Comprises five retail units with self-contained modern office accommodation and substantial car parking
Situated in a prime town centre location adjacent to The Walnuts Shopping Centre
Nearby occupiers include Peacocks, Ask Restaurant, Betfred and Greggs
Six Week Completion Period Available
Rent is subject to Note 5
Lot 13
Auction 7th July 2011
Rent Gross: £276,210 per Annum Exclusive
Status Sold
Price £1,250,000
Sector High Street Retail
Auction Venue Millennium Hotel 39-44 Grosvenor Square London W1K 2HP
On Instructions from Sarah Rayment & Shay Bannon of BDO LLP as Joint LPA Receivers
Property Information
Location
Miles
16 miles south-east of London city centre, 10 miles east of Croydon, 6 miles south-east of Bromley
Roads
A224, A20, A21, M25 (Junction 4)
Rail
Orpington Railway Station (London Bridge in 15 minutes)
Air
London City Airport
Situation
The property is situated in a prominent position on the High Street, Orpington's prime retail thoroughfare. The property benefits from being situated adjacent to The Walnuts Shopping Centre and from nearby occupiers including Peacocks, Ask Restaurant, Betfred and Greggs.
Tenure
Leasehold. Held from The Trustees of Orpington Village Hall Trust for a term of 125 years from 31st August 1979 until 2104 at a peppercorn rent
Location
Miles
16 miles south-east of London city centre, 10 miles east of Croydon, 6 miles south-east of Bromley
Roads
A224, A20, A21, M25 (Junction 4)
Rail
Orpington Railway Station (London Bridge in 15 minutes)
Air
London City Airport
Situation
The property is situated in a prominent position on the High Street, Orpington's prime retail thoroughfare. The property benefits from being situated adjacent to The Walnuts Shopping Centre and from nearby occupiers including Peacocks, Ask Restaurant, Betfred and Greggs.
Tenure
Leasehold. Held from The Trustees of Orpington Village Hall Trust for a term of 125 years from 31st August 1979 until 2104 at a peppercorn rent
Description
The property comprises five ground floor retail units fronting High Street with self-contained office accommodation on first, second and third floors. The office accommodation is accessed from High Street and benefits from a passenger lift, perimeter trunking and suspended ceilings. The property also benefits from a substantial service yard and parking area to the rear providing approximately 38 spaces.
Note: This property is being marketed on behalf of Joint Law of Property Act Receivers and therefore no warranties or guarantees in any respect can be given. The LPA Receivers are not bound to accept the highest or any offer and are acting without personal liability.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises five ground floor retail units fronting High Street with self-contained office accommodation on first, second and third floors. The office accommodation is accessed from High Street and benefits from a passenger lift, perimeter trunking and suspended ceilings. The property also benefits from a substantial service yard and parking area to the rear providing approximately 38 spaces.
Note: This property is being marketed on behalf of Joint Law of Property Act Receivers and therefore no warranties or guarantees in any respect can be given. The LPA Receivers are not bound to accept the highest or any offer and are acting without personal liability.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Unit
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
115
Ground
Retail
82.2 sq m
(885 sq ft)
INDIVIDUAL (t/a Grand Design Furniture & Gifts)
3 years from and including 12/04/2010
£7,800
12/04/2012 (11/04/2013) (1)
117
Ground
Retail
96.1 sq m
(1,034 sq ft)
VACANT POSSESSION (2)
119
Ground
Retail
97.2 sq m
(1,046 sq ft)
INDIVIDUAL (t/a Kent Furnishings) (3)
10 years from 23/06/2008 (4)
£17,500 (5)
(22/06/2018)
121
Ground
Retail
94.7 sq m
(1,019 sq ft)
RAW ENTERPRISES (UK) LIMITED (t/a Raw Hairdresser)
10 years from /10/2009 (6)
£7,800
1/10/2012 & 1/10/2015 (7) (30/09/2019)
123
Ground
Retail/Ancillary
126.7 sq m
(1,364 sq ft)
JOHN HUMPHREYS TURF ACCOUNTANTS LTD (8)
10 years from and including 2/05/2002
£27,000
(1/05/2012)
115-123
First
Office
554.7 sq m
(5,971 sq ft)
BROOMFIELD HOUSING ASSOCIATION (9) (10)
25 years from and including 25/03/1992
£73,150
25/03/2012 (24/03/2017)
115-123
Second
Office
557.4 sq m
(6,000 sq ft)
EVOLVI RAIL SYSTEMS LIMITED (11)
7 years from and including 27/11/2004
£78,000
(26/11/2011)
115-123
Second
Office
436.9 sq m
(4,703 sq ft)
EVOLVI RAIL SYSTEMS LIMITED (11)
6 years from 24/04/2006
£64,960
(26/11/2011)
Totals
2,045.9 sq m
(22,022 sq ft)
£276,210 (Subject to Note 5)
(1) The rent is subject to a fixed increase to £10,400 p.a. with effect from 12th April 2012. (2) The tenant of Unit 115 has expressed an interest in occupying this unit in addition to No. 115. For further information, please refer to the Auctioneers. (3) Established in 1995, Kent Furnishings specialise in wooden furniture for the home. (Source: www.kentfurnishings.co.uk) (4) There is a tenant option to determine on 23rd June 2013 on providing 6 months' written notice. (5) The tenant is currently benefiting from a rent and service charge concession of £200 per week plus VAT and expiring 31st December 2011. Non payment will result in the concession being immediately removed and the rent and service charge due under the lease becoming immediately payable. (6) There is a mutual option to determine on 1st October 2014 on providing 6 months' written notice. (7) The rent is subject to a fixed increase to £10,400 p.a. with effect from 1st October 2011. (8) Please note that the tenant is not currently in occupation. Coral Racing Limited purchased the entire share capital of John Humphreys Turf Accountants Ltd on 23rd June 2005. All future lease liabilities have and will be met by Coral Estates Limited the property owning/leasing associated company to Coral Racing Limited. The rent is currently being paid by Coral. (9) The Broomfield Housing Authority was organized in February 2002 to facilitate improvements in dwelling and housing conditions for Broomfield residents. (Source: www.broomfield.org/housing) (10) The tenant has sublet the property to Bromley Hospital NHS Trust who are currently in occupation. (11) For the year ending 31st December 2009, Evolvi Rail Systems Limited reported a turnover of £5,211,000, pre-tax profits of £1,705,000 and a net worth of £2,137,000. (Source: www.riskdisk.com 6/06/2011)
Contacts
Seller's Solicitors
CMS Cameron McKenna LLP Mitre House, 160 Aldersgate Street London EC1A 4DD +44 (0)20 7367 2000
