Minimum fixed rental increases at review with the 2010 rent review outstanding
Substantial future redevelopment opportunity (subject to consents)
Prominent position diagonally opposite Rickmansworth Rail Station on the A404/A412
roundabout
140 car parking spaces on an approximate site area of 0.103 hectares (0.255 acres)
Rent is subject to Note 2. The potential rental increase for the 2010 review is £115,927 p.a.x.
Six Week Completion Available
Lot 12
Auction 18th October 2012
Rent £100,000 per Annum Exclusive
Status Sold
Price £1,175,000
Sector Motor Trade, Petrol Station
Auction Venue Millennium Hotel 39-44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
4 miles south-west of Watford, 6 miles south-east of Amersham, 18 miles north-west of London
Roads
A404, A412, M25 (Junctions 17 & 18)
Rail
Rickmansworth Rail Station (direct to London Marylebone in 27 mins) & Underground Station (Metropolitan Line)
Air
Heathrow International Airport
Situation
The property is situated in the town centre in a prominent position on the south side of the Rectory Road (A412)/Chorleywood Road (A404) station roundabout. The property lies adjacent to Comet Group Ltd head office and Vocalink while Waitrose supermarket is close by. The A404 provides direct access to the M25 while access to the car park is from Homestead Road off Rectory Road. The property benefits from being situated diagonally opposite Rickmansworth Mainline Rail and Underground Station providing both additional spillover parking for the Station and town centre shoppers.
Tenure
Freehold.
Location
Miles
4 miles south-west of Watford, 6 miles south-east of Amersham, 18 miles north-west of London
Roads
A404, A412, M25 (Junctions 17 & 18)
Rail
Rickmansworth Rail Station (direct to London Marylebone in 27 mins) & Underground Station (Metropolitan Line)
Air
Heathrow International Airport
Situation
The property is situated in the town centre in a prominent position on the south side of the Rectory Road (A412)/Chorleywood Road (A404) station roundabout. The property lies adjacent to Comet Group Ltd head office and Vocalink while Waitrose supermarket is close by. The A404 provides direct access to the M25 while access to the car park is from Homestead Road off Rectory Road. The property benefits from being situated diagonally opposite Rickmansworth Mainline Rail and Underground Station providing both additional spillover parking for the Station and town centre shoppers.
Tenure
Freehold.
Description
The property comprises a secure car park arranged over 10 levels providing approximately 140 car parking spaces. The car park benefits from CCTV, disabled spaces and has 24 hour access.
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 secure car park arranged over 10 levels providing approximately 140 car parking spaces. The car park benefits from CCTV, disabled spaces and has 24 hour access.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Use
Site Area (Approx)
Tenant
Term
Rent p.a.x
Reviews
Multi Storey Car Park
0.103 hectares
(0.255 acres)
BRITANNIA PARKINGLTD (1)
30 years from 29/04/2005 until 28/04/2035 on a full repairing and insuring lease
£100,000
29/04/2010 and five yearly (2)
Totals
0.103 hectares
(0.255 acres)
£100,000 (rising to a minimum of £115,927 with effect from the 2010 rent review)
1) Britannia Parking is a national operator and are members of the British Parking Association. Founded in 1989, Britannia Parking has been operating in the parking industry for 20 years and is recognised as one of the leading companies within its field. Since the late 1990s they have managed car parks on behalf of Waitrose Stores Limited and typically partner with main retail or commercial developers including Global UBS Asset Management, Crest Nicholson, West Quay Retail Park, Liverpool Victoria, Scottish Widows, Days Hotel, Greene King, Gala Clubs, Premier Inn, London Underground and several Local Authorities. (Source: www.britannia-parking.co.uk) 2) The 2010 rent review is currently outstanding. The rent is reviewed upwards only to the higher of passing rent or a) the rent increased by 3% compounded annually on each anniversary or b) the RPI increase from the commencement of the term to the relevant review date. The potential rental increase for the 2010 rent review is therefore £115,927 p.a.x.
Contacts
Associate Auctioneers
Lewis & Partners 15-19 Cavendish Place London W1G OQE
