Property Auctions 24/May/2018 | 908 / 912 Brighton Road & 5 Russell Hill Place, Purley, Surrey, CR8 2LH

Freehold Retail, Leisure, Residential and Ground Rent Investment

Prosperous South London suburb
Prominent corner location opposite Sainsbury’s and public car park to the rear
Comprises a double fronted pub, two shops and 22 flats
Important review on pub to be settled
Part let to Stonegate Pub Company Ltd and part let to Explore Learning Limited

Lot 24
Auction 24th May 2018
Rent £174,221 per Annum Exclusive
Status Sold
Price £2,600,000
Sector
High Street Retail
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

Property Information

Location

Miles: 12 miles south of Central London, 2 miles south of Croydon, 8 miles east of Epsom
Roads: A22, A232, A235, M25
Rail: Purley Railway Station
Air: London Heathrow and London Gatwick

Situation

Purley is a prosperous residential suburb located 12 miles south of central London, 2 miles south of Croydon and 8 miles east of Epsom. The property is located in the town centre on Brighton Road (A235), at its junction with Russell Hill Place. Purley Railway Station is 300 metres to the south-west of the property and both Purley Hospital and Purley Leisure Centre are also close by. Occupiers close by include KFC, Sainsbury’s (opposite), Subway, Santander, WHSmith, Lloyds, Halifax, Barclays, Costa and William Hill.

Tenure

Freehold.

Location

Miles: 12 miles south of Central London, 2 miles south of Croydon, 8 miles east of Epsom
Roads: A22, A232, A235, M25
Rail: Purley Railway Station
Air: London Heathrow and London Gatwick

Situation

Purley is a prosperous residential suburb located 12 miles south of central London, 2 miles south of Croydon and 8 miles east of Epsom. The property is located in the town centre on Brighton Road (A235), at its junction with Russell Hill Place. Purley Railway Station is 300 metres to the south-west of the property and both Purley Hospital and Purley Leisure Centre are also close by. Occupiers close by include KFC, Sainsbury’s (opposite), Subway, Santander, WHSmith, Lloyds, Halifax, Barclays, Costa and William Hill.

Tenure

Freehold.

Description

The property comprises two shops together with a double fronted bar/restaurant and 22 flats. No.908/910 comprises a bar/restaurant. No.912 comprises a ground floor shop with basement ancillary accommodation. 5 Russell Hill Place comprises a basement and ground floor shop. The first, second and third floors comprise 22 flats of which 16 have been sold off on long leases. The flats are selfcontained and accessed from Russell Hill Place.

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 two shops together with a double fronted bar/restaurant and 22 flats. No.908/910 comprises a bar/restaurant. No.912 comprises a ground floor shop with basement ancillary accommodation. 5 Russell Hill Place comprises a basement and ground floor shop. The first, second and third floors comprise 22 flats of which 16 have been sold off on long leases. The flats are selfcontained and accessed from Russell Hill Place.

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

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Reviews
Brighton Road Ground	Bar/ Restaurant	515.50 sq m	(5,549 sq ft)	STONEGATE PUB COMPANY LIMITED t/a The Pear Tree (1)	25 years from 8/11/2002 until 07/11/2027	£68,000	07/11/2017 and 5 yearly
Ground Basement	Retail Ancillary	124.00 sq m 129.00 sq m	(1,335 sq ft) (1,389 sq ft)	EXPLORE LEARNING LIMITED t/a Explore Learning (2)	15 years from 26/02/2010 until 25/02/2025 (3)	£21,096	26/02/2020 (3)
Russell Hill Place Ground Basement	Retail Ancillary	252.00 sq m 138.50 sq m	(2,712 sq ft) (1,490 sq ft)	NOUVEAU LASHES LIMITED t/a Nouveau Lashes (4)	10 years from 22/07/2015 until 21/07/2025 (5)	£31,525 (6)	21/07/2020 (5)
Flat 2	Residential		1 bedroom flat	INDIVIDUAL	AST 1 year from 21/10/2017	£9,900
Flat 9	Residential		1 bedroom flat	INDIVIDUAL	AST	£8,700
Flat 10	Residential		1 bedroom flat	INDIVIDUAL	AST	£6,900
Flat 11	Residential		1 bedroom flat	INDIVIDUAL	AST 1 year from 21/05/2016	£9,900
The Studio	Residential		Studio flat	INDIVIDUAL	AST 1 year from 21/06/2006	£8,400
The Managers Suite	Residential		1 bedroom flat	INDIVIDUAL	AST 1 year from 01/05/2010	£6,600
Flats 1,3-8,12-20	Residential		(16 flats)	VARIOUS	Each 125 years from 01/11/2003 at £200 p.a.	Total £3,200
Total Commercial Area		1,159 sq m	(12,475 sq ft)			£174,221

(1) Stonegate Pub Company is the 4th largest managed pub company in the UK, operating 700 pubs across the country. Stonegate reported a turnover of approximately £642,000,000 and net assets of £81,122,000 for the year ended 25th September 2016 (Source: Experian
17/04/2018) (Source: www.stonegatepubs.com).
(2) For the year ended 31st December 2016, Explore Learning Limited reported a turnover of £42,786,000, pre-tax profits of £3,236,000 and a total net worth of £14,236,000 (Source: Experian 17/04/2018). Explore Learning operate from 137 centres nationwide (Source:- www.explorelearning.co.uk).
(3) Tenant’s option to break in 2020 upon 6 months’ notice.
(4) For the year ended 30th June 2017 Nouveau Lashes Limited reported no turnover, no pre-tax profits and a total net worth of £1,286,386 (Source: Experian 17/04/2018) .Website - www.nouveaulashes.com
(5) Tenant’s option to break in 2020 upon 6 months’ notice.
(6) Rent deposit of £15,762.50 held.