19-23 Ludgate Hill City of London EC4M 7AE

19-23 Ludgate Hill
City of London
EC4M 7AE

Prime Retail Investment in Central London Location

On behalf of Royal London Asset Management
Let to Pret a Manger (Europe) Ltd and William Hill Organization Ltd
Approximately 85 metres from St Paul's Cathedral, one of the most popular tourist destinations in the UK
Nearby occupiers include Costa Coffee, HSBC, Lloyds TSB and Marks & Spencer
Six week completion available

Lot
10
Auction
9th December 2010
Rent
£202,500 per Annum Exclusive
Status
Sold
Price
£2,800,000
Auction Venue
Millennium Hotel
39-44 Grosvenor Square
London W1K 2HP

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Prime Retail Investment in Central London Location

On behalf of Royal London Asset Management
Let to Pret a Manger (Europe) Ltd and William Hill Organization Ltd
Approximately 85 metres from St Paul's Cathedral, one of the most popular tourist destinations in the UK
Nearby occupiers include Costa Coffee, HSBC, Lloyds TSB and Marks & Spencer
Six week completion available

Lot 10
Auction 9th December 2010
Rent £202,500 per Annum Exclusive
Status Sold
Price £2,800,000
Sector
High Street Retail
Auction Venue
Millennium Hotel
39-44 Grosvenor Square
London W1K 2HP

Property Information

Location

85 metres west of St Paul's Cathedral; 260 metres south-west of Paternoster Square; 280 metres south-east of The Old Bailey
Roads: A40, A201, A3211
Rail: St Paul's Underground Station, City Thameslink Railway Station
Air: London City Airport

Situation

The property is situated in a prominent location on the east side of the busy Ludgate Hill some 85 metres from St Paul's Cathedral. Nearby occupiers include Costa Coffee, HSBC, Lloyds TSB and Marks & Spencer.

Tenure

Freehold. Virtual Freehold Held originally from Berkeley Homes (North London) Ltd, now from Peverel Properties Limited, for a term of 900 years from and including 1st January 1997 at a peppercorn rent

Location

85 metres west of St Paul's Cathedral; 260 metres south-west of Paternoster Square; 280 metres south-east of The Old Bailey
Roads: A40, A201, A3211
Rail: St Paul's Underground Station, City Thameslink Railway Station
Air: London City Airport

Situation

Tenure

Description

The property comprises TWO GROUND FLOOR RETAIL UNITS with BASEMENT ACCOMMODATION. The basement of Unit 19/21 has its own separate access from Ludgate Hill and has planning permission for use as retail, a dental surgery, financial and professional services, restaurant and café.

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Unit	Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Review/(Reversion)
19/21	Ground Basement/Vaults	Retail/Ancillary Retail/Dental Practice	114.85 sq m 196.43 sq m	(1,236 sq ft) (2,114 sq ft)	PRET A MANGER (EUROPE) LTD (1)(2)	15 years from 19/06/1998	£142,500	(18/06/2013)
23	Ground Basement/Vaults	Retail Ancillary	42.47 sq m 62.79 sq m	(457 sq ft) (675 sq ft)	WILLIAM HILL ORGANIZATION LTD (3)	10 years from 23/12/2008 (4)	£60,000	23/12/2013
Totals			416.54 sq m	(4,482 sq ft)			£202,500

(1) For the year ending 31st December 2009, Prét à Manger (Europe) Ltd reported a turnover of £244,452,000, pre-tax profits of £18,647,000 and a total net worth of £87,883,000. (Source: www.riskdisk.com 25/10/2010)(2) Please note that the tenant has sub-let the basement to Whitecross Dental Care Limited who are not in occupation.(3) William Hill Organization Ltd is a subsidiary of William Hill plc which delivers a high quality gaming and betting experience to UK and international customers online, through its shops and on the phone. They are an established and trusted brand and took more than £15 billion in stakes in 2009.(4) As to Unit 23 please note that the lease provides a tenant’s option to determine on the fifth anniversary of the term on giving at least six months’ written notice.