Prime Retail Investment in Central London Location
On behalf of Royal London Asset Management
Let to Pret a Manger (Europe) Ltd and William Hill Organization Ltd
Approximately 85 metres from St Paul's Cathedral, one of the most popular tourist destinations in the UK
Nearby occupiers include Costa Coffee, HSBC, Lloyds TSB and Marks & Spencer
Six week completion available
Lot 10
Auction 9th December 2010
Rent £202,500 per Annum Exclusive
Status Sold
Price £2,800,000
Sector High Street Retail
Auction Venue Millennium Hotel 39-44 Grosvenor Square London W1K 2HP
Property Information
Location
85 metres west of St Paul's Cathedral
260 metres south-west of Paternoster Square
280 metres south-east of The Old Bailey
Roads
A40, A201, A3211
Rail
St Paul's Underground Station, City Thameslink Railway Station
Air
London City Airport
Situation
The property is situated in a prominent location on the east side of the busy Ludgate Hill some 85 metres from St Paul's Cathedral. Nearby occupiers include Costa Coffee, HSBC, Lloyds TSB and Marks & Spencer.
Tenure
Freehold. Virtual Freehold Held originally from Berkeley Homes (North London) Ltd, now from Peverel Properties Limited, for a term of 900 years from and including 1st January 1997 at a peppercorn rent
Location
85 metres west of St Paul's Cathedral
260 metres south-west of Paternoster Square
280 metres south-east of The Old Bailey
Roads
A40, A201, A3211
Rail
St Paul's Underground Station, City Thameslink Railway Station
Air
London City Airport
Situation
The property is situated in a prominent location on the east side of the busy Ludgate Hill some 85 metres from St Paul's Cathedral. Nearby occupiers include Costa Coffee, HSBC, Lloyds TSB and Marks & Spencer.
Tenure
Freehold. Virtual Freehold Held originally from Berkeley Homes (North London) Ltd, now from Peverel Properties Limited, for a term of 900 years from and including 1st January 1997 at a peppercorn rent
Description
The property comprises TWO GROUND FLOOR RETAIL UNITS with BASEMENT ACCOMMODATION. The basement of Unit 19/21 has its own separate access from Ludgate Hill and has planning permission for use as retail, a dental surgery, financial and professional services, restaurant and café.
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 with BASEMENT ACCOMMODATION. The basement of Unit 19/21 has its own separate access from Ludgate Hill and has planning permission for use as retail, a dental surgery, financial and professional services, restaurant and café.
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/(Reversion)
19/21
Ground Basement/Vaults
Retail/Ancillary Retail/Dental Practice
114.85 sq m 196.43 sq m
(1,236 sq ft) (2,114 sq ft)
PRET A MANGER (EUROPE) LTD (1)(2)
15 years from 19/06/1998
£142,500
(18/06/2013)
23
Ground Basement/Vaults
Retail Ancillary
42.47 sq m 62.79 sq m
(457 sq ft) (675 sq ft)
WILLIAM HILL ORGANIZATION LTD (3)
10 years from 23/12/2008 (4)
£60,000
23/12/2013
Totals
416.54 sq m
(4,482 sq ft)
£202,500
(1) For the year ending 31st December 2009, Prét à Manger (Europe) Ltd reported a turnover of £244,452,000, pre-tax profits of £18,647,000 and a total net worth of £87,883,000. (Source: www.riskdisk.com 25/10/2010)(2) Please note that the tenant has sub-let the basement to Whitecross Dental Care Limited who are not in occupation.(3) William Hill Organization Ltd is a subsidiary of William Hill plc which delivers a high quality gaming and betting experience to UK and international customers online, through its shops and on the phone. They are an established and trusted brand and took more than £15 billion in stakes in 2009.(4) As to Unit 23 please note that the lease provides a tenant’s option to determine on the fifth anniversary of the term on giving at least six months’ written notice.
