48 - 50 South Street Romford Greater London RM1 1RB
48 - 50 South Street Romford Greater London RM1 1RB
Freehold Retail and Hair Clinic Investment
Majority let to Footasylum Plc on a new 10 year lease (renewal) from March 2018 (subject to option)
Re-based shop rent
Part let to Medical Hair Centre until August 2018 on lease drawn outside the Landlord & Tenant Act 1954
Potential Change of Use opportunity on upper parts (subject to lease and consents)
Pedestrianised trading location between The Brewery and Liberty Shopping Centres, with nearby occupiers including Primark, Marks & Spencer, Boots the Chemist, GAP, Tesco Express, H&M, WHSmith, Topshop and Costa
Located close to Romford Station in popular Greater London suburb
Lot 38
Auction 11th July 2018
Rent £125,000 per Annum Exclusive
Status Withdrawn Post
Price
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Majority let to Footasylum Plc on a new 10 year lease (renewal) from March 2018 (subject to option)
Re-based shop rent
Part let to Medical Hair Centre until August 2018 on lease drawn outside the Landlord & Tenant Act 1954
Potential Change of Use opportunity on upper parts (subject to lease and consents)
Pedestrianised trading location between The Brewery and Liberty Shopping Centres, with nearby occupiers including Primark, Marks & Spencer, Boots the Chemist, GAP, Tesco Express, H&M, WHSmith, Topshop and Costa
Located close to Romford Station in popular Greater London suburb
Lot 38
Auction 11th July 2018
Rent £125,000 per Annum Exclusive
Status Withdrawn Post
Price
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
7 miles south-west of Brentwood, 13 miles north-east of the City of London
Roads
A12, A118, A125, A126
Rail
Romford Railway Station (17 minutes direct to London Liverpool Street)
Air
London City and London Stansted Airports
Situation
The property is situated on the south-western side of the pedestrianised South Street, opposite The Liberty Shopping Centre and fronting the Brewery Shopping Centre. The Liberty and Brewery Shopping Centres together house retailers including Marks & Spencer, Boots the Chemist, H&M, WHSmith, Topshop, Costa and Sports Direct. Other nearby occupiers include Tesco Express, GAP, JD Wetherspoon, Superdrug, Greggs and JD Sports.
Tenure
Freehold.
Location
Miles
7 miles south-west of Brentwood, 13 miles north-east of the City of London
Roads
A12, A118, A125, A126
Rail
Romford Railway Station (17 minutes direct to London Liverpool Street)
Air
London City and London Stansted Airports
Situation
The property is situated on the south-western side of the pedestrianised South Street, opposite The Liberty Shopping Centre and fronting the Brewery Shopping Centre. The Liberty and Brewery Shopping Centres together house retailers including Marks & Spencer, Boots the Chemist, H&M, WHSmith, Topshop, Costa and Sports Direct. Other nearby occupiers include Tesco Express, GAP, JD Wetherspoon, Superdrug, Greggs and JD Sports.
Tenure
Freehold.
Description
The property comprises a large ground floor shop with ancillary accommodation on the basement and part first floor, and a separately accessed hair clinic on part ground, first and second floors.
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 large ground floor shop with ancillary accommodation on the basement and part first floor, and a separately accessed hair clinic on part ground, first and second floors.
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
Review/ (Reversion)
Ground Basement Part First
Retail/Ancillary Ancillary Ancillary
386.55 sq m 41.80 sq m 115.38 sq m
(4,161 sq ft) (450 sq ft) (1,242 sq ft)
FOOTASYLUM PLC (1)
10 years from 25/03/2018 (2)
£100,000
25/03/2023 (24/03/2028)
Part Ground/ First Second
Hair Clinic
Ancillary
79.61 sq m
71.25 sq m
(857 sq ft)
(767 sq ft)
MEDICAL HAIR CENTRE LIMITED (3) with a guarantee from Finefair Limited
5 years from 05/08/2013 (4)
£25,000
(04/08/2018)
Total
694.61 sq m
7,477 sq ft)
£125,000
(1) Footasylum is a UK-based lifestyle fashion retailer, focused on bringing to market footwear and apparel collections predominantly aimed at 16-24 year old fashion-conscious customers. The Company operates from more than 60 stores. For the year ending 25th February 2017, Footasylum Plc reported a turnover of £146,962,632, pre-tax profits of £8,118,895 and a total net worth of £558,175 (Sources: www.investors.footasylum.com and Experian Group 08/06/2018). (2) The lease provides for a tenant option to determine on 24th March 2023. (3) Medical Hair Centre’s unique hair centres are expanding to become one of Europe’s largest and most renowned hair centres, with more than 40 members of staff and specialising in nothing but the most effective scientifically formulated and clinically proven treatments (Source: www.medicalhaircentre.com 08/06/2018). (4) The lease is contracted outside of the Security of Tenure Provisions of the Landlord & Tenant Act 1954.
