Stuart Hotel
74 Stuart Street (A505) and 37 Upper George Street
Luton
Bedfordshire
LU1 2SW

Freehold Hotel and Retail Investment

  • On behalf of Receivers
  • Includes a 60 room hotel and two Retail units
  • Retail tenants include A-plan Holdings until 2030 (no Breaks)
  • Includes 16 secure undercroft car spaces
  • Prominent and busy location adjacent to A505
  • Asset management Opportunity
  • Lot
    19
  • Auction
    28/Oct/2020
  • Rent
    £47,500 per Annum Exclusive
  • Status
    Sold
  • Price*
    £2,870,000
  • Sector
    Leisure
  • Auction Venue
    Live Streamed Auction
  • On Behalf of Receivers
Important Update
  • Stuart Hotel<br>74 Stuart Street (A505) and 37 Upper George Street<br>Luton<br>Bedfordshire<br>LU1 2SW
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* More information on the term "price" can be found here

Property Information

Location
Miles
30 miles north of Central London, 20 miles south-east of Milton Keynes,
Roads
A505, A6, M1 (Junction 10/11)
Rail
Luton Rail (direct to London in approximately 35 mins)
Air
London Luton Airport
Situation

Luton is a well established commercial centre located approximately 30 miles north of Central London. The town benefits from excellent communications being immediately east of the M1 motorway (Junctions 10 and 11), together with London-Luton International Airport. The property is prominently situated on the north side on the busy Stuart Road (A505), 300 metres from the centre of Luton and approximately 0.5 miles from Luton Railway station.

Tenure

Freehold.

Description

The property comprises a substantial building with two wings, one with a frontage to Stuart Street (A505) and the other with a frontage to Upper George Street. The property comprises a 60 room hotel on lower ground, ground, first, second and third floors, two retail units fronting Upper George Street and undercroft car parking.

The hotel may be suitable for residential conversion, subject to consents.

Note

This property is being marketed for sale on behalf of Joint Fixed Charge Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Joint Fixed Charge Receivers to the best of their knowledge, but the purchaser must rely solely upon their own enquiries. The Joint Fixed Charge Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.

Completion Period

Six week completion

EPC

See legal pack.

Tenancy & Accommodation

UnitFloorUseFloor Areas (Approx)TenantTermRent p.a.xReview/(Reversion)
Stuart Hotel Part Lower Ground
Ground
First
Second
Third
Ancillary

Hotel/Parking
Hotel
Hotel
Hotel
431.47 sq m

349.80 sq m
550.00 sq m
554.10 sq m
552.70 sq m
(4,645 sq ft)

(3,765 sq ft)
(5,920 sq ft)
(5,964 sq ft)
(5,949 sq ft)
VACANT
POSSESSION
   
37 A and BLower GroundRetail
271.63 sq m
(2,924 sq ft)
A-PLAN
HOLDINGS
(1)
10 years
from
30/04/2020
£32,50030/04/2025
(29/04/2030)
37 CLower GroundRetail
119.10 sq m
(1,282 sq ft)
DISCOVER
ISLAM LUTON
LTD.
15 years
from
22/12/2011
£15,00022/11/2021
(2)
(21/11/2026)
Totals
2,828.80 sq m
(30,449 sq ft)   £47,500 with VacantPossession Hotel 

(1) For the year ending 28th February 2019, A-plan Holdings reported a turnover of £101,669,355, pre-tax profits of £31,161,485 and shareholders funds of £56,466,465 (Source: SmartSearch 05/10/2020). A plan have been providing personalised insurance services since 1963 and now have over 80 High Street branches (www.aplan.co.uk).
(2) The 22/11/2016 rent review has not been implemented.

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

  • Catalogue Page
    Updated Date
    07.10.20
    File Size
    12 MB
    View PDF
  • Site Plan
    Updated Date
    07.10.20
    File Size
    505 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
Addleshaw Goddard LLP One St. Peter's Square
Manchester
M2 3DE
Natalie Bromley 0161 934 6445natalie.bromley@addleshawgoddard.com

Useful Links

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