Freehold Shopping Mall and Residential Ground Rent Investment
Attractive shopping mall in affluent market town
Close to Northgate and Link Road public car parks
Located between popular North Street and Waitrose supermarket
Nearby occupiers include Côte Restaurant, Bills Restaurant, Lloyds Bank, HSBC and Carluccios
Lot 28
Auction 26th March 2020
Rent £132,750 per Annum Exclusive
Status Withdrawn Prior
Price
Sector High Street Retail
Auction Venue The Montcalm Hotel 2 Wallenberg Place Marble Arch London W1H 7TN
On behalf of a Major Fund Manager
Property Information
Location
Miles
25 miles north of Central London
25 miles south of Cambridge
Roads
M11, M25
Rail
Bishops Stortford Rail
Air
Stansted International Airport
Situation
Bishops Stortford is a historic market town 25 miles north of Central London. The property is located in the town centre on the eastern side of North Street, one of the towns most sought after shopping streets. The shopping precinct provides a thoroughfare through to Waitrose supermarket, via Water Lane to the east. Nearby occupiers include Côte Restaurant, Pizza Express, Bills Restaurant, Lloyds Bank, HSBC , White Stuff, NatWest and Savills.
Tenure
Freehold.
Location
Miles
25 miles north of Central London
25 miles south of Cambridge
Roads
M11, M25
Rail
Bishops Stortford Rail
Air
Stansted International Airport
Situation
Bishops Stortford is a historic market town 25 miles north of Central London. The property is located in the town centre on the eastern side of North Street, one of the towns most sought after shopping streets. The shopping precinct provides a thoroughfare through to Waitrose supermarket, via Water Lane to the east. Nearby occupiers include Côte Restaurant, Pizza Express, Bills Restaurant, Lloyds Bank, HSBC , White Stuff, NatWest and Savills.
Tenure
Freehold.
Description
Florence Walk is a covered shopping mall comprising twelve ground floor units. There are six residential flats on the upper floors which have been let on long leases.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
See legal pack at www.acuitus.co.uk
Description
Florence Walk is a covered shopping mall comprising twelve ground floor units. There are six residential flats on the upper floors which have been let on long leases.
(1) The lease provides a tenant option to determine on 12th October 2020. (2) The lease provides a tenant option to determine on 16th October 2023. (3) The lease provides a tenant option to determine on 20th September 2021. (4) The lease provides a tenant option to determine on 23rd January 2022. (5) Terms for a new 5 year lease at £14,000 pa with an option to determine in the 3rd year have been agreed and are currently in solicitors hands, due to complete imminently. A 6 month rent free period. The seller will adjust completion monies so that the unit effectively produces £14,000 pa from completion of the sale. (6) The lease provides a tenant option to determine on 5th November 2023.
If you are the successful bidder, Acuitus requires a separate payment of £1,250+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
