Debenhams Department Store 275-287 Station Road Harrow Greater London HA1 1NA

Debenhams Department Store
275-287 Station Road
Harrow
Greater London
HA1 1NA

Freehold Long Dated Geared Ground Rent Investment

In association with TPF Retail
Entirely let to Nomiees of the M & G Property Portfolio until 2074 with option to renew for 26 years
Geared to 35% of ‘Annual Market Rental’ value
Highly prominent and substantial department store in heart of the affluent town centre
Approximately 20,604.61 sq m (221,788 sq ft)
Neighbouring occupiers include New Look, Superdrug, Tesco Express, Lloyds Bank and Nando’s Restaurant
Six Week Completion

Lot
20
Auction
27th March 2014
Rent
£412,500 per Annum Exclusive
Status
Sold
Price
£9,550,000
Auction Venue
The Millennium Hotel
44 Grosvenor Square
London W1K 2HP
On behalf of Trustees

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Freehold Long Dated Geared Ground Rent Investment

In association with TPF Retail
Entirely let to Nomiees of the M & G Property Portfolio until 2074 with option to renew for 26 years
Geared to 35% of ‘Annual Market Rental’ value
Highly prominent and substantial department store in heart of the affluent town centre
Approximately 20,604.61 sq m (221,788 sq ft)
Neighbouring occupiers include New Look, Superdrug, Tesco Express, Lloyds Bank and Nando’s Restaurant
Six Week Completion

Lot 20
Auction 27th March 2014
Rent £412,500 per Annum Exclusive
Status Sold
Price £9,550,000
Sector
Ground Rent
Auction Venue
The Millennium Hotel
44 Grosvenor Square
London W1K 2HP
On behalf of Trustees

Property Information

Location

Miles: 11 miles north-west of Central London; 6 miles south-east of Watford; 7.5 miles north-east of Uxbridge
Roads: A40 (Western Avenue), M1, M25, M40
Rail: Harrow-on-the-Hill Mainline Rail Station and Underground (Metropolitan Line)
Air: London Heathrow Airport, London Luton Airport, London City Airport

Situation

Harrow is an affluent North-West London suburb and home to the historic Harrow Public School. The property is prominently situated in the heart of the Town Centre in close proximity to the pedestrianised St Ann’s Road and St Ann’s Shopping Centre. Neighbouring occupiers include New Look, Superdrug, Tesco Express, Lloyds Bank and Nando’s Restaurant.

Tenure

Freehold.

Location

Miles: 11 miles north-west of Central London; 6 miles south-east of Watford; 7.5 miles north-east of Uxbridge
Roads: A40 (Western Avenue), M1, M25, M40
Rail: Harrow-on-the-Hill Mainline Rail Station and Underground (Metropolitan Line)
Air: London Heathrow Airport, London Luton Airport, London City Airport

Situation

Tenure

Freehold.

Description

The property, a substantial department store on a site of approximately 0.69 hectares (1.70 acres), comprises retail accommodation on basement, ground, first, second, mezzanine, and third floors. The property benefits from a significant frontage to both Station Road and Greenhill Crescent.

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
Basement Ground First Second Mezzanine Third	Ancillary Retail Retail Retail Ancillary Ancillary	686.55 sq m 5,656.91 sq m 5,446.02 sq m 5,710.89 sq m 1,315.87 sq m 1,788.37 sq m	(7,390 sq ft) (60,891 sq ft) (58,621 sq ft) (61,472 sq ft) (14,164 sq ft) (19,250 sq ft)	NOMINEES OF THE M & G PROPERTY PORTFOLIO (1) on assignment from Debenhams Limited (Company No. 83395) (2) & Harrow LP (8) & BF Properties (no 3) Limited & BF Propco (no 7) Limited (a subsidiary of British Land Company Public Limited (The)) (3) (4)	99 years from 04/11/1975 until 2074 on a full repairing and insuring lease (7)	£412,500	25/12/2015 & 5 yearly geared to 35% of ‘Annual Market Rental’ value (5)
Totals		20,604.61 sq m	(221,788 sq ft)			£412,500

(1) Let to British Overseas Bank Nominees Limited (220905) and WGTC Nominees Limited (01255218) in their capacity as nominees for and on behalf of National Westminster Bank plc as depository of the M&G Property Portfolio.
(2) For the year ending 1st September 2012, Debenhams Retail plc (formerly Debenhams Limited) (Company No. 83395) reported a turnover of £2,020,200,000, pre-tax profits of £191,800,000 and a total net worth of £695,900,000. (Source: www.riskdisk.com 17/02/2014)
(3) BF Properties (No 3) Ltd are ultimately owned by Debenhams plc and BF Propco (No 7) Ltd are ultimately owned by The British Land Company Limited.
For the year ending 31st March 2013, The British Land Company plc reported a turnover of £329,000,000, pre-tax profits of £260,000,000 and a total net worth of £5,687,000,000. (Source: www.riskdisk.com 19/02/2014)
(4) The tenant has sublet the entire property to Debenhams Retail plc (Company No. 83395).
(5) The lease provides for the rent at review to be geared to 35% of ‘Annual Market Rental’ value.
(6) The above floor areas have been used in previous rent reviews.
(7) The tenant has an option to take a lease for a further 26 years upon expiry of the current term.
(8) Harrow LP is registered in Gibraltar under registration No 37.