Let to The Ministry of Stories (a registered Charity) until 2031 (subject to option)
Rent Increases in line with the Retail Price Index in 2028,2029 and 2030
Situated in a Fashionable Central London Suburb
Approximately 1 Mile North of the City of London
Mixed-Use Area with Nearby Occupiers Including Domino's, Poundland and an Eclectic Mix of Local Retailers
VAT-Free Investment
Lot 3
Auction 27th March 2024
Rent £36,000 per Annum Exclusive
Status Sold Prior
Price
Sector High Street Retail
Auction Venue Live Streamed Auction
On Behalf of a Charity
Property Information
Location
Miles
1 mile north of the City of London, 4 miles west of Stratford & Queen Elizabeth Olympic Park
Roads
A10, A501, A1208
Rail
London Liverpool Street, Hoxton Overground
Air
London City, Heathrow, Stansted & Gatwick Airports
Situation
Hoxton is a popular and fashionable Central London suburb situated approximately 1 mile north of the City of London. The property is situated on the west side of Hoxton Street between Crondall Street and Homefield Street. The immediate locality is a mixed Residential and Commercial area with Hoxton Library, Hoxton Hall, Access Creative College all nearby and neighbouring occupiers including Domino's, Poundland and an eclectic range of local retailers. The busy Hoxton Street Market is hosted every Saturday, which is the oldest street market in Hackney.
Tenure
Long Leasehold. Held for a term of 125 years from 23/05/2002 at a fixed rent of £1 per annum exclusive.
Location
Miles
1 mile north of the City of London, 4 miles west of Stratford & Queen Elizabeth Olympic Park
Roads
A10, A501, A1208
Rail
London Liverpool Street, Hoxton Overground
Air
London City, Heathrow, Stansted & Gatwick Airports
Situation
Hoxton is a popular and fashionable Central London suburb situated approximately 1 mile north of the City of London. The property is situated on the west side of Hoxton Street between Crondall Street and Homefield Street. The immediate locality is a mixed Residential and Commercial area with Hoxton Library, Hoxton Hall, Access Creative College all nearby and neighbouring occupiers including Domino's, Poundland and an eclectic range of local retailers. The busy Hoxton Street Market is hosted every Saturday, which is the oldest street market in Hackney.
Tenure
Long Leasehold. Held for a term of 125 years from 23/05/2002 at a fixed rent of £1 per annum exclusive.
Description
The property comprises a double fronted ground floor retail unit that forms part of a larger building containing residential flats. The property also benefits from access to the rear from Regan Way.
VAT
VAT is not applicable to this lot.
Completion Period
Six Week Completion
EPC
Band C
Description
The property comprises a double fronted ground floor retail unit that forms part of a larger building containing residential flats. The property also benefits from access to the rear from Regan Way.
VAT
VAT is not applicable to this lot.
Completion Period
Six Week Completion
EPC
Band C
Tenancy & Accommodation
Floor
Use
Floor Areas Approx sq m (1)
Floor Areas Approx sq ft (1)
Tenant
Term
Rent p.a.x.
Rent Review (Reversion)
Ground
Retail
109.92
(1,183)
THE MINISTRY OF STORIES (CRN: 07317370)(2)
8 years from 01/08/2023 (3)
£36,000
01/08/2028, 01/08/2029 and 01/08/2030 (4) (31/07/2031)
Total Approximate Floor Area
109.92
(1,183)
£36,000
(1) The floor areas stated above are those published by the Valuation Office Agency (https://www.tax.service.gov.uk/business-rates-find/valuations/start/71619068). (2) The Ministry of Stories (CRN 07317370) is a registered charity under charity number 1138553) dedicated to helping children and young adults develop writing skills (www.ministryofstories.org). (3) The lease provides for a mutual option to determine the lease on 01/08/2027. (4) The lease provides for the rent to be increased in line with the Retail Price Index on 01 August 2028, 2029 and 2030. (5) There is an ongoing dispute between the Seller and the tenant regarding water ingress from a small area of flat roof at the rear of the property, as a result the tenant has withheld paying the rent since October 2023. The managing agents acting for the Freeholder have arranged for a contractor to repair the flat roof. Scaffolding IS now in place for these works to start and be completed by the end of March which will resolve the issue. The Seller is holding a rent deposit for 3 months’ rent. The Seller has received a letter dated 28th February 2024 from the tenant, A copy of the tenant's letter and the response from the Seller is available within the Legal Pack.
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.
