Fully let investment comprising two shops, five flats and rear storage land in Eltham town centre
Shops trading as Boots Opticians and Wimpy (by way of recent lease renewals)
10 year lease renewal (subject to option) from February 2019 to Boots Opticians
20 year lease renewal (no breaks) from December 2018 to tenant trading as Wimpy
Separately let rear storage area (with development potential, subject to planning)
Five flats (2 x one bedroom, 1 x 2 bedroom and 2 x 3 bedroom) above and to the rear, all let on ASTs
Potential advertising opportunity on flank wall (subject to consents)
Nearby occupiers include Marks & Spencer, Iceland, TK Maxx, Costa Coffee, KFC, Subway, McDonald’s, Superdrug, Boots the Chemist and WHSmith
Lot 9
Auction 4th April 2019
Rent
Status Sold
Price £1,900,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
4 miles south-east of Greenwich and Blackheath
8 miles west of Dartford
10 miles south-east of Central London
Roads
A2, A20, A205
Rail
Eltham Train Station
Air
London City Airport
Situation
Eltham is a popular suburb of South East London within the Royal Borough of Greenwich, 10 miles south-east of Central London. The property is located in a prime location on the northern side of Eltham High Street, opposite Passey Place, less than half a mile from Eltham Station. Nearby occupiers include Marks & Spencer, Iceland, TK Maxx, Costa Coffee, KFC, Subway, McDonald’s, Superdrug, Boots the Chemist, WHSmith and various banks. A new Vue Cinema complex at 168-176 High Street is due to open imminently, to include a Pizza Express and a Nando's.
Tenure
Freehold.
Location
Miles
4 miles south-east of Greenwich and Blackheath
8 miles west of Dartford
10 miles south-east of Central London
Roads
A2, A20, A205
Rail
Eltham Train Station
Air
London City Airport
Situation
Eltham is a popular suburb of South East London within the Royal Borough of Greenwich, 10 miles south-east of Central London. The property is located in a prime location on the northern side of Eltham High Street, opposite Passey Place, less than half a mile from Eltham Station. Nearby occupiers include Marks & Spencer, Iceland, TK Maxx, Costa Coffee, KFC, Subway, McDonald’s, Superdrug, Boots the Chemist, WHSmith and various banks. A new Vue Cinema complex at 168-176 High Street is due to open imminently, to include a Pizza Express and a Nando's.
Tenure
Freehold.
Description
The property comprises two shops arranged on the ground and second floors with a self-contained maisonette arranged on the first floor. To the rear of the property, there is a large yard for storage and four flats, known as Clifton Cottages.
VAT
VAT is not 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 two shops arranged on the ground and second floors with a self-contained maisonette arranged on the first floor. To the rear of the property, there is a large yard for storage and four flats, known as Clifton Cottages.
VAT
VAT is not 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
Unit
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
93
Ground
Retail/Ancillary
71.99 sq m
(775 sq ft)
BOOTS OPTICIANS PROFESSIONAL SERVICES LIMITED (1)
10 years from 04/02/2019 until 03/02/2029 (2)
£23,500
04/02/2024
95/95a
Ground Second
Retail Ancillary
107.20 sq m 81.29 sq m
(1,154 sq ft) (875 sq ft)
INDIVIDUALS t/a Wimpy
20 years from 25/12/2018 until 24/12/2038
£50,000
25/12/2023 and 5 yearly thereafter
95b
First
Residential
3 bedroom flat
INDIVIDUAL
AST from 27/09/2018
£12,000
Yard
Storage Land
339.15 sq m
(3,651 sq ft)
AXIS DUCTWORK LIMITED (3)
10 years from 29/06/2018 until 28/06/2028 (4)
£7,800 (5)
28/06/2023 (5)
Flat 1, Clifton Cottages
Rear
Residential
2 bedroom flat
INDIVIDUALS
AST from 27/08/2018
£12,840
Flat 2, Clifton Cottages
Rear
Residential
1 bedroom flat
INDIVIDUAL
AST from 19/11/2018
£9,840
Flat 3, Clifton Cottages
Rear
Residential
1 bedroom flat
INDIVIDUALS
AST from 23/08/2018
£8,520
Flat 4, Clifton Cottages
Rear
Residential
3 bedroom flat
INDIVIDUALS
AST from 04/03/2019
£13,520
Total Commercial Area
599.67 sq m
(6,455 sq ft)
£138,020
(1) For the year ending 31st August 2017, Boots Opticians Professional Services Limited reported a turnover of £368,959,000, pre-tax profits of £26,250,000 and a total net worth of £77,563,000 (Source: Experian Group 26/02/2019). (2) The lease provides for a tenant option to determine on 4th February 2024. (3) Axis Ductwork is involved in construction installation and for the year ending 30th June 2017 reported a total net worth of £752,826. A rent deposit of £3,900 is held by the Seller. (4) The lease is drawn outside the provisions of the 1954 Landlord & Tenant Act and provides for a mutual option to determine on 28th June 2023. (5) Rent rises to £9,500 per annum in June 2023.