48 - 50 South Street
Romford
Greater London
RM1 1RB

Prime Freehold Retail and Commercial Investment

  • Majority let to Footasylum Plc, a part of JD Sports
  • 10 year lease (renewal) from March 2018 (subject to option)
  • To be part let to HairGrowthCentreRomford Limited on a renewed 5 year lease (4)
  • Approximately 7,200 sq ft (668.88 sq m)
  • Potential Change of Use opportunity on upper parts (subject to lease and consents)
  • Prime 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 and Costa
  • Located close to Romford Station in popular Greater London suburb - proposed Crossrail route
  • Lot
    13
  • Auction
    24/Oct/2019
  • Rent
    £140,000 per Annum Exclusive
  • Status
    Available
  • Price*
    £1,550,000
  • Sector
    High Street Retail
  • Auction Venue
    The Montcalm Hotel
    2 Wallenberg Place
    London W1H 7TN
Important Auction & Property Update
  • 48 - 50 South Street<br>Romford<br>Greater London<br>RM1 1RB
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* More information on the term "price" can be found here

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, Costa and Sports Direct. Other nearby occupiers include Tesco Express, GAP, JD Wetherspoon, Superdrug, Greggs and Trespass.

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

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

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

45.52 sq m
(857 sq ft)

(490 sq ft)
HAIRGROWTHCENTREROMFORD
LIMITED (3) with a guarantee from
Pharma Practice Limited
5 years from
2019 (4)
£40,000(2024)
Total
668.88 sq m
(7,200 sq ft)
  £140,000 

(1) Footasylum is a part of JD Sports and is a UK-based lifestyle fashion retailer operating from more than 65 stores. For the year ending 23rd February 2019, Footasylum Limited (which had a change of name from Footasylum Plc in September 2019) reported a turnover of £227,249,000, a pre-tax loss of £6,241,000 and a total net worth of £36,114,000 (Source: Experian Group 22/09/2019).
(2) The lease provides for a tenant option to determine on 24th March 2023.
(3) Hair Growth Centre is one of the largest hair regrowth centres in the UK, with locations all over London, Essex, Birmingham and Manchester (Source: www.hairgrowthcentre.com 30/09/2019).
(4) A new 5 year lease has been agreed, without break, at a rent of £40,000 per annum and solicitors are instructed. The lease will be contracted outside the Security of Tenure provisions of the Landlord and Tenant Act 1954.

Property Documents

  • Solicitors Legal Pack
    Updated Date
    17.10.19
    File Size
    37 MB
    Login to View
  • Catalogue Page
    Updated Date
    02.10.19
    File Size
    3 MB
    View PDF
  • Site Plan
    Updated Date
    02.10.19
    File Size
    4 MB
    View PDF
  • Common Auction conditions
    Updated Date
    19.09.19
    File Size
    150 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF
  • Money Laundering Regs
    Updated Date
    19.09.19
    File Size
    36 KB
    View PDF

Contacts

Acuitus
David MargolisDavid Margolis +44 (0)20 7034 4862 +44 (0)7930 484 440david.margolis@acuitus.co.uk
George GoucherGeorge Goucher +44 (0)20 7034 4860george.goucher@acuitus.co.uk
Seller's Solicitors
Dentons UKMEA LLP One Fleet Place
London
EC4M 7WS
Alex Coulter 020 7634 8728alex.coulter@dentons.com

Useful Links

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