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
    11/Jul/2018
  • Rent
    £125,000 per Annum Exclusive
  • Status
    Available
  • Price*
    £1,700,000
  • Sector
    High Street Retail
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
Important Property Update
  • 48 - 50 South Street<br>Romford<br>Greater London<br>RM1 1RB
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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.

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

Bidder's Legal Report

For the ease and convenience of prospective buyers,to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is advisable. For more information, please click here.

Tenancy & Accomodation

FloorUseFloor Areas (Approx)TenantTermRent p.a.xReview/
(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)
£100,00025/03/2023
(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.

Property Documents

  • Solicitors Legal Pack
    Updated Date
    09.07.18
    File Size
    29 MB
    Login to View
  • Site Plan
    Updated Date
    19.06.18
    File Size
    4 MB
    View PDF
  • Catalogue Page
    Updated Date
    19.06.18
    File Size
    2 MB
    View PDF
  • Common Auction conditions
    Updated Date
    27.03.17
    File Size
    124 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
David MargolisDavid Margolis +44 (0)20 7034 4862 +44 (0)7930 484 440david.margolis@acuitus.co.uk
George WatkinsGeorge Watkins +44 (0)20 7034 4861george.watkins@acuitus.co.uk
Seller's Solicitors
Dentons UKMEA LLP One Fleet Place
London
EC4M 7WS
Alex Coulter 020 7634 8728alex.coulter@dentons.com

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