Majority let to Essex County Council until 2077 (no breaks)
Town centre location adjoining The Harvey Shopping Centre
Nearby occupiers include JD Sports, Santander Bank, New Look and Sports Direct
Approximately 1,308.34 sq m (14,083 sq ft)
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 64
Auction 23rd March 2016
Rent £78,750 per Annum Exclusive
Status Sold
Price £1,082,500
Sector Leisure
Auction Venue The Millennium Hotel 44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
20 miles west of Chelmsford, 25 miles north-east of London, 35 miles south of Cambridge
Roads
A1025, A414, M11 (Junction 7)
Rail
Harlow Town Rail Station
Air
London Stansted Airport, London City Airport, London Luton Airport
Situation
The property is situated in Harlow town centre on the northern side of Cross Street, close to its junction with the busy retailing pitches of The Water Gardens and Broad Walk. The property adjoins Harvey Shopping Centre, which houses occupiers including Primark, BHS, Iceland and Halifax. Other nearby occupiers include JD Sports, Santander, New Look and Sports Direct.
Tenure
Freehold.
Location
Miles
20 miles west of Chelmsford, 25 miles north-east of London, 35 miles south of Cambridge
Roads
A1025, A414, M11 (Junction 7)
Rail
Harlow Town Rail Station
Air
London Stansted Airport, London City Airport, London Luton Airport
Situation
The property is situated in Harlow town centre on the northern side of Cross Street, close to its junction with the busy retailing pitches of The Water Gardens and Broad Walk. The property adjoins Harvey Shopping Centre, which houses occupiers including Primark, BHS, Iceland and Halifax. Other nearby occupiers include JD Sports, Santander, New Look and Sports Direct.
Tenure
Freehold.
Description
The property comprises ground floor library accommodation with a self-contained sports bar at first floor. The library unit is currently accessed via the adjoining building and forms part of Harlow Central Library. The sports bar is accessed from a ground floor entrance on Cross Street.
Six Week Completion
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 ground floor library accommodation with a self-contained sports bar at first floor. The library unit is currently accessed via the adjoining building and forms part of Harlow Central Library. The sports bar is accessed from a ground floor entrance on Cross Street.
Six Week Completion
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
Reviews
Ground
Library
647.06 sq m
(6,965 sq ft)
ESSEX COUNTY COUNCIL
94 years 7 months from 22/03/1983 until 21/10/2077
£48,750
26/10/2018 and 5 yearly
Part Ground & First
Sports Bar
661.27 sq m
(7,118 sq ft)
RILEYS SPORTS BARS (2014) LIMITED (1)
10 years from 08/01/2016 until 07/01/2026
£30,000 (2)
08/01/2021 (3)
Totals
1,308.34 sq m
(14,083 sq ft)
£78,750
(1) Riley’s Sports Bars now have over 30 bars across the UK employing some 600 people and serving over 3 million people a year. (Source: Rileys.co.uk 15/02/2016) (2) For the purposes of clarification, Rileys Sports Bars (2014) Limited is currently benefitting from a rent free period due to expire on 8th July 2016. The seller has agreed to adjust the completion monies so that the unit will effectively produce £30,000 p.a.x. from completion of the sale. (3) The lease provides an option to determine on 8th January 2021.
Contacts
Seller's Solicitors
Reeds Solicitors Broadgate Tower, 20 Primrose Street London EC2A 2RS
