Freehold Retail & Charity Let Commercial/Office Investment
Prime pedestrianised retail location between The Centrale Centre and The Whitgift Centre
Fully let comprising a Shop, Charity-let Office and a Juice Bar
Shop let to Footasylum Limited a part of JD Sports
Recently extended shop lease from October 2021 at a rent re-based from £139,000 to £120,000 pa (2)
Potential residential conversion/development of upper parts (subject to lease and consents)
Neighbouring occupiers include H&M, Zara, Next, Greggs, Holland & Barrett, Footlocker and Pandora
Lot 8
Auction 4th November 2021
Rent £145,500 per Annum Exclusive
Status Withdrawn Prior
Price
Sector High Street Retail
Auction Venue Live Streamed Auction
Property Information
Location
Miles
10 miles south of Central London
Roads
A212, A236, A23, M25 (Junction 7)
Rail
West Croydon Railway Station,
Centrale Tram Stop
Air
Gatwick Airport, Heathrow Airport
Situation
The property is prominently located in the heart of Croydon Town centre in a prime pedestrianised retail pitch. Neighbouring occupiers include H&M, Zara, Next, Greggs, Holland & Barrett, Footlocker and Pandora. A 5.25 billion regeneration of Croydon's town centre is currently underway. About a third of the new homes identified in the local plan are expected to be built in the town centre and the redevelopment of the Whitgift Centre is set to create a flagship retail destination (https://www.croydon.gov.uk/ 28/09/2021).
Tenure
Freehold.
Location
Miles
10 miles south of Central London
Roads
A212, A236, A23, M25 (Junction 7)
Rail
West Croydon Railway Station,
Centrale Tram Stop
Air
Gatwick Airport, Heathrow Airport
Situation
The property is prominently located in the heart of Croydon Town centre in a prime pedestrianised retail pitch. Neighbouring occupiers include H&M, Zara, Next, Greggs, Holland & Barrett, Footlocker and Pandora. A 5.25 billion regeneration of Croydon's town centre is currently underway. About a third of the new homes identified in the local plan are expected to be built in the town centre and the redevelopment of the Whitgift Centre is set to create a flagship retail destination (https://www.croydon.gov.uk/ 28/09/2021).
Tenure
Freehold.
Description
The property comprises a shop arranged on the ground floor and basement, separately accessed offices on the first and second floors, and a juice bar at the rear, accessible from Drummond Road.
VAT
VAT is applicable to this lot.
Completion Period
10 Week Completion Available
EPC
See legal pack at www.acuitus.co.uk.
Description
The property comprises a shop arranged on the ground floor and basement, separately accessed offices on the first and second floors, and a juice bar at the rear, accessible from Drummond Road.
VAT
VAT is applicable to this lot.
Completion Period
10 Week Completion Available
EPC
See legal pack at www.acuitus.co.uk.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review
Ground Basement
Retail Ancillary
165.74 sq m 125.99 sq m
(1,784 sq ft) (1,356 sq ft)
FOOTASYLUM LIMITED (1)
5 years from 24/10/2021 (2)
£120,000
-
First Second
Office Office
47.38 sq m 54.53 sq m
(510 sq ft) (587 sq ft)
STUDIO UPSTAIRS (3)
10 years from 12/07/2018 (4)
£18,000 rising to £19,000 in July 2022
12/07/2023
Ground
Retail
32.60 sq m
(351 sq ft)
JUICE IT LIMTED T/a Juice It
10 years from 20/05/2020
£7,500
20/05/2025
(1) For the year ended 30th January 2021, Footasylum Limited reported a turnover of £232,001,000, a pre tax profit of £348,000 and shareholder funds of £34,047,000 (Source: NorthRow 28/09/2021). Footasylum trade from over 65 high street stores in the UK and are part of JD Sports (www.footasylum.com 29/09/2021). (2) Footasylum occupy under a 10 year lease from 2011 that expires on 23/10/2021 at a current rent of £139,000 p.a. A new 5 year reversionary lease, at a rebased rent, has been completed subject to a tenant option to determine in October 2024. The tenant is paying half rent for the period from 25th June 2021 to 24 June 2022. The seller will make an allowance from completion of the sale to the expiry of the concessionary rental period, so that the property produces £120,000 per annum. (3) Studio Upstairs are an arts and health charity, established in 1988 (www.studioupstairs.org.uk 29/09/2021). (4) The lease provides for a tenant option to determine on 13/07/2023. The lease is drawn outside the security of tenure provisions of the Landlord and Tenant Act 1954.
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.
