Rent reviews part geared to 80% of annual market rental value and part ground rent
Approximate site area of 0.25 hectares (0.62 acres)
Lot 15
Auction 22nd February 2011
Rent £265,000 per Annum Exclusive
Status Withdrawn Prior
Price
Sector Ground Rent
Auction Venue Millennium Hotel 39-44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
30 miles west of Central London
Roads
A1(M), M1, M25
Rail
Stevenage Rail
Air
Luton Airport, Stansted Airport
Situation
The property is situated prominently on the east side of the prime pedestrianised Queensway at the junction of Park Place and adjacent to Marks & Spencer. Neighbouring occupiers include Miss Selfridge, Costa Coffee, Clinton Cards and Bodyshop.
Tenure
Freehold.
Location
Miles
30 miles west of Central London
Roads
A1(M), M1, M25
Rail
Stevenage Rail
Air
Luton Airport, Stansted Airport
Situation
The property is situated prominently on the east side of the prime pedestrianised Queensway at the junction of Park Place and adjacent to Marks & Spencer. Neighbouring occupiers include Miss Selfridge, Costa Coffee, Clinton Cards and Bodyshop.
Tenure
Freehold.
Description
The property comprises a regular and level SITE measuring approximately 0.25 hectares (0.62 acres) upon which has been constructed a substantial MULTI-STOREY RETAIL STORE with two single storey retail units fronting Park Place.
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 a regular and level SITE measuring approximately 0.25 hectares (0.62 acres) upon which has been constructed a substantial MULTI-STOREY RETAIL STORE with two single storey retail units fronting Park Place.
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
Gross Frontage Return Frontage & Built Depth Ground First Second
Retail Ancillary Ancillary
29.30 m 37.50 m 1,105.5 sq m 1,086.9 sq m 594.6 sq m
LITTLEWOODS LIMITED (formerly THE LITTLEWOODS ORGANISATION PUBLIC LIMITED COMPANY) on assignment to ATRIUM 100 PROPERTIES LIMITED (1)
18/06/1970 until 09/05/2062
£50,000
May 2029 (3)
Totals
5,109.5 sq m
(55,000 sq ft)
£265,000
(1) For the year ending 30th April 2010, Littlewoods Limited reported a turnover £471,000, a pre-tax loss of £302,000 and a net worth of £444,276,000. (Source:www.riskdisk.com 25/01/2011) For the year ending 12th September 2009, Atrium 100 Properties Limited reported pre-tax profits £6,751,000 and total assets less current liabilities of £180,096,000. (Source: Directors’ Report and financial statements, published at Companies House 26/02/2010) The ultimate holding company of Atrium 100 Properties Limited is Whitlington Investments Limited who is also the ultimate holding company of Associated British Foods plc. Littlewoods Stores Holdings Limited were acquired by Associated British Food plc in 2005. (2) The leases provide for the rent to reviewed to 4/5 of the market annual rental value. (3) The lease provides for the rent to be reviewed to the greater of modern ground rental value and the rent payable immediately prior to the review.
