Freehold Retail, Leisure and Residential Investment
Affluent and fashionable South-West London location
Ground floor Retail Unit and lower ground Bar/Nightclub
Three residential flats on ASTs on upper floors
Nearby occupiers include Holiday Inn, William Hill and Superdrug
Six Week Completion
Lot 9
Auction 5th December 2013
Rent £64,620 per Annum Exclusive
Status Sold
Price £1,015,000
Sector High Street Retail
Auction Venue Millennium Hotel 44 Grosvenor Square London W1K 2HP
On behalf of Joint LPA Receivers
Property Information
Location
Miles
0.9 miles to Kings Road, 0.6 miles to Queens Club, 2.2 miles south-west of Hyde Park
Roads
A4, A304, A3218, M4
Rail
West Kensington (Overground & District), West Brompton (Overground & District), Fulham Broadway (District)
Air
London City, London Heathrow
Situation
Fulham is an affluent and fashionable south-west London suburb some 5.5 miles west of Central London. Earls Court is some 0.6 miles to the east with Putney approximately 2.5 miles to the south-west. The property is prominently situated on the eastern side of the busy North End Road, a major route linking Kensington with Fulham Road, close to its junction with Lillie Road/Old Brompton Road (A3218). Nearby occupiers include Holiday Inn, William Hill, Superdrug and Paddy Power
Tenure
Freehold.
Location
Miles
0.9 miles to Kings Road, 0.6 miles to Queens Club, 2.2 miles south-west of Hyde Park
Roads
A4, A304, A3218, M4
Rail
West Kensington (Overground & District), West Brompton (Overground & District), Fulham Broadway (District)
Air
London City, London Heathrow
Situation
Fulham is an affluent and fashionable south-west London suburb some 5.5 miles west of Central London. Earls Court is some 0.6 miles to the east with Putney approximately 2.5 miles to the south-west. The property is prominently situated on the eastern side of the busy North End Road, a major route linking Kensington with Fulham Road, close to its junction with Lillie Road/Old Brompton Road (A3218). Nearby occupiers include Holiday Inn, William Hill, Superdrug and Paddy Power
Tenure
Freehold.
Description
The property comprises a ground floor retail unit, a self-contained bar/nightclub on lower ground and three residential flats on upper floors accessed from the rear.
Note
This property is being marketed for sale on behalf of Joint Law of Property Act Receivers Philip Matthews and Edward Starling, 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 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
The property comprises a ground floor retail unit, a self-contained bar/nightclub on lower ground and three residential flats on upper floors accessed from the rear.
Note
This property is being marketed for sale on behalf of Joint Law of Property Act Receivers Philip Matthews and Edward Starling, 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 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.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review/(Reversion)
Ground
Retail
47.38 sq m
(510 sq ft)
INDIVIDUAL t/a Ayubi Carpets Ltd (1)
20 years from 12/02/2013 until 11/02/2033
£12,000
12/02/2017 and 4 yearly thereafter
Lower Ground
Bar/ Nightclub
50.72 sq m
(546 sq ft)
INDIVIDUAL t/a Ted’s Place Nightclub (2)
15 years from 15/10/2013 until 14/10/2028 (3)
£13,000
15/10/2018 and 15/10/2023
Flat A – Residential
Not Measured
INDIVIDUAL
AST for 12 months from 31/12/2012
£14,400
(31/12/2013)
Flat B – Residential
Not Measured
INDIVIDUALS
AST for 12 months from 30/08/2013
£12,740
(30/08/2014)
Flat C – Residential
Not Measured
INDIVIDUAL
AST for 12 months from 30/06/2013 (4)
£12,480
(30/06/2014)
Totals
98.10 sq m
(1,056 sq ft)
£64,620
(1) The tenant has been in occupation for at least 12 years. (2) The lower ground floor has been trading as a nightclub since the 1960’s and as Ted’s Place since the 1980’s. (3) The lease of the lower ground floor provides a tenant only option to determine at the fifth and tenth anniversary of the term. (4) The Assured Shorthold Tenancy for Flat C provides a rolling tenant option to determine, subject to no less than one months notice.
