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
    28/Oct/2020
  • Rent
    £33,000 per Annum Exclusive
  • Status
    Sold
  • Price*
    £700,000
  • Sector
    High Street Retail
  • Auction Venue
    Live Streamed Auction
Important Auction & Property Update
  • 1 and 1A Brooke Parade<br>High Road<br>Chigwell<br>Essex<br>IG7 6PE
  • Expand
  • Photos
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* More information on the term "price" can be found here

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.

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.

Tenancy & Accommodation

FloorUseFloor Areas (Approx)TenantTermRent p.a.xReview/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 £1,000 inclusive of VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.

Due to the current restrictions in movement throughout the UK, the property may not have been inspected by Acuitus. Some photographs may not be current and these will be dated where this is the case. Plans showing nearby occupiers and mention of nearby occupiers may reflect a dated situation as some tenants are not currently in occupation. Floor areas and accommodation details are likely to have been obtained from VOA.Gov.UK and the Vendor.

Property Documents

  • Solicitors Legal Pack
    Updated Date
    12.10.20
    File Size
    28 MB
    Login to View
  • Catalogue Page
    Updated Date
    07.10.20
    File Size
    3 MB
    View PDF
  • Site Plan
    Updated Date
    07.10.20
    File Size
    559 KB
    View PDF
  • Common Auction conditions
    Updated Date
    01.07.20
    File Size
    277 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF
  • Money Laundering Regs
    Updated Date
    07.10.20
    File Size
    1,016 KB
    View PDF
  • Customer Due Dilligence Form
    Updated Date
    20.05.20
    File Size
    585 KB
    View PDF

Contacts

Acuitus
John MehtabJohn Mehtab +44 (0)20 7034 4855 +44 (0)7899 060519john.mehtab@acuitus.co.uk
Billy StruthBilly Struth +44 (0)20 7034 4854billy.struth@acuitus.co.uk
Seller's Solicitors
Altomart Limited 17 St. Ann's Road
Harrow
Middlesex
HA11JU
Rima Malde 020 8795 2949rima@altomart.co.uk

Useful Links

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