Situated approximately 1 mile south of The City of London
Further development potential to add an additional floor (Subject to Consents)
Lot 10
Auction 5th May 2021
Rent
Status Withdrawn Post
Price
Sector High Street Retail
Auction Venue Live Streamed Auction
Property Information
Location
Miles
1 mile south east of Tower Bridge
1.2 miles south east of the City of London
2.5 miles south west of London Docklands and Canary Wharf
1.5 miles south east of London Bridge
Roads
A2206, A2, A20, A205 South Circular Road.
Rail
Bermonsey Underground Station,
Surrey Quays Overground Station.
Air
London City Airport,
London Heathrow Airport
Situation
The property is situated on the north side of South Park Road in front of a major newly constructed 7 storey residential building. Bermonsey benefits from being approximately 1 mile equidistant between Tower Bridge and the City of London and the regenerated fashionable and affluent Surrey Quays.
Tenure
Freehold.
Location
Miles
1 mile south east of Tower Bridge
1.2 miles south east of the City of London
2.5 miles south west of London Docklands and Canary Wharf
1.5 miles south east of London Bridge
Roads
A2206, A2, A20, A205 South Circular Road.
Rail
Bermonsey Underground Station,
Surrey Quays Overground Station.
Air
London City Airport,
London Heathrow Airport
Situation
The property is situated on the north side of South Park Road in front of a major newly constructed 7 storey residential building. Bermonsey benefits from being approximately 1 mile equidistant between Tower Bridge and the City of London and the regenerated fashionable and affluent Surrey Quays.
Tenure
Freehold.
Description
The property a substantial corner building comprises two retail units on the ground floor and 14 self contained residential flats (10 x 2 bedroom and 4 x 1 bedroom) on the upper three upper floors. The property may benefits from further residential development with the construction of an additional floor (subject to consents).
VAT
VAT is not applicable to this lot.
Planning
The property may be suitable for the developement of an additional floor to create additional flats, subject to consents
Completion Period
Six Week Completion
EPC
See legal pack.
Description
The property a substantial corner building comprises two retail units on the ground floor and 14 self contained residential flats (10 x 2 bedroom and 4 x 1 bedroom) on the upper three upper floors. The property may benefits from further residential development with the construction of an additional floor (subject to consents).
VAT
VAT is not applicable to this lot.
Planning
The property may be suitable for the developement of an additional floor to create additional flats, subject to consents
Completion Period
Six Week Completion
EPC
See legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews/ (Reversion)
Ground
Convenience Store
110.60 sq m
(1,190 sq ft)
SUNSTAR SUPERMARKETS LIMITED (CRN 05863736) t/a Nisa Local (1)
20 years from 07/03/2021 until 2041 (2)
£35,000
07/03/2026 and 5 yearly (06/03/2041)
Ground
Retail
165.65 sq m
(1,783 sq ft)
POWER LEISURE BOOKMAKERS LIMITED (CRN 03822566) (3)
15 years from 27/03/2007
£27,500
(26/03/2022)
First to Third
14 Flats
10 X 2 Bedroom and 4 x 1 Bedroom
INDIVIDUALS
14 separate Assured Shorthold Tenancy Agreements
£235,320
Total Commercial Floor Area
276.25 sq m
(2,973 sq ft)
£297,820
(1) Nisa is a £1.45 billion turnover company which exists to provide benefits to approx. 1,400 partners, operating almost 4,000 stores. (Source: www.nisalocally.co.uk/the-nisa-story/) (2) As to the lease to Sunstar Supermarkets Limited, the lease is outside of the security of tenure provisions of the Landlord and Tenant Act 1954. (3) For the year ending 31st December 2019, Power Leisure Bookmakers Limited reported a turnover of £745,565,471, a pre-tax profit of £93,404,662 and shareholder funds of £198,324,531 (Source: NorthRow 13/04/2021). (4) As to the residential flats the rents shown have been annualised.
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.