1 and 1A Brooke Parade High Road Chigwell Essex IG7 6PE

1 and 1A Brooke Parade
High Road
Chigwell
Essex
IG7 6PE

Freehold Retail Investment with Potential

Let to DP Realty Limited. Guaranteed by Domino's Pizza Group Plc until 2038 (no breaks)
DP Realty Limited usually trade as Domino's Pizza Takeaway
Residential upper floors sub let on long lease with
77 years unexpired
Large yard at the rear
No Arrears
Residential redevelopment potential (subject to consents)

Lot
6
Auction
28th October 2020
Rent
£33,000 per Annum Exclusive
Status
Sold
Price
£700,000
Sector
High Street Retail
Auction Venue
Live Streamed Auction

Important Update

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* More information on the term "price" can be found here

Freehold Retail Investment with Potential

Let to DP Realty Limited. Guaranteed by Domino's Pizza Group Plc until 2038 (no breaks)
DP Realty Limited usually trade as Domino's Pizza Takeaway
Residential upper floors sub let on long lease with
77 years unexpired
Large yard at the rear
No Arrears
Residential redevelopment potential (subject to consents)

Lot 6
Auction 28th October 2020
Rent £33,000 per Annum Exclusive
Status Sold
Price £700,000
Sector
High Street Retail
Auction Venue
Live Streamed Auction

Property Information

Location

Miles: 11 miles north east of Central London
Roads: M11
Rail: Chigwell (Central Line)
Air: London City Airport; London Southend; London Stansted; London Heathrow

Situation

Chigwell is a highly affluent commuter town just 11 miles from Central London. The property is situated on Brook Parade, parallel to Chigwell High Road and approximately 100 metres from Chigwell underground station (Central line). Nearby occupiers include McColls, Post Office and Volvo Cars, amongst several other well known local traders. The parade benefits from on street parking immediately outside.

Tenure

Freehold.

Location

Miles: 11 miles north east of Central London
Roads: M11
Rail: Chigwell (Central Line)
Air: London City Airport; London Southend; London Stansted; London Heathrow

Situation

Tenure

Freehold.

Description

The property comprises ground floor retail accomodation and lower ground floor storage, with a self contained maisonette on the first and second floors which is let on a long lease with 77 years unexpired. The property benefits from a large yard to the rear and may be suitable for further development (subject to consents).

VAT

VAT is not applicable to this lot.

Completion Period

Six week completion

EPC

Band E.

Description

VAT

VAT is not applicable to this lot.

Completion Period

Six week completion

EPC

Band E.

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Review/Reversion)
Ground Lower Ground First Second	Retail Storage Residential (5) Residential (5)	116.20 sq m 10.00 sq m	(1,251 sq ft) (107 sq ft)	D P REALTY LIMITED t/a Domino’s (1) with a guarantee from Domino’s Pizza Group Plc (2) The tenant is not currently in occupation.	20 years from 26/09/2018	£33,000 (4)	26/09/2023(3) 26/09/2028 and 26/09/2033 (25/09/2038)
Totals		126.20 sq m	(1,358 sq ft)			£33,000 (3)

1) For the year ending 30th December 2018, DP Realty Limited reported a turnover of £26,451,000, pre-tax profits of £823,000 and shareholders funds of £4,370,000 (Source:SmartSearch 01/10/2020). Since opening the first Dominos store in the UK in 1985, we now have over 1,000 stores across the country and more than 35,000 team members. Last year, we sold almost 90 million freshly handcrafted pizzas. (Source: www.dominos.co.uk)
(2) For the year ending 29th December 2019 Domino's Pizza Group Plc reported a turnover of £508,300,000, pre-tax profits of £75,100,000 and shareholders fund of negative £29,600,000 (Source: SmartSearch 02/10/2020).
(3) The lease provides for the rent to be reviewed in 2023 to the greater of the Annual Rent or the Open Market Rent and for this to be reviewed in 2028 and 2033 to the greater of 105% of the Annual Rent or the Open Market Rent..
(4) The current rent reserved under the terms of the lease is £31,500 per annum exclusive. The lease provides for the rent to be increased to £32,250 p.a.x from 26th September 2021 and to £33,000 p.a.x from 26th September 2022. The seller will pay the buyer the difference between the £31,500 p.a.x and £33,000 p.a.x from Completion of the Sale to 25th September 2021 and the difference between £32,250 p.a.x and £33,000 p.a.x from 26th September 2021 to 25th September 2022. Therefore the property will provide £30,000 p.a.x from Completion of the Sale.
(5) The residential maisonette has been sublet for a term of 99 years from 25th December 1998 until 2097 at a rent of £25 per annum.

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.