www.riskdisk.com 19/02/2014)
(4) The tenant has sublet the entire property to Debenhams Retail plc (Company No. 83395).
(5) The lease provides for the rent at review to be geared to 35% of ‘Annual Market Rental’ value.
(6) The above floor areas have been used in previous rent reviews.
(7) The tenant has an option to take a lease for a further 26 years upon expiry of the current term.
(8) Harrow LP is registered in Gibraltar under registration No 37.

Property Documents

  • Catalogue Page
    Updated Date
    05.03.14
    File Size
    1 MB
    View PDF
  • Site Plan
    Updated Date
    05.03.14
    File Size
    109 KB
    View PDF
  • Common Auction conditions
    Updated Date
    10.06.21
    File Size
    168 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
John MehtabJohn Mehtab +44 (0)20 7034 4855 +44 (0)7899 060 519john.mehtab@acuitus.co.uk
Seller's Solicitors
Harold Benjamin Solicitors Hill House, 67-71 Lowlands Road
Harrow
Middlesex
HA1 3EQ
020 8864 7530
Varsha Sood 020 8872 3028varsha.sood@haroldbenjamin.com

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk

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