Property Auctions 10/Jul/2012 | Kinetic House, 44 Hatton Garden, London, EC1N 8ER

Reversionary Freehold Retail and Residential Ground Rent Investment

Historic and prestigious City of London location
Situated on Hatton Garden an internationally recognised diamond trading centre
Walking distance to St Pauls Cathedral, Chancery Lane and Farringdon Stations
6 Week Completion Available

Lot 8
Auction 10th July 2012
Rent £60,650 per Annum Exclusive
Status Sold Post
Price
Sector
Ground Rent
Auction Venue
Millennium Hotel
39-44 Grosvenor Square
London W1K 2HP

Property Information

Location

Miles: City of London location, 0.5 miles from Holborn, 1.5 miles from the West End
Roads: A201, A5201
Rail: Farringdon Station (0.3 miles), Chancery Lane (0.4 miles)
Air: London City Airport, London Gatwick, London Heathrow

Situation

The property is situated in Hatton Garden, in the historic and prestigious City of
London. Hatton Garden is renowned globally as one of the busiest diamond
trading centres. The property is located close to Farringdon Station (Metropolitan, Circle and Thameslink Lines) and Chancery Lane (Central Line). Farringdon Station will also become a major transport hub via the Crossrail developments, linking Heathrow with Canary Wharf, via the City. Intercity and international links via Kings Cross St Pancras are also within close proximity.

Tenure

Freehold.

Location

Miles: City of London location, 0.5 miles from Holborn, 1.5 miles from the West End
Roads: A201, A5201
Rail: Farringdon Station (0.3 miles), Chancery Lane (0.4 miles)
Air: London City Airport, London Gatwick, London Heathrow

Situation

The property is situated in Hatton Garden, in the historic and prestigious City of
London. Hatton Garden is renowned globally as one of the busiest diamond
trading centres. The property is located close to Farringdon Station (Metropolitan, Circle and Thameslink Lines) and Chancery Lane (Central Line). Farringdon Station will also become a major transport hub via the Crossrail developments, linking Heathrow with Canary Wharf, via the City. Intercity and international links via Kings Cross St Pancras are also within close proximity.

Tenure

Freehold.

Description

The property comprises a prominent ground and lower ground floor retail unit, fronting Hatton Garden and St Cross Street. In addition, the property benefits from a further lower ground floor retail unit, with self-contained access of St Cross Street. The building underwent a total refurbishment in 2008 to construct 10 new luxury apartments above, which have been let off long ground leases. There is a telecommunications cell at the property.

VAT

VAT is applicable to this lot.

EPC

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

Description

The property comprises a prominent ground and lower ground floor retail unit, fronting Hatton Garden and St Cross Street. In addition, the property benefits from a further lower ground floor retail unit, with self-contained access of St Cross Street. The building underwent a total refurbishment in 2008 to construct 10 new luxury apartments above, which have been let off long ground leases. There is a telecommunications cell at the property.

VAT

VAT is 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 Lower Ground	Retail Retail and Ancillary	136.56 sq m 53.88 sq m	(1,470 sq ft) (580 sq ft)	H S WALSH & SONS LIMITED (1) (2)	10 years from 07/07/2008 (3)	£42,000	07/07/2013 (06/07/2018)
Lower Ground	Retail and Ancillary	74.32 sq m	(800 sq ft)	OPTOPLAST MANUFACTURING COMPANY LIMITED (THE) (4)	5 years from 18/08/2009	£12,000	(17/08/2014)
Exterior	Telecommunications Cell			ORANGE PERSONAL COMMUNICATIONS SERVICES LTD	10 years from 29/07/2009 (5)	£3,250
Upper Floors	10 Residential Apartments			INDIVIDUALS	150 years from 2008 (6)	£3,400 (7)	(2158)
Totals		264.76 sq m	(2,850 sq ft)			£60,650

(1) For the year ending 30th June 2011 H S Walsh reported a total net worth of £787,175. (Source: www.riskdisk.com 04/01/2012)
(2) H S Walsh & Sons Ltd have been the leading suppliers of tools and equipment for jewellers and horologists, jewellery findings, clock and watch materials to the jewellery and horological trades for more than 60 years and are the largest in the UK. They now export to more than 64 countries worldwide. (Source: www.hswalsh.com)
(3) The lease provides for a tenant only option to determine on 6th July 2013
(4) For the year ending 30th June 2011 Optoplast Manufacturing Company Ltd reported a turnover of £5,815,338 and a total net worth of £797,743. (Source: www.riskdisk.com 15/05/2012)
(5) The lease contains a mutual options to determine.
(6) Statutory Section 5B Notices have been served on all residential tenants – see legal pack for further details.
(7) The ground rents double every 25 years.Years 0 – 25 £3,400, Years 26 – 50 £6,800, Years 51 – 75 £13,600, Years 76 – 100 £27,200, Years 101 – 150 £54,400.