Within walking distance of several underground and national railway stations
Important Sainsburys rent review in December 2023
Nearby occupiers include Premier Inn, Hilton London Bankside, Travelodge, Holiday Inn and Tesco Express
Lot 12
Auction 2nd November 2023
Rent £217,260 per Annum Exclusive
Status Sold
Price £1,980,000
Sector High Street Retail
Auction Venue Live Streamed Auction
On Behalf of Joint LPA Receivers
Property Information
Location
Miles
800 metres east of South Bank, 750 metres south of the City of London, 900 metres north of Elephant & Castle
Roads
A201, A3, A2
Rail
Southwark, Borough, London Bridge, Waterloo Railway Stations
Air
London City Airport, London Heathrow Airport, London Luton Airport
Situation
The property is located in Southwark, a busy and popular residential and office area approximately 500 metres west of Borough Market, 250 metres south of Tate Britain and 800 metres west of The Shard. The area has seen a significant transformation on recent years to become a highly fashionable and cosmopolitan hub and benefits from excellent rail communications with Southwark, Borough, London Bridge and Waterloo stations all within walking distance. The property is situated on the western side of Great Suffolk Street, directly opposite the Premier Inn Southwark. Other nearby occupiers include Hilton London Bankside, Travelodge, Holiday Inn, Tesco Express and a Fullers Pub.
Tenure
Virtual Freehold. Held for a term of 999 years from 21/07/1989 at a current ground rent of £300 per annum.
Location
Miles
800 metres east of South Bank, 750 metres south of the City of London, 900 metres north of Elephant & Castle
Roads
A201, A3, A2
Rail
Southwark, Borough, London Bridge, Waterloo Railway Stations
Air
London City Airport, London Heathrow Airport, London Luton Airport
Situation
The property is located in Southwark, a busy and popular residential and office area approximately 500 metres west of Borough Market, 250 metres south of Tate Britain and 800 metres west of The Shard. The area has seen a significant transformation on recent years to become a highly fashionable and cosmopolitan hub and benefits from excellent rail communications with Southwark, Borough, London Bridge and Waterloo stations all within walking distance. The property is situated on the western side of Great Suffolk Street, directly opposite the Premier Inn Southwark. Other nearby occupiers include Hilton London Bankside, Travelodge, Holiday Inn, Tesco Express and a Fullers Pub.
Tenure
Virtual Freehold. Held for a term of 999 years from 21/07/1989 at a current ground rent of £300 per annum.
Description
The property comprises a ground floor supermarket and cafe, both with a significant frontages, forming part of a larger residential building.
VAT
VAT is applicable to this lot.
Note
This property is being marketed for sale on behalf of Joint LPA Receivers and therefore no warranties, representations or guarantees are given or will be given in respect of the information in this brochure or any matter relating to the property, including VAT. Any information provided is provided without liability for any reliance placed on it and the Receivers are acting without personal liability. The Receivers are not bound to accept the highest or any offer.
Completion Period
Six week completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a ground floor supermarket and cafe, both with a significant frontages, forming part of a larger residential building.
VAT
VAT is applicable to this lot.
Note
This property is being marketed for sale on behalf of Joint LPA Receivers and therefore no warranties, representations or guarantees are given or will be given in respect of the information in this brochure or any matter relating to the property, including VAT. Any information provided is provided without liability for any reliance placed on it and the Receivers are acting without personal liability. The Receivers are not bound to accept the highest or any offer.
Completion Period
Six week completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Unit
Floor
Use
Floor Areas Approx sq m
Floor Areas Approx sq ft
Tenant
Term
Rent p.a.x.
Rent Review
18a Great Suffolk Street
Ground
Supermarket
410.77
(4,421)
SAINSBURY'S SUPERMARKET LTD (1)
15 years from 11/12/2013
£161,435
11/12/2023 RPI linked rent review (2)
18b Great Suffolk Street
Ground
Cafe
129.13
(1,389)
COSTA LTD (3)
10 years from 06/01/2014
£55,825
Total
539.90
(5,810) (4)
£217,260
(1) For the year ending 04/03/2023 Sainsbury's Supermarkets Ltd reported a Turnover of £26,693,000,000, a Pre-Tax Profit of £137,000,000 and a Net Worth of £4,312,000,000 (NorthRow 11/10/2023). (2) The rent review is linked to RPI uplifts subject to a minimum of 1% and a maximum of 4% compounded. (3) Costa is an international coffee house chain established in 1971 operating from almost 4,000 locations (www.costa.co.uk). (4) The floor areas stated above are those published by the Valuation Office Agency (www.voa.gov.uk).
If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
