Let to Saint Francis Hospice until 2028 (subject to option)
2019 tenant break NOT exercised
East London Crossrail suburb
Prime pedestrianised location
Neighbouring occupiers include Primark, Boots the Chemist, Marks & Spencer, Starbucks, The Body Shop, Halifax and Barclays Bank
Lot 8
Auction 18th October 2018
Rent
Status Sold
Price £965,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On behalf of Wesleyan
Property Information
Location
Miles
10 miles east of Central London
3 miles east of Stratford and the Olympic Park
5 miles west of Romford,
Roads
A406, A12, M11, M25,
Rail
Ilford Railway (Crossrail) Station
Gants Hills Underground (Central Line)
Air
London City Airport (4 Miles), London Southend,
London Stansted, London Heathrow
Situation
Ilford is a thriving East London suburb, which is benefitting from being on the new Crossrail (Queen Elizabeth) line with a journey time to Bond Street station of 20 minutes. The town is currently experiencing significant investment with major residential developments underway. Ilford also benefits from its close proximity to Stratford and the Olympic Park and London Docklands 3 miles to the south. The property is situated in a prominent location on the north side of the pedestrianised High Road, adjacent to Primark. Additional neighbouring occupiers include Boots the Chemist, Marks & Spencer, Iceland, The Body Shop, Halifax and Starbucks.
Tenure
Freehold.
Location
Miles
10 miles east of Central London
3 miles east of Stratford and the Olympic Park
5 miles west of Romford,
Roads
A406, A12, M11, M25,
Rail
Ilford Railway (Crossrail) Station
Gants Hills Underground (Central Line)
Air
London City Airport (4 Miles), London Southend,
London Stansted, London Heathrow
Situation
Ilford is a thriving East London suburb, which is benefitting from being on the new Crossrail (Queen Elizabeth) line with a journey time to Bond Street station of 20 minutes. The town is currently experiencing significant investment with major residential developments underway. Ilford also benefits from its close proximity to Stratford and the Olympic Park and London Docklands 3 miles to the south. The property is situated in a prominent location on the north side of the pedestrianised High Road, adjacent to Primark. Additional neighbouring occupiers include Boots the Chemist, Marks & Spencer, Iceland, The Body Shop, Halifax and Starbucks.
Tenure
Freehold.
Description
The property comprises ground floor retail accommodation with ancillary accommodation on the first and second floors and in the basement. The basement is accessed via a hatch. The first and second floors may be suitable for residential redevelopment (subject to consents).
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises ground floor retail accommodation with ancillary accommodation on the first and second floors and in the basement. The basement is accessed via a hatch. The first and second floors may be suitable for residential redevelopment (subject to consents).
VAT
VAT is not applicable to this lot.
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 First Second Basement
Retail Ancillary Ancillary Ancillary
132.6 sq m 49.9 sq m 37.2 sq m 40.23 sq m
(1,427 sq ft) (537 sq ft) (401 sq ft) (433 sq t)
SAINT FRANCIS HOSPICE (1)
15 years from 08/03/2013 on a full repairing and insuring lease (2)
£50,000
08/03/2023 (07/03/2028)
Total
259.93 sq m
(2,798 sq ft)
£50,000
(1) For the year ending 31st March 2017, Saint Francis Hospice reported pre-tax profits of £790,000 and a total net worth of £12,424,000 (Source: Experian Group 14/9/2018). (2) The lease provides for a tenant option to determine on 08/03/2019 requiring 6 months’ notice (i.e by 7th September 2018). A notice was not served and as such the tenant option has not been exercised. The lease provides for a tenant option to determine on 8/03/2024 subject to 6 months’ notice.