Two retail units located on historic and bustling market street
Popular East London suburb
Unit 524 let until 2025 (no breaks)
Nearby occupiers include Costa, Ladbrokes and Superdrug
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 3
Auction 25th May 2017
Rent £38,000 per Annum Exclusive
Status Sold
Price £475,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On behalf of Major Asset Managers
Property Information
Location
Miles
2.7 miles East of the City of London
Roads
A11, A12
Rail
Bethnal Green, Mile End and Bow Road Undergorund Station. Bow Church DLR
Air
London City Airport
Situation
Bow is a popular east London suburb which lies less than 3 miles east of the City of London, adjacent to the Queen Elizabeth Olympic Park at Stratford. The property is located on Roman Road, a historic and bustling market street which hosts its famous markets three times a week. Roman Road is within close proximity of Mile End and Bow Road underground stations (Hammersmith & City and Central Lines) as well as Bow Church DLR. Nearby occupiers include Costa, Ladbrokes and Superdrug as well as a number of independent retailers.
Tenure
Freehold.
Location
Miles
2.7 miles East of the City of London
Roads
A11, A12
Rail
Bethnal Green, Mile End and Bow Road Undergorund Station. Bow Church DLR
Air
London City Airport
Situation
Bow is a popular east London suburb which lies less than 3 miles east of the City of London, adjacent to the Queen Elizabeth Olympic Park at Stratford. The property is located on Roman Road, a historic and bustling market street which hosts its famous markets three times a week. Roman Road is within close proximity of Mile End and Bow Road underground stations (Hammersmith & City and Central Lines) as well as Bow Church DLR. Nearby occupiers include Costa, Ladbrokes and Superdrug as well as a number of independent retailers.
Tenure
Freehold.
Description
The property comprises two ground floor retail units with four self contained residential flats arranged over first and second floors which have been let on long leases.
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 four self contained residential flats arranged over first and second floors which have been let on long leases.
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)
524 (Unit 1)
Ground
Retail
129.13 sq m
1,390 sq ft
INDIVIDUAL t/a Fair Price Cash & Carry
20 years from 03/03/2005
£24,000
(02/03/2025)
522 (Unit 2)
Ground
Retail
43.29 sq m
466 sq ft
INDIVIDUALS t/a Five Star Nails Beauty Salon
9 years 10 months approx from 05/10/2007
£13,600
(12/08/2017)
Flats 1, 2, 3, & 4
First & Second
Residential
Not measured
INDIVIDUALS (1)
Four separate leases for a term of 125 years from 24/03/2002 until 24/03/2127
£400 (2)
24/03/2027 and 25 yearly (3)
Total Commercial Area
172.42 sq m
1,856 sq ft
£38,000
(1) The seller has served a notice on the residential tenants, pursuant to Section 5B of the Landlord and Tenant Act 1987. (2) Each lease provides a rent of £100 p.a.x. (3) The rent for each flat will increase to £125 p.a. in 2027 and then by £50 p.a. at each subsequent review
Contacts
Seller's Solicitors
Fladgate LLP 16 Great Queen Street London WC2B 5DG
