164 High Street, Lewisham London SE13 6JL

164 High Street, Lewisham
London
SE13 6JL

Freehold Retail Investment

First time on the market for approximately 50 years
Entirely let to Iceland Foods Limited (Holding Over)
Proposed 10 year lease at a rent of £197,500 p.a.x. (2)
Approximately 8,523 sq ft
Adjoins Lewisham Shopping Centre to the rear
Nearby occupiers include Marks & Spencer, Boots the Chemist, Primark and TK Maxx
For the Seller's Legal Pack, please click the Property Documents tab below

Lot
31
Auction
25th May 2017
Rent
£147,750 per Annum Exclusive
Status
Sold
Price
£2,900,000
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

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Freehold Retail Investment

First time on the market for approximately 50 years
Entirely let to Iceland Foods Limited (Holding Over)
Proposed 10 year lease at a rent of £197,500 p.a.x. (2)
Approximately 8,523 sq ft
Adjoins Lewisham Shopping Centre to the rear
Nearby occupiers include Marks & Spencer, Boots the Chemist, Primark and TK Maxx
For the Seller's Legal Pack, please click the Property Documents tab below

Lot 31
Auction 25th May 2017
Rent £147,750 per Annum Exclusive
Status Sold
Price £2,900,000
Sector
High Street Retail
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

Property Information

Location

Miles: 1.5 miles south of Greenwich, 2 miles west of Blackheath Village, 6 miles south-east of the City of London
Roads: A20, A21
Rail: Lewisham Railway Station (DLR & National Rail)
Air: London City Airport

Situation

The property is located on the western side of the pedestrianised section of High Street, adjoining Lewisham Shopping Centre to the rear. Lewisham Shopping Centre houses retailers including Marks & Spencer, Sainsbury's Supermarket, Boots the Chemist, Primark, TK Maxx, H&M and Argos, with other nearby occupiers including Gap, Superdrug and McDonald's. Lewisham Shopping Centre's multi-storey car park provides car parking for over 800 cars.

Tenure

Freehold.

Location

Miles: 1.5 miles south of Greenwich, 2 miles west of Blackheath Village, 6 miles south-east of the City of London
Roads: A20, A21
Rail: Lewisham Railway Station (DLR & National Rail)
Air: London City Airport

Situation

Tenure

Freehold.

Description

The property comprises a large ground floor shop with ancillary accommodation on the first and second floors.

VAT

VAT is not applicable to this lot.

Completion Period

Six Week Completion

EPC

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

Description

The property comprises a large ground floor shop with ancillary accommodation on the first and second floors.

VAT

VAT is not applicable to this lot.

Completion Period

Six Week Completion

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
Ground First Second	Retail Ancillary Ancillary	396.32 sq m 225.57 sq m 169.92 sq m	(4,266 sq ft) (2,428 sq ft) (1,829 sq ft)	ICELAND FOODS LIMITED (1)	10 years from 24/06/2006 until 23/06/2016 (2) on a full repairing and insuring lease	£147,750
Totals		791.81 sq m	(8,523 sq ft)			£147,750

(1) For the year ending 25th March 2016, Iceland Foods Limited reported a turnover of £2,658,332,000, pre-tax profits of £58,172,000 and a total net worth of £740,354,000 (Source: Experian Group 10/04/2017).
(2) The tenant served a Section 26 request on the vendor dated 17th December 2015 requesting a new 5 year lease at a rent of £110,000 per annum. The vendor served an Acknowledgement of Service on the tenant dated 6th September 2016 proposing a new 10 year lease at a rent of £197,500 per annum. Further negotiations have ensued in respect of a new lease - please see legal pack for further details.
NB: The tenant currently benefits from a licence with the owners of Lewisham Shopping Centre to use part of the Shopping Centre service area to the rear. A licence fee is paid by Iceland to the owners of Lewisham Shopping Centre.