Entirely let to Ladbrokes Betting & Gaming Limited
Prominent corner position on busy Burnt Oak Broadway
Benefits from self-contained upper floors
Nearby occupiers include Tesco Metro, Peacocks, Savers, Shoe Zone, Greggs and a number of independent retailers
Future residential redevelopment potential of upper parts (subject to lease and consents)
VAT free investment
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 2
Auction 19th May 2016
Rent £38,000 per Annum Exclusive
Status Sold
Price £870,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On behalf of CBRE Receivers
Property Information
Location
Miles
10 miles north-west of Central London
Roads
A1, A5, A41, M1 (Junction 1), M40, M25
Rail
Burnt Oak Underground Station (Northern Line)
Air
London Heathrow Airport
Situation
The property is located in the popular suburb of Burnt Oak, Edgware, approximately 10 miles from Central London. The property is situated in a prominent corner position at the busy junction of Burnt Oak Broadway and Watling Avenue. Nearby occupiers include Tesco Metro, Peacocks, Savers, Shoe Zone, Greggs and a number of independent retailers. The property benefits from a public car
park to the rear for approximately 50 cars.
Tenure
Freehold.
Location
Miles
10 miles north-west of Central London
Roads
A1, A5, A41, M1 (Junction 1), M40, M25
Rail
Burnt Oak Underground Station (Northern Line)
Air
London Heathrow Airport
Situation
The property is located in the popular suburb of Burnt Oak, Edgware, approximately 10 miles from Central London. The property is situated in a prominent corner position at the busy junction of Burnt Oak Broadway and Watling Avenue. Nearby occupiers include Tesco Metro, Peacocks, Savers, Shoe Zone, Greggs and a number of independent retailers. The property benefits from a public car
park to the rear for approximately 50 cars.
Tenure
Freehold.
Description
The property comprises a ground floor betting shop with self-contained office accommodation on the first and second floors. Floor plans are available within the legal pack. The property benefits from frontages to both Burnt Oak Broadway and Watling Avenue.
Six Week Completion
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 a ground floor betting shop with self-contained office accommodation on the first and second floors. Floor plans are available within the legal pack. The property benefits from frontages to both Burnt Oak Broadway and Watling Avenue.
Six Week Completion
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
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reversion
Ground First Second
Betting shop Office Office
163.30 sq m 89.31 sq m 93.29 sq m
(1,758 sq ft) (961 sq ft) (1,004 sq ft)
LADBROKES BETTING & GAMING LIMITED (1)
15 years from 11/04/2007 on a full repairing and insuring lease (2)
£38,000
10/04/2022
Total
345.90 sq m
(3,723 sq ft)
£38,000
1) For the year ending 31st December 2014, Ladbrokes Betting & Gaming Limited reported a turnover of £824,322,000, pre-tax profits of £57,141,000 and a total net worth of £1,096,567,000 (Source: Experian Group 14/04/2016). (2) The lease is subject to a tenant option to determine on 10th April 2017 on no less than 6 months’ prior written notice. There is also a rent review on 11th April 2017. By way of a Deed of Variation (due to complete imminently), the tenant option to determine and the 2017 rent review will be removed and a five month rent free period will be granted. The seller has agreed to adjust the completion monies so that the property will effectively produce £38,000 p.a.x from completion of the sale.
Contacts
Seller's Solicitors
Walker Morris LLP Kings Court, 12 King Street Leeds LS1 2HL
