61/61A George Street Luton Bedfordshire LU1 2AL

61/61A George Street
Luton
Bedfordshire
LU1 2AL

Freehold Retail Investment with Planning Consent for Residential Development

Substantial corner unit let to Done Brothers (Cash Betting) Ltd (t/a Betfred) until October 2021
Additional vacant retail unit with planning permission to change use of upper floors tob six residential flats
Nearby occupiers include Primark, Santander, Lloyds, HSBC, Boots, Marks & Spencer and Debenhams
Six Week Completion

Lot
8
Auction
9th July 2014
Rent
£62,500 per Annum Exclusive
Status
Sold
Price
£995,000
Auction Venue
The Millennium Hotel
44 Grosvenor Square
London W1K 2HP
On behalf of Joint LPA Receivers, JLL

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Freehold Retail Investment with Planning Consent for Residential Development

Substantial corner unit let to Done Brothers (Cash Betting) Ltd (t/a Betfred) until October 2021
Additional vacant retail unit with planning permission to change use of upper floors tob six residential flats
Nearby occupiers include Primark, Santander, Lloyds, HSBC, Boots, Marks & Spencer and Debenhams
Six Week Completion

Lot 8
Auction 9th July 2014
Rent £62,500 per Annum Exclusive
Status Sold
Price £995,000
Sector
High Street Retail
Auction Venue
The Millennium Hotel
44 Grosvenor Square
London W1K 2HP
On behalf of Joint LPA Receivers, JLL

Property Information

Location

Miles: 22.4 miles south east of Milton Keynes, 35 miles north of Central London, 43 miles east of Oxford
Roads: M1, A5, A6
Rail: Luton Railway Station, Luton Airport Parkway Railway Station
Air: London Luton Airport

Situation

The property is situated in a prime location in Luton town centre on the southern side of George Street. The property lies opposite an entrance to The Mall Shopping Centre which houses retailers such as Boots, Marks and Spencer, Debenhams, Next and H&M. Other nearby occupiers include Primark, BHS, McDonald’s, Lloyds TSB and HSBC.

Tenure

Freehold.

Location

Miles: 22.4 miles south east of Milton Keynes, 35 miles north of Central London, 43 miles east of Oxford
Roads: M1, A5, A6
Rail: Luton Railway Station, Luton Airport Parkway Railway Station
Air: London Luton Airport

Situation

Tenure

Freehold.

Description

The property comprises two separate retail units. 61 George Street provides a substantial ground floor corner unit currently used as a betting shop while 61A George Street provides a ground floor retail unit with basement ancillary accommodation and office accommodation. The access allows for the upper floors to be selfcontained and the first and second floors currently benefit from planning permission for change of use to residential.

Planning
Application No:- 12/01430/COU
Planning permission has been granted for the change of use of the first and second floors of 61 George Street to six residential units. For further information please go to http://www.planning.luton.gov.uk (Ref: 12/01430/COU)

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

VAT

VAT is applicable to this lot.

EPC

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

Tenancy & Accommodation

Unit	Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Review
61	Ground	Retail	119.79 sq m	(1,289 sq ft)	DONE BROTHERS (CASH BETTING) LIMITED (1) (t/a Betfred)	10 years from 27/10/2011 until 26/10/2021 on a full repairing and insuring lease	£62,500	27/10/2016
61A	Ground Basement First Second	Retail Ancillary Class D1 Class D1	113.80 sq m 237.71 sq m 281.20 sq m 200.70 sq m	(1,225 sq ft) (2,559 sq ft) (3,026 sq ft) (2,160 sq ft)	VACANT POSSESSION with Planning Permission for Change of Use to Six Residential Flats on upper floors
Totals			953.20 sq m	(10,259 sq ft)			£62,500

(1) For the year ending 31/03/2013, Done Brothers (Cash Betting) Limited reported a turnover of £241,918,000, pre-tax profits of £26,811,000 and a total net worth of £92,026,000.