Ground and Basement let to Break Point Limited (t/a The Convenience Store)
Two residential flats on upper floors let on 99 year leases with fixed ground rent increases
Prime Central London location opposite the £450m Central St Giles mixed use development
Approximately 50 metres from Shaftesbury Avenue and within walking distance of Covent Garden
Legal Title Report <a href="/media/32026/legal title report v4.pdf" target="_blank" title="Legal Title Report V4">here</a>
Lot 1
Auction 11th December 2014
Rent £30,200 per Annum Exclusive
Status Sold
Price £1,210,000
Sector High Street Retail
Auction Venue The Millennium Hotel 44 Grosvenor Square London W1K 2HP
On the instructions of A Major Fund
Property Information
Location
Metres
650 metres north of Covent Garden, 650 metres north of Leicester Square
Roads
A40, A400
Rail
Tottenham Court Road (Central and Northern Line)
Air
London City Airport
Situation
The property is situated in a busy location in Central London on the south side of St Giles High Street, approximately 50 metres from Shaftesbury Avenue and within a short walk of Covent Garden and Tottenham Court Road Tube Station.
Central St Giles mixed use development is located opposite the property offering retailers such as Byron, Zizzi, Cabana, Peyton & Byrne and POD.
Tenure
Freehold.
Location
Metres
650 metres north of Covent Garden, 650 metres north of Leicester Square
Roads
A40, A400
Rail
Tottenham Court Road (Central and Northern Line)
Air
London City Airport
Situation
The property is situated in a busy location in Central London on the south side of St Giles High Street, approximately 50 metres from Shaftesbury Avenue and within a short walk of Covent Garden and Tottenham Court Road Tube Station.
Central St Giles mixed use development is located opposite the property offering retailers such as Byron, Zizzi, Cabana, Peyton & Byrne and POD.
Tenure
Freehold.
Description
The property comprises a convenience store with basement and two self-contained residential flats on the upper floors, accessed from St Giles High Street.
Legal Title Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here.
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 convenience store with basement and two self-contained residential flats on the upper floors, accessed from St Giles High Street.
Legal Title Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here.
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
Ground Basement
Retail Office/Storage
44.54 sq m 27.90 sq m
(479 sq ft) (300 sq ft)
BREAK POINT LIMITED t/a The Convenience Store (1)
10 years from 04/12/2009 until 03/12/2019
£30,000
04/12/2014 (2)
First and Second
Residential – Flat A
Not measured
INDIVIDUAL
189 years from 24/06/1983 until 23/06/2172 (3)
£100
Fixed uplifts every 25 years
Third and Fourth
Residential – Flat B
Not measured
INDIVIDUAL
99 years from 24/06/1983 until 23/06/2082
£100
Fixed uplifts every 25 years
Total Commercial Floor Area
72.44 sq m
(779 sq ft)
£30,200
(1) Break Point Limited operates four convenience stores throughout Central London (Source: www.breakpointltd.co.uk 30/10/2014). (2)As to the imminent rent review, notice has been served proposing a new rent of £50,000 pa. (3)The residential lease of Flat A is for a term of 99 years from 24/06/1983 expiring 2082. There is a reversionary lease in place for a term of 90 years from expiry of the current lease until 23/06/2172.
