471 - 473 Norwood Road London SE27 9DJ

471 - 473 Norwood Road
London
SE27 9DJ

Freehold Retail and Residential Investment

Prominent High Street position
Close proximity to the affluent Dulwich village
Excellent transport links via the A205 (South Circular) and A23
Nearby occupiers include Co-Op, Superdrug and William Hill
Six Week Completion Available

Lot
7
Auction
24th May 2012
Rent
£33,800 per Annum Exclusive
Status
Sold
Price
£352,000
Auction Venue
Millennium Hotel
39-44 Grosvenor Square
London W1K 2HP
On the instructions of Joint LPA Receivers, BNP Paribas Real Estate

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Freehold Retail and Residential Investment

Prominent High Street position
Close proximity to the affluent Dulwich village
Excellent transport links via the A205 (South Circular) and A23
Nearby occupiers include Co-Op, Superdrug and William Hill
Six Week Completion Available

Lot 7
Auction 24th May 2012
Rent £33,800 per Annum Exclusive
Status Sold
Price £352,000
Sector
High Street Retail
Auction Venue
Millennium Hotel
39-44 Grosvenor Square
London W1K 2HP
On the instructions of Joint LPA Receivers, BNP Paribas Real Estate

Property Information

Location

Miles: 1 mile from Dulwich Village, 2.5 miles from Clapham Common, 5 miles from Central London
Roads: A215, A23, A205 (South Circular)
Rail: Brixton Underground (Victoria Line), West Norwood Overground, Tulse Hill Overground
Air: London Gatwick, London Heathrow

Situation

The property is situated in a prominent position on the Norwood Road, some 5 miles south of Central London. The area has extensive transport links being within close proximity of Brixton London Underground station and West Norwood and Tulse Hill railway stations (17 minutes to London Bridge). Norwood Road houses a wide range of national and local retailers including Superdrug, Co-Op, Iceland and William Hill.

Tenure

Freehold.

Location

Miles: 1 mile from Dulwich Village, 2.5 miles from Clapham Common, 5 miles from Central London
Roads: A215, A23, A205 (South Circular)
Rail: Brixton Underground (Victoria Line), West Norwood Overground, Tulse Hill Overground
Air: London Gatwick, London Heathrow

Situation

Tenure

Freehold.

Description

The property comprises a double fronted retail unit on the ground floor. In addition the property benefits from basement accommodation and ten self-contained residential flats on part ground and first, second, and third floors which have all been let on long leases.

This property is being marketed for sale on behalf of Joint Law of Property Act Receivers excluding any title guarantees, warranties or indemnities. The information in these particulars has been provided by the Joint Law of Property Act Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Joint Law of Property Act Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.

VAT

VAT is not applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

VAT

VAT is not applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Reviews/(Reversion)
Ground Basement (1)	Retail/Ancillary Ancillary	103.82 sq m 38.77 sq m	(1,118 sq ft) (417 sq ft)	DONE BROTHERS(CASH BETTING)LIMITED (2) (3)	15 years from 13/11/ 2007 until 2022	£33,000	12/11/2012 and 12/11/2017 (4)
Ground	Two Residential Flats	Not Measured		INDIVIDUAL	150 years from 01/04/2008	£200	01/04/2033 and every 25 years thereafter (5)
First, Second & Third Floors	Eight Residential Flats	Not Measured		INDIVIDUAL	99 years from 29/09/1989	£600 (6)	29/09/2022 and 29/09/2055
Totals		142.59 sq m	(1,535 sq ft)			£33,800

(1) The basement area can only be accessed via a hatch in the ground floor retail unit, but is not demised to the tenant within the terms of the lease.
(2) For the year ending 27th March 2011 Done Brothers (Cash Betting) Limited reported a turnover of £4,110,480,000, a pre-tax profit of £15,512,000 and a total net worth of £48,931,000. (Source: www.riskdisk.com 03/04/2012)
(3) The tenant has sublet their demise to Cheque Centres Properties Limited.
(4) The rental reviews are upwards only.
(5) The rental income is £100 per flat and is payable annually. The rent is to double at each review.
(6) The rental income is £75 per flat and is payable twice yearly. The rent is to double at each review.