Wincott Parade
173 Kennington Road,
Kennington
London
SE11 6SS

Unbroken Central London Freehold Retail Parade and Residential Ground Rent Investment

  • Prominent South Bank retail parade close to Lambeth Palace and Imperial War Museum
  • Comprising 8 retail units, 20 flats, 13 garages
  • Average unexpired lease term of almost
  • 8 years
  • Affluent and attractive Central London location
  • Site area of approximately 0.114 ha
  • (0.281 Acres)
  • 5 flats with less than 58 years unexpired
  • Lot
    7
  • Auction
    04/Nov/2021
  • Rent
    £76,115 per Annum Exclusive
  • Status
    Sold
  • Price*
    £1,060,000
  • Sector
    High Street Retail
  • Auction Venue
    Live Streamed Auction
Important Update
  • Wincott Parade, 173 Kennington Road,, Kennington, London, SE11 6SS
  • Expand
  • Photos
  • Map

* More information on the term "price" can be found here

Property Information

Location
Miles
1.7 Miles south of the City of London
0.8 miles from Houses of Parliament
Roads
A3204, A3, A205 (South Circular Road)
Rail
Lambeth North (Bakerloo Line),
Elephant and Castle (Northern Line) and Kennington (Northern Line),
Vauxhall (Victoria and National Rail)
Air
London City Airport,
London Heathrow Airport,
London Gatwick Airport
Situation

The property is situated in the attractive South Bank location of Kennington approximately 1.7 miles south of City of London and less than 1 mile from Westminster. The property occupies a prominent position on the Kennington Road with significant frontages onto Wincott Street and Bishops Terrace with rear parking accessed from Bishops Terrace. Kennington has benefitted from several recent new developments including the Oval Village, a 2 hectare site with 738 new homes, offices, retail and leisure facilities. The 2 Kennington Lane development has also recently completed with 73 homes, communal gardens and a roof terrace.

Tenure

Freehold.

Description

The property, a substantial unbroken South Bank retail parade on Kennington Road opposite Lambeth Walk Open Space, comprises 8 retail units, including a dry cleaners, hair dressers and an off license on the ground floor, 20 flats on the three upper floors and
13 garages. The site area covers 0.114 ha
(0.281 acres). There are also rights to two 48 sheet advertising displays fronting Bishops Terrace.

VAT

VAT is not applicable to this lot.

Note

As to the residential flats, the tenants have been served notice pursuant to Section 5B of the Landlord and Tenant Act 1987. The notices were served on the 12th June 2021, the tenants had until the 31st August 2021 to respond to the notices. As no tenants had responded to the notices by the 31st August 2021, the tenants are not able exercise the right of pre-emption on this sale.

Completion Period

Six week completion

EPC

See Legal Pack

Tenancy & Accommodation

UnitFloorUseFloor Areas (Approx)TenantTermRent p.a.xReview/
(Reversion)
1 Wincott
Parade
GroundRetail
26.00 sq m
(279 sq ft)
HAYWARDS DRY
CLEANERS
15 years from
29/09/2020 (1)
£8,75029/09/2025
(28/09/2035)
2 Wincott
Parade
GroundRetail/
Ancillary
28.80 sq m
(310 sq ft)
INDIVIDUAL t/a
Plumbing Supplies
5 years from
27/02/2012
£7,350Holding
Over
3 Wincott
Parade
GroundRetail
28.60 sq m
(307 sq ft)
INDIVIDUAL15 years from
03/11/2010
£6,500(02/11/2025)
4 Wincott
Parade
GroundRetail
22.10 sq m
(237 sq ft)
INDIVIDUAL10 years from
10/09/2019
£7,35010/09/2024
(09/09/2029)
5&6 Wincott
Parade
GroundRetail/Office
60.10 sq m
(646 sq ft)
BDPM LIMITED15 years from
25/03/2020
£14,50002/05/2028
(25/03/2035)
7 Wincott
Parade
GroundRetail
43.80 sq m
(471 sq ft)
INDIVIDUAL15 years from
29/09/2018
£13,50020/09/2023
(28/09/2033)
8 Wincott
Parade
GroundRetail
22.30 sq m
(240 sq ft)
INDIVIDUAL5 years from
25/08/2016
£7,750(24/08/2021)
9 Wincott
Parade
GroundRetail
29.50 sq m
(317 sq ft)
INDIVIDUAL12 years from
29/09/2018
£7,75029/09/2022
(28/09/2030)
Advertising
Rights
 Advertising
Rights
 CLEAR CHANNEL
UK LIMITED
5 years from
14/02/2013 (2)
£2,000 
Flats 1,2,4,5,
9,11,12,13,14,
15,17,18
First
Second
Third
Residential
14 Flats
INDIVIDUALS189 years from
24/06/1980 (3)
Peppercorn 
Flats 3, 6,
7, 8, 10, 16
(10,11 Wincott
Parade)
First
Second
Third
Residential
6 Flats
INDIVIDUALS99 years from
24/06/1980 (4) (5)
(6)
£600 
Garages 1-13 Garage
INDIVIDUALS99 years from
24/06/1980 (7)
£65 
Total Commercial Floor Area
261.2 sq m(2,807 sq ft) 
£76,115

(1) As to unit 1 Wincott Parade, the lease provides for a tenant option to determine the lease 29/09/2025 subject to serving 6 months written notice.
(2) As to the advertising right, the lease provides for a mutual rolling option to determine the lease on serving 5 months written notice.
(3) As to flat 13, the flat has been sold off on a long lease of 164 years from 01/06/2005 at a peppercorn rent.
(4) As to flat 3, the flat has been sold off on a long lease of 99 years from 24/06/2004 at a ground rent of £50.
(5) As to flat 10 Wincott Parade, the flat has been sold off on a long lease of 99 years from 26/11/2009 at a ground rent of £50.
(6) As to flat 11 Wincott Parade, the flat has been sold off on a long lease of 99 years from 15/04/2010 at a ground rent of £50.
(7) As to garage 23, the term is until 23/06/2088.

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
    15.10.21
    File Size
    2 MB
    View PDF
  • Site Plan
    Updated Date
    15.10.21
    File Size
    753 KB
    View PDF
  • Common Auction conditions
    Updated Date
    10.06.21
    File Size
    168 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
John MehtabJohn Mehtab +44 (0)20 7034 4855 +44 (0)7899 060519john.mehtab@acuitus.co.uk
Alexander AuteracAlexander Auterac +44 (0)20 7034 4859 +44 (0)7713 135 034alexander.auterac@acuitus.co.uk
Seller's Solicitors
Russell Cooke Solicitors
Chloe Chatton 02074404831Chloe.Chatton@russell-cooke.co.uk  Shabnam Ali-Khan 020 3826 7306

Useful Links

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