Let to Cycles UK Limited, Bubble & Bounce Limited, an estate agent and a dry cleaners
Includes new 20 year lease to Bubble & Bounce Limited from April 2018 (subject to options)
Approximately 6,894 sq ft
Prominent London location close to Cutty Sark and Greenwich and Deptford stations with nearby retailers including Sainsbury’s Local and Tesco Express
Lot 6
Auction 24th May 2018
Rent £115,000 per Annum Exclusive
Status Sold
Price £1,300,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
800 m from Cutty Sark, 1,450 m from Greenwich Royal Observatory
Roads
A2, A200
Rail
Deptford Railway Station
Greenwich Railway Station
Air
London City Airport
Situation
The property is located on the northern side of Creek Road (A200), between its junctions with Gonson Street and Glaisher Street in an established trading location. Nearby occupiers include Sainsbury’s Local, Tesco Express and a number of independent occupiers.
Tenure
Virtual Freehold. Held for a term of 999 years from 1st January 2003 at a peppercorn rent.
Location
Miles
800 m from Cutty Sark, 1,450 m from Greenwich Royal Observatory
Roads
A2, A200
Rail
Deptford Railway Station
Greenwich Railway Station
Air
London City Airport
Situation
The property is located on the northern side of Creek Road (A200), between its junctions with Gonson Street and Glaisher Street in an established trading location. Nearby occupiers include Sainsbury’s Local, Tesco Express and a number of independent occupiers.
Tenure
Virtual Freehold. Held for a term of 999 years from 1st January 2003 at a peppercorn rent.
Description
The property comprises a retail parade (which forms part of a modern mixed use development), comprising four retail units arranged on the ground floor only. The property benefits from two car parking spaces in the basement.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a retail parade (which forms part of a modern mixed use development), comprising four retail units arranged on the ground floor only. The property benefits from two car parking spaces in the basement.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
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)
137
Ground
Retail
244.99 sq m
(2,637 sq ft)
BUBBLE & BOUNCE LIMITED (1)
20 years from 24/04/2018 (2)
£40,000 (3)
24/04/2023 and 5 yearly thereafter (23/04/2038)
133
Ground
Retail
270.07 sq m
(2,907 sq ft)
CYCLES UK LIMITED (4)
15 years from 26/09/2008
£50,000
26/09/2018 (25/09/2023)
133
Ground
Retail
36.23 sq m
(390 sq ft)
MESSRS. R.O. AND F.J. SHOKUNBI t/a Meridian Dry Cleaners
20 years from 08/10/2010
£10,000 (5)
08/10/2020 and 5 yearly thereafter (07/10/2030)
133
Ground
Retail
89.19 sq m
(960 sq ft)
CATHERINE JAMES LETTINGS LIMITED t/a Latitude Residential (6)
20 years from 19/12/2012
£15,000
24/12/2017 and 5 yearly thereafter (18/12/2032)
Totals
640.48 sq m
(6,894 sq ft)
£115,000
(1) Bubble & Bounce are the number one hirers for Bouncy Castle Hire London, supplying high quality UK manufactured bouncy castle hire with a range of indoor and outdoor bouncy castles (Source: www.bubbleandbounce.co.uk 25/04/2018). The tenant is about to commence shopfitting and will trade as Big Little Fun. (2) The lease is subject to tenant options to determine in years 5, 10 & 15. (3) The tenant is currently benefiting from a 6 month rent-free period. The Vendor has agreed to adjust the completion monies so that this unit effectively produces £40,000 p.a. from completion of the sale until the end of the rent-free period. A rent deposit of £10,000 + VAT is held by the Vendor. (4) Cycles UK was founded in 1997 and has now expanded to operate from 11 shops in locations including Romford, Norwich, Braintree, Maidstone and Watford (Source: www.cyclesuk.com 25/04/2018). (5) A rent deposit of £3,000 is held by the vendor. (6) Latitude Residential are modern independent estate agents and letting agents covering South East London and specialising in residential lettings, property management and sales in Greenwich, Deptford, Lewisham, Blackheath and surrounding areas (Source: www.latituderesidential.com 25/04/2018).
