11-13 Silver Street
Bedford
Bedfordshire
MK40 1SY

Freehold Retail Investment

  • New two year lease from January 2021 (1)
  • Modest rebased rent
  • New lease subject to mutual rolling break options, with 3 months notice, outside the provisions of the Landlord and Tenant Act 1954
  • Large double-fronted shop - circa 4,838 sq ft, with first floor trading
  • Tenant in occupation since 1998
  • Of interest to investors, owner occupiers and developers with possible change of use opportunities
  • Nearby occupiers include Argos, Boots, EE, Greggs, Pandora, Primark, Holland & Barrett, Bodyshop and JD Sports
  • Lot
    7
  • Auction
    28/Oct/2020
  • Rent
    £15,000 per Annum Exclusive
  • Status
    Sold
  • Price*
    £411,000
  • Sector
    High Street Retail
  • Auction Venue
    Live Streamed Auction
  • On Behalf of a Real Estate Investment Trust
Important Auction & Property Update
  • 11-13 Silver Street<br>Bedford<br>Bedfordshire<br>MK40 1SY
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  • Photos
  • Map

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

Property Information

Location
Miles
17 miles north-east of Milton Keynes
29 miles west of Cambridge
50 miles north of London
Roads
A6, A421, A4280
Rail
Bedford
Air
London Luton
Situation

Bedford is an attractive and affluent market town approximately 50 miles north of Central London. Bedford is situated in a strategic location, with the A1 just 8 miles to the east. The property is located on the north side of the pedestrianised Silver Street, just a few metres to Harpur Shopping Centre, with retailers including Argos, Boots, EE, Greggs, Pandora, Primark and Vodafone. Other nearby retailers on Silver Street include, Holland & Barrett, The Bodyshop and JD Sports.

Tenure

Freehold.

Description

The property comprises a large prominent, double-fronted shop with three storeys, arranged as a ground floor shop, with further sales accommodation on part of the first floor. The remaining first and second floors are arranged as ancillary accommodation.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

D. See legal pack at www.acuitus.co.uk.

Tenancy & Accommodation

FloorUseFloor Areas (Approx)TenantTermRent p.a.x
Ground
First
Second
Retail/Ancillary
Retail/Ancillary
Ancillary
190.08 sq m
148.00 sq m
111.40 sq m
(2,046 sq ft)
(1,593 sq ft)
(1,199 sq ft)
WATERSTONES
BOOKSELLERS
LIMITED (2)
New lease agreed for a term of 2
years from 09/01/2021, subject to
mutual rolling break options (1)
£15,000 (1)
Totals
449.48 sq m
(4,838 sq ft)   £15,000

(1) The property is currently let for a term of 3 years and 4 months from 3rd January 2019 at the current rent of 40,000 pa, with mutual break options on 9 months notice. The tenant served notice to vacate in March 2020, terminating the current lease in January 2021. A new 2 year reversionary lease has been agreed and is in solicitors hands, to commence from January 2021 at a new rent of £15,000 pa, with mutual rolling break options, subject to 3 months notice. The landlord is not able to exercise a break clause between 1st December - 15th January in any given year of the term.
(2) For the year ending 27th April 2019, Waterstones Booksellers Limited reported a total turnover of £392,776,000, pre-tax profits of £27,702,000 and shareholders funds of £40,159,000 (source: SmartSearch 25/09/2020).

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
    26.10.20
    File Size
    95 MB
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  • Catalogue Page
    Updated Date
    07.10.20
    File Size
    5 MB
    View PDF
  • Site Plan
    Updated Date
    07.10.20
    File Size
    844 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
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
DWF LLP Bridgewater Place, Water Lane
Leeds
Yorkshire
LS11 5DY
Helen Pashley 0113 261 6562helen.pashley@dwf.law

Useful Links

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