Property Auctions 28/Oct/2020 | 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 28th October 2020
Rent £47,500 per Annum Exclusive
Status Sold
Price £2,870,000
Sector
Leisure
Auction Venue
Live Streamed Auction
On Behalf of Receivers

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.

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.

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

Unit	Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Review/(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 B	Lower Ground	Retail	271.63 sq m	(2,924 sq ft)	A-PLAN HOLDINGS (1)	10 years from 30/04/2020	£32,500	30/04/2025 (29/04/2030)
37 C	Lower Ground	Retail	119.10 sq m	(1,282 sq ft)	DISCOVER ISLAM LUTON LTD.	15 years from 22/12/2011	£15,000	22/11/2021 (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 £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.