257 - 265 Southwark Park Road
London
SE16 3TP

Freehold Retail and Residential Investment

  • Substantial corner building including
  • 2 retail units and 14 self contained flats
  • Tenants trading as Nisa Local and Paddy Power
  • Situated approximately 1 mile south of The City of London
  • Further development potential to add an additional floor (Subject to Consents)
  • Lot
    10
  • Auction
    05/May/2021
  • Rent
    £297,820 per Annum Exclusive
  • Status
    Available
  • Price*
    Contact Us
  • Sector
    High Street Retail
  • Auction Venue
    Live Streamed Auction
Important Update
  • 257 - 265 Southwark Park Road<br>London<br>SE16 3TP
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* More information on the term "price" can be found here

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.

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

FloorUseFloor Areas
(Approx)
TenantTermRent p.a.xReviews/
(Reversion)
GroundConvenience
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)
£35,00007/03/2026
and 5 yearly
(06/03/2041)
GroundRetail
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
INDIVIDUALS14 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 £1,000 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
    22.04.21
    File Size
    24 MB
    Login to View
  • Catalogue Page
    Updated Date
    16.04.21
    File Size
    2 MB
    View PDF
  • Site Plan
    Updated Date
    16.04.21
    File Size
    405 KB
    View PDF
  • Common Auction conditions
    Updated Date
    16.03.21
    File Size
    687 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
Protopapas LLP Queens House, 180 Tottenham Court Road
London
W1T 7PD
Austin Weinberg 020 7636 2100Austin.Weinberg@protopapas.co.uk

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