Entirely let to First Choice Bakers Limited until 2022
Located within established industrial estate
Busy South London location
Benefits from rights to car parking
Six Week Completion
Lot 39
Auction 17th October 2013
Rent £70,000 per Annum Exclusive
Status Sold
Price £597,000
Sector Industrial/Warehouse
Auction Venue The Millennium Hotel 44 Grosvenor Square Mayfair London W1K 2HP
On behalf of Joint LPA Receivers, Jones Lang LaSalle
Property Information
Location
Miles
6 miles north-west of Croydon, 8 miles south of Central London, 8 miles east of Kingston-upon-Thames
Roads
A216, A217, A23, A24
Rail
Mitcham Eastfields, Tooting & Streatham Common Rail
Air
London Heathrow Airport, London City Airport
Situation
The property is situated within the established Mitcham Industrial Estate on Streatham Road (A216.) The property benefits from good communication links being within close proximity of both the A23 and A24 which provide direct access to London and the M25 (Junction 7). Nearby occupiers include FedEx, Screwfix and Storage King.
Tenure
Virtual Freehold. Held for a term of 999 years from 25th March
1996 at a rent of £200 per annum.
Location
Miles
6 miles north-west of Croydon, 8 miles south of Central London, 8 miles east of Kingston-upon-Thames
Roads
A216, A217, A23, A24
Rail
Mitcham Eastfields, Tooting & Streatham Common Rail
Air
London Heathrow Airport, London City Airport
Situation
The property is situated within the established Mitcham Industrial Estate on Streatham Road (A216.) The property benefits from good communication links being within close proximity of both the A23 and A24 which provide direct access to London and the M25 (Junction 7). Nearby occupiers include FedEx, Screwfix and Storage King.
Tenure
Virtual Freehold. Held for a term of 999 years from 25th March
1996 at a rent of £200 per annum.
Description
The property comprises a ground floor warehouse unit with first floor office accommodation. The property benefits from a roller shutter door and rights to park 5 cars.
Note
This property is being marketed for sale on behalf of Joint Law of Property Act Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. 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 Receives are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.
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 ground floor warehouse unit with first floor office accommodation. The property benefits from a roller shutter door and rights to park 5 cars.
Note
This property is being marketed for sale on behalf of Joint Law of Property Act Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. 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 Receives are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.
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
Review
Ground First
Warehouse Office
813.08 sq m 150.87 sq m
(8,752 sq ft) (1,624 sq ft)
FIRST CHOICE BAKERS LIMITED (1)
10 years from 30/03/2012 until 29/03/2022 (2)
£70,000 (3)
30/03/2017
Totals
963.95 sq m
(10,376 sq ft)
£70,000 (3)
(1) For the year ending March 2012, First Choice Bakers Ltd reported a turnover of £1,546,135, pre-tax profits of £27,186 and total net worth of £149,816 (Source: www.riskdisk.com 16/09/2013). (2) The lease provides an option to determine on the fifth anniversary of the term. (3) For the purposes of clarification the tenant is currently benefiting from a concessionary rent of £35,000 p.a.x. This is due to expire on 29th March 2014. The seller has agreed to adjust the completion monies so that the unit will effectively produce £70,000 p.a.x. from completion of the sale.
