Tenants include Toni & Guy (South) Ltd (guaranteed by Mascolo Limited)
Unit 36 has been let on a new 10 year lease to Sunfresh Investments Limited (subject to option)
Pedestrianised town centre location
Crawley Borough Council and West Sussex County Council are investing £3m to regenerate Queens Square and development is due to begin shortly
VAT free Investment
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 75
Auction 23rd March 2016
Rent £65,500 per Annum Exclusive
Status Sold
Price £727,000
Sector High Street Retail
Auction Venue The Millennium Hotel 44 Grosvenor Square London W1K 2HP
On behalf of Receivers CBRE
Property Information
Location
Miles
21 miles north of Brighton, 23 miles west of Tunbridge Wells, 30 miles south of Central London
Roads
A23, A264, M23 (Junction 10, 10a, 11)
Rail
Crawley Railway Station
Air
London Gatwick Airport
Situation
Crawley is a popular London and Brighton commuter town located approximately 2 miles south of Gatwick Airport. The property is prominently situated on the south side of pedestrianised Queens Square, opposite The Pavilion Shopping Arcade and close to its junction with The Broadway and Queensway in the heart of the town centre. Nearby occupiers include Marks & Spencer, Superdrug, New Look, Costa and Waterstones.
Queens Square Regeneration
Crawley Borough Council and West Sussex County Council are working together to enhance the town centre and are investing £3 million to regenerate Queens Square. Improvements to the public realm will transform the square into a high quality, distinctive and enjoyable public space, encourage new and existing landowners and businesses to invest in the area and act as a catalyst for wider regeneration. Cabinet approved the design concept at its meeting in March 2015. The planning application was approved on 3rd August 2015. The
regeneration of Queens Square is due to begin mid-2016. For further
information please refer to www.crawley.gov.uk
Tenure
Freehold.
Location
Miles
21 miles north of Brighton, 23 miles west of Tunbridge Wells, 30 miles south of Central London
Roads
A23, A264, M23 (Junction 10, 10a, 11)
Rail
Crawley Railway Station
Air
London Gatwick Airport
Situation
Crawley is a popular London and Brighton commuter town located approximately 2 miles south of Gatwick Airport. The property is prominently situated on the south side of pedestrianised Queens Square, opposite The Pavilion Shopping Arcade and close to its junction with The Broadway and Queensway in the heart of the town centre. Nearby occupiers include Marks & Spencer, Superdrug, New Look, Costa and Waterstones.
Queens Square Regeneration
Crawley Borough Council and West Sussex County Council are working together to enhance the town centre and are investing £3 million to regenerate Queens Square. Improvements to the public realm will transform the square into a high quality, distinctive and enjoyable public space, encourage new and existing landowners and businesses to invest in the area and act as a catalyst for wider regeneration. Cabinet approved the design concept at its meeting in March 2015. The planning application was approved on 3rd August 2015. The
regeneration of Queens Square is due to begin mid-2016. For further
information please refer to www.crawley.gov.uk
Tenure
Freehold.
Description
The property comprises two self-contained ground floor retail units with first and second floor ancillary accommodation.
Six Week Completion
Note
This property is being marketed for sale on behalf of Fixed Charge 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 Fixed Charge Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Fixed Charge 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 not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises two self-contained ground floor retail units with first and second floor ancillary accommodation.
Six Week Completion
Note
This property is being marketed for sale on behalf of Fixed Charge 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 Fixed Charge Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Fixed Charge 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 not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Use
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review/ (Reversion)
35
Ground First Second
Retail/Ancillary Ancillary Ancillary
127.20 sq m 47.05 sq m 37.85 sq m
(1,369 sq ft) (506 sq ft) (407 sq ft)
TONI & GUY (SOUTH) LTD guaranteed by Mascolo Ltd (1)
10 years from 25/03/2013 (2)
£37,500
25/03/2018 (24/03/2023) (2)
36
Ground First Second
Retail/Ancillary Ancillary Ancillary
97.00 sq m 42.70 sq m 52.30 sq m
(1,044 sq ft) (459 sq ft) (562 sq ft)
SUNFRESH INVESTMENTS LTD (t/a Mobile King)
10 years from 14/01/2016 (3)
£28,000 (4)
14/01/2021 (13/01/2026)
Totals
404.10 sq m
(4,349 sq ft)
£65,500
(1) Toni & Guy are a multi award winning hairdressing brand with more than 475 salons across 48 countries (Source: toniandguy.com 22/02/2016) (2) The lease provides for a tenant option to determine on 24th March 2018. (3) The lease provides for a tenant option to determine on 14th January 2021. (4) The tenant is currently benefitting from a rent free period due to expire 20th May 2016. The seller has agreed to adjust the completion monies so that the property will effectively produce £65,500 p.a.x. from completion of the sale.
Contacts
Seller's Solicitors
Walker Morris LLP Kings Court, 12 King Street Leeds LS1 2HL
