Petrol Filling Station Dudden Hill Lane London NW10 1DE

Petrol Filling Station
Dudden Hill Lane
London
NW10 1DE

Well Secured Long Let Freehold Petrol Filling Station Investment

Recently let to Euro Garages Limited until 2050 (no breaks)
2.5% p.a. compounded rental increases throughout duration of lease, received every 5 years
Further increase in annual rent if tenant installs apparatus for hydrogen/electric fuelling (2)
Includes Spar Convenience Store/ Subway/Starbucks On The Go/WC & ATM; numerous petrol and diesel pumps for cars and HGV's, a car wash and car parking
Site area 0.23 hectares (0.57 acres)
Busy North West London location close to A406 (North Circular Road) between Dollis Hill and Neasden Tube Stations
Long term residential or alternative use potential (4)

Lot
8
Auction
24th September 2021
Rent
£180,000 per Annum Exclusive
Status
Sold
Price
£4,575,000
Sector
Motor Trade/Petrol Station
Auction Venue
Live Streamed Auction

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Well Secured Long Let Freehold Petrol Filling Station Investment

Recently let to Euro Garages Limited until 2050 (no breaks)
2.5% p.a. compounded rental increases throughout duration of lease, received every 5 years
Further increase in annual rent if tenant installs apparatus for hydrogen/electric fuelling (2)
Includes Spar Convenience Store/ Subway/Starbucks On The Go/WC & ATM; numerous petrol and diesel pumps for cars and HGV's, a car wash and car parking
Site area 0.23 hectares (0.57 acres)
Busy North West London location close to A406 (North Circular Road) between Dollis Hill and Neasden Tube Stations
Long term residential or alternative use potential (4)

Lot 8
Auction 24th September 2021
Rent £180,000 per Annum Exclusive
Status Sold
Price £4,575,000
Sector
Motor Trade/Petrol Station
Auction Venue
Live Streamed Auction

Property Information

Location

Miles: 1.5 miles east of Wembley; 4 miles north-west of Marble Arch
Roads: A4088, A406, A40, M1
Rail: Neasden Underground,; Dollis Hill Underground
Air: London Heathrow Airport

Situation

The property is prominently situated on the west side of the busy Dudden Hill Lane (A4088), midway between Burnley Road and Normanby Road, just north of Willesden, between Neasden and Dollis Hill Underground stations, in a mixed commercial and residential area.

Tenure

Freehold.

Location

Miles: 1.5 miles east of Wembley; 4 miles north-west of Marble Arch
Roads: A4088, A406, A40, M1
Rail: Neasden Underground,; Dollis Hill Underground
Air: London Heathrow Airport

Situation

Tenure

Freehold.

Description

The property comprises a petrol filling station with two X 6 hose pumps, two X 8 hose pumps and two filling stations with diesel pumps for HGV's. The property benefits from a Spar Convenience store with a Subway, Starbucks On The Go, WC, ATM and a TV and seating area. The property also has car parking and a car wash, on a total site of approximately 0.23 hectares (0.57 acres).

VAT

VAT is applicable to this lot.

Planning

The site may have long term residential or alternative use potential, subject to the existing lease and obtaining the relevant consents. All enquires should be referred to The London Borough of Brent. (www.brent.gov.uk)

Completion Period

Six Week Completion

EPC

See legal pack.

Description

VAT

VAT is applicable to this lot.

Planning

Completion Period

Six Week Completion

EPC

See legal pack.

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Review
Ground	Convenience Store/Petrol Filling Station	217.94 sq m	(2,346 sq ft)	EURO GARAGES LIMITED (1)	30 years from 18/12/2020 until 17/12/2050 on a full repairing and insuring lease	£180,000 (2)	2.5% p.a. rental increases, compounded annually and payable 5 yearly rising to £203,653 pa in 2025 with further fixed rental increases throughout the lease (3)
Total Site Area:		217.94 sq m 0.23 hectares	(2,346 sq ft) (0.57 acres)			£180,000 (2)

(1) For the year ending 31st December 2019, Euro Garages Limited reported a turnover of £2,215,921,000, a pre- tax profit of £53,903,000 and shareholder funds of £284,903,000 (Source: NorthRow 26/08/2021). Euro Garages has established itself as one of the UKs fastest growing and most recognisable forecourt operators, with an expanding portfolio of around 4500 sites across the UK, mainland Europe, the USA and Australia (https://uk.eurogarages.com 27/08/2021).
(2) With the landlord's consent, the tenant can install electric or Hydrogen fuelling points. If they do, the annual rent will increase by £2,500 p.a, also to be compounded annually at a rate of 2.5%pa, payable 5 yearly and any increased annual rent will be immediately due and will not be retrospective - please see lease (Schedule 6, page 60)
(3) The lease specifies 2.5% p.a. compounded rental increases payable every 5 years.
The current rent increases to: £203,653 p.a. on 18/12/2025;
Rising to £230,415 p.a. on 18/12/2030;
Rising to £260,694 p.a. on 18/12/2035;
Rising to £294,951 p.a. on 18/12/2040:
Rising to £333,710 p.a. on 18/12/2045.

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.