Auction Venue Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On behalf of a Major Fund
Property Information
Location
Miles
30 miles south of Central London, 22 miles west of Tunbridge Wells, 26 miles south-east of Guildford
Roads
A23, A264, M23
Rail
Crawley Railway Station
Air
Gatwick Airport
Situation
Crawley is an important London commuter town some 30 miles south of Central London and approximately 2 miles south of London Gatwick Airport. The property is situated on the north side of the prime pedestrianised Queen Square and faces the Pavillion Shopping centre in Crawley Town Centre. New Look and Primark are both opposite with Superdrug, Burton, Marks & Spencer and H & M nearby.
Tenure
Long Leasehold. Held from 24th June 1956 for a term of 99 years until 24th June 2055 at a rent of £600 per annum exclusive.
Location
Miles
30 miles south of Central London, 22 miles west of Tunbridge Wells, 26 miles south-east of Guildford
Roads
A23, A264, M23
Rail
Crawley Railway Station
Air
Gatwick Airport
Situation
Crawley is an important London commuter town some 30 miles south of Central London and approximately 2 miles south of London Gatwick Airport. The property is situated on the north side of the prime pedestrianised Queen Square and faces the Pavillion Shopping centre in Crawley Town Centre. New Look and Primark are both opposite with Superdrug, Burton, Marks & Spencer and H & M nearby.
Tenure
Long Leasehold. Held from 24th June 1956 for a term of 99 years until 24th June 2055 at a rent of £600 per annum exclusive.
Description
The property comprises ground floor retail accommodation and self-contained office accommodation on the first and second floors. The property benefits from a service yard to the rear accessed from The Boulevard.
Buyer's Legal 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 applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises ground floor retail accommodation and self-contained office accommodation on the first and second floors. The property benefits from a service yard to the rear accessed from The Boulevard.
Buyer's Legal 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 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/(Reversions)
Ground
Retail/Ancillary
349.87 sq m
(3,766 sq ft)
COBRA COFFEE LIMITED with Guarantee (t/a Starbucks) (1)
(1) The lease to Cobra Coffee Limited is guaranteed by Cobra Restaurants Limited. The seller is holding a rent deposit equal to three months yearly rent plus VAT. The guarantor will be released from the guarantee and the rent deposit must be repaid to the tenant if satisfactory accounts for the tenant are provided to the landlord. See lease for details. (2) The lease provides for a tenant option to determine the lease on 11/01/2021 subject to 6 months prior notice. (3) As to the lease to Cobra Coffee Limited, the current rent reserved is £58,500 p.a.x. The lease provides for the tenant to pay an incentivised rent of £29,250 p.a.x. from 10/03/2015 to 19/03/2016. The seller will pay the buyer the difference between the current rent reserved of £58,500 p.a.x. and £29,250 p.a.x. from completion of the sale until 09/03/2016. Therefore the property will produce £58,500 p.a.x. This will be accounted for on the completion statement. (4) Russell & Co Solicitors is a specialist and independent firm of solicitors and was established in 1987. In 2007, Russell & Co Solicitors merged with Bannister Hunt Solicitors who were established in 1979 (Source: www.russell-co-legal.co.uk) (5) The lease provides for a tenant option to determine the lease on 19/02/2020 subject to 6 months prior notice and a penalty of £4,500.