Health Assessment Centre Investment in Affluent South West London Suburb
Let to The Secretary of State for Housing, Communities and Local Government
New 10 year lease from April 2018 (subject to option)
CPI linked Rent Review in April 2023 (compounded annually and collared at 1% p.a. and capped at 5% p.a.)
Prosperous South West London suburb
Government-let Investment
Lot 21
Auction 11th July 2018
Rent £81,505 per Annum Exclusive
Status Withdrawn Post
Price
Sector Medical/Healthcare
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
Less than 1/2 mile from Wimbledon Rail Station, 1.5 miles from All England Tennis Club
Roads
A24, A219 (The Broadway)
Rail
Wimbledon Railway Station, South Wimbledon Railway Station (both less than 1/2 mile away)
Air
London Heathrow Airport, London Gatwick Airport
Situation
Wimbledon is a prosperous and popular suburb situated south-west of Central London and 5 miles south-east of Richmond-upon-Thames. The area benefits from good communications being adjacent to the A3. Renowned worldwide for its annual tennis tournament, Wimbledon is also well established as a commercial and retailing centre, the latter being focused on the Centre Court Shopping Centre, located on The Broadway. The property is situated on the southern side of The Broadway, Wimbledon’s principal thoroughfare. The surrounding areas comprise residential, retail and office uses. Wimbledon is home to a number of global company headquarters, including Lidl, Capsticks, Close Brothers and Unibet. Other occupiers on The Broadway include Nando’s, Five Guys, TK Maxx, Uniqlo, Sainsbury’s Local, Morrisons and The Wimbledon Theatre.
Tenure
Virtual Freehold. Held for a term of 999 years from 31st May 2002 until 30th May 3001 (983 years unexpired) at a current ground rent of £500 p.a. The headlease provides for fixed rental increases of £100 every 100 years, the next being May 2102.
Location
Miles
Less than 1/2 mile from Wimbledon Rail Station, 1.5 miles from All England Tennis Club
Roads
A24, A219 (The Broadway)
Rail
Wimbledon Railway Station, South Wimbledon Railway Station (both less than 1/2 mile away)
Air
London Heathrow Airport, London Gatwick Airport
Situation
Wimbledon is a prosperous and popular suburb situated south-west of Central London and 5 miles south-east of Richmond-upon-Thames. The area benefits from good communications being adjacent to the A3. Renowned worldwide for its annual tennis tournament, Wimbledon is also well established as a commercial and retailing centre, the latter being focused on the Centre Court Shopping Centre, located on The Broadway. The property is situated on the southern side of The Broadway, Wimbledon’s principal thoroughfare. The surrounding areas comprise residential, retail and office uses. Wimbledon is home to a number of global company headquarters, including Lidl, Capsticks, Close Brothers and Unibet. Other occupiers on The Broadway include Nando’s, Five Guys, TK Maxx, Uniqlo, Sainsbury’s Local, Morrisons and The Wimbledon Theatre.
Tenure
Virtual Freehold. Held for a term of 999 years from 31st May 2002 until 30th May 3001 (983 years unexpired) at a current ground rent of £500 p.a. The headlease provides for fixed rental increases of £100 every 100 years, the next being May 2102.
Description
The property comprises a health assessment centre arranged on the ground floor only, forming part of a larger mixed-use building. The property benefits from permitted use as B1 offices or such other use for which the landlord shall provide consent.
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 health assessment centre arranged on the ground floor only, forming part of a larger mixed-use building. The property benefits from permitted use as B1 offices or such other use for which the landlord shall provide consent.
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
Ground
Offices
213.68 sq m
(2,300 sq ft)
THE SECRETARY OF STATE FOR HOUSING, COMMUNITIES AND LOCAL GOVERNMENT (1)
10 years from 01/04/2018 until 31/03/2028 (2) on an effectively full repairing and insuring lease
£81,505
01/04/2023 (3)
Total
213.68 sq m
(2,300 sq ft)
£81,505
(1) The Centre for Health and Disability Assessments provides a service assessing the eligibility for benefits of people who are out of work due to long-term illness, or as a result of a disability or health condition, on behalf of the Department for Work and Pensions (DWP) (Source: www.chdauk.co.uk 12/06/2018). (2) The lease is subject to a tenant option to determine on 31st March 2023. (3) The rent is reviewed every 5 years to CPI and is compounded annually (collared at 1% and capped at 5% per annum).
