Property Auctions 04/Nov/2021 | The Oliver Conquest, 70 Leman Street, London, E1 8EU

Attractive Central London Public House Investment

Let on a New lease until 2031(No Tenant Break Options)
Attractive City of London fringe Public House with Residential 2nd floor.
Close to Tower of London and the heart of the City of London
Directly Opposite Unite Student Halls (617 rooms)
Annual Rental increases by £15,000pa to £165,000 pax
Outside the Landlord & Tenant Act 1954 with Landlords Option to break

Lot 38
Auction 4th November 2021
Rent £90,000 per Annum Exclusive
Status Sold
Price £1,950,000
Sector
Leisure
Auction Venue
Live Streamed Auction

Property Information

Location

Miles: 500 metres north of the Tower of London; 100 metres east of the City of London
Roads: A13, A1203
Rail: Aldgate East Underground Station, Tower Hill Underground Station, Liverpool Street Mainline and Underground Station, Fenchurch Street Mainline Station, Tower Gateway DLR Station
Air: London City Airport, London Heathrow Airport

Situation

Leman Street (A1202) is immediately east of the City of London and runs from Aldgate, one of the City of London's 7 historic gates to the Tower of London and St Katherine Dock to the south. The City of London's important City Tower cluster, with its skyscrapers including the Gherkin, The Cheesegrater, Twentytwo and Heron Tower are closeby to the east. The immediate locality has seen massive recent investment with a large number of new residential developments providing thousands of new high end residential flats.

The property is situated on the west side of Leman Street directly opposite Unite Student halls providing accommodation for 617 students and immediately adjacent to a major London Police Station.

Tenure

Freehold.

Location

Miles: 500 metres north of the Tower of London; 100 metres east of the City of London
Roads: A13, A1203
Rail: Aldgate East Underground Station, Tower Hill Underground Station, Liverpool Street Mainline and Underground Station, Fenchurch Street Mainline Station, Tower Gateway DLR Station
Air: London City Airport, London Heathrow Airport

Situation

Leman Street (A1202) is immediately east of the City of London and runs from Aldgate, one of the City of London's 7 historic gates to the Tower of London and St Katherine Dock to the south. The City of London's important City Tower cluster, with its skyscrapers including the Gherkin, The Cheesegrater, Twentytwo and Heron Tower are closeby to the east. The immediate locality has seen massive recent investment with a large number of new residential developments providing thousands of new high end residential flats.

The property is situated on the west side of Leman Street directly opposite Unite Student halls providing accommodation for 617 students and immediately adjacent to a major London Police Station.

Tenure

Freehold.

Description

The property comprises a Grade 2 Listed period public house building with Public House accommodation on the ground floor and First floor and ancillary accommodation in the basement. The second floor provides 4 room residential accommodation.
For a virtual tour please click here - https://my.matterport.com/show/?m=mBPh2LRepje

VAT

VAT is applicable to this lot.

Planning

The property is Grade 2 Listed but is not situated within a Conservation area. The property does not appear on the London Borough of Towers Hamlets register of Assets of Community Value that is published at https://www.towerhamlets.gov.uk/lgnl/community_and_living/community_right_to_bid.aspx

EPC

Band 'C'. See legal pack

Description

The property comprises a Grade 2 Listed period public house building with Public House accommodation on the ground floor and First floor and ancillary accommodation in the basement. The second floor provides 4 room residential accommodation.
For a virtual tour please click here - https://my.matterport.com/show/?m=mBPh2LRepje

VAT

VAT is applicable to this lot.

Planning

The property is Grade 2 Listed but is not situated within a Conservation area. The property does not appear on the London Borough of Towers Hamlets register of Assets of Community Value that is published at https://www.towerhamlets.gov.uk/lgnl/community_and_living/community_right_to_bid.aspx

EPC

Band 'C'. See legal pack

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Reviews/(Reversion)
Basement Ground First Second	Ancillary Public House Public House Residential	68.20 sq m 111.20 sq m 98.40 sq m 82.50 sq m	(734 sq ft) (1,197 sq ft) (1,059 sq ft) (734 sq ft)	INDIVIDUAL t/a The Oliver Conquest PH	10 Years from 21st September 2021 until 2031 on full repairing and insuring lease (1)	£90,000 rising by £15,000pa to £165,000	£15,000 annual rent increases for the first 6 years until the rent reaches £165,000pax (21/09/2031)
Total Approx Floor Area		360.30sq m	(3,878sq ft)			£90,000 rising by £15,000pa to £165,000

(1) The lease is outside of the Security of Tenure provisions of the Landlord and Tenant Act 1954 and provide for a landlord rolling option to determine the lease on serving no less than 6 month written notice. The Seller is holding a rent deposit of £22,500 plus VAT.

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.