48 - 50 South Street Romford Greater London RM1 1RB

48 - 50 South Street
Romford
Greater London
RM1 1RB

Freehold Retail and Hair Clinic Investment

Majority let to Footasylum Plc on a new 10 year lease (renewal) from March 2018 (subject to option)
Re-based shop rent
Part let to Medical Hair Centre until August 2018 on lease drawn outside the Landlord & Tenant Act 1954
Potential Change of Use opportunity on upper parts (subject to lease and consents)
Pedestrianised trading location between The Brewery and Liberty Shopping Centres, with nearby occupiers including Primark, Marks & Spencer, Boots the Chemist, GAP, Tesco Express, H&M, WHSmith, Topshop and Costa
Located close to Romford Station in popular Greater London suburb

Lot
38
Auction
11th July 2018
Rent
£125,000 per Annum Exclusive
Status
Withdrawn Post
Price
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

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Freehold Retail and Hair Clinic Investment

Majority let to Footasylum Plc on a new 10 year lease (renewal) from March 2018 (subject to option)
Re-based shop rent
Part let to Medical Hair Centre until August 2018 on lease drawn outside the Landlord & Tenant Act 1954
Potential Change of Use opportunity on upper parts (subject to lease and consents)
Pedestrianised trading location between The Brewery and Liberty Shopping Centres, with nearby occupiers including Primark, Marks & Spencer, Boots the Chemist, GAP, Tesco Express, H&M, WHSmith, Topshop and Costa
Located close to Romford Station in popular Greater London suburb

Lot 38
Auction 11th July 2018
Rent £125,000 per Annum Exclusive
Status Withdrawn Post
Price
Sector
High Street Retail
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

Property Information

Location

Miles: 7 miles south-west of Brentwood, 13 miles north-east of the City of London
Roads: A12, A118, A125, A126
Rail: Romford Railway Station (17 minutes direct to London Liverpool Street)
Air: London City and London Stansted Airports

Situation

The property is situated on the south-western side of the pedestrianised South Street, opposite The Liberty Shopping Centre and fronting the Brewery Shopping Centre. The Liberty and Brewery Shopping Centres together house retailers including Marks & Spencer, Boots the Chemist, H&M, WHSmith, Topshop, Costa and Sports Direct. Other nearby occupiers include Tesco Express, GAP, JD Wetherspoon, Superdrug, Greggs and JD Sports.

Tenure

Freehold.

Location

Miles: 7 miles south-west of Brentwood, 13 miles north-east of the City of London
Roads: A12, A118, A125, A126
Rail: Romford Railway Station (17 minutes direct to London Liverpool Street)
Air: London City and London Stansted Airports

Situation

Tenure

Freehold.

Description

The property comprises a large ground floor shop with ancillary accommodation on the basement and part first floor, and a separately accessed hair clinic on part ground, first and second floors.

VAT

VAT is 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 basement and part first floor, and a separately accessed hair clinic on part ground, first and second floors.

VAT

VAT is 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	Review/ (Reversion)
Ground Basement Part First	Retail/Ancillary Ancillary Ancillary	386.55 sq m 41.80 sq m 115.38 sq m	(4,161 sq ft) (450 sq ft) (1,242 sq ft)	FOOTASYLUM PLC (1)	10 years from 25/03/2018 (2)	£100,000	25/03/2023 (24/03/2028)
Part Ground/ First Second	Hair Clinic Ancillary	79.61 sq m 71.25 sq m	(857 sq ft) (767 sq ft)	MEDICAL HAIR CENTRE LIMITED (3) with a guarantee from Finefair Limited	5 years from 05/08/2013 (4)	£25,000	(04/08/2018)
Total		694.61 sq m	7,477 sq ft)			£125,000

(1) Footasylum is a UK-based lifestyle fashion retailer, focused on bringing to market footwear and apparel collections predominantly aimed at 16-24 year old fashion-conscious customers. The Company operates from more than 60 stores. For the year ending 25th February 2017, Footasylum Plc reported a turnover of £146,962,632, pre-tax profits of £8,118,895 and a total net worth of £558,175 (Sources: www.investors.footasylum.com and Experian Group 08/06/2018).
(2) The lease provides for a tenant option to determine on 24th March 2023.
(3) Medical Hair Centre’s unique hair centres are expanding to become one of Europe’s largest and most renowned hair centres, with more than 40 members of staff and specialising in nothing but the most effective scientifically formulated and clinically proven treatments (Source: www.medicalhaircentre.com 08/06/2018).
(4) The lease is contracted outside of the Security of Tenure Provisions of the Landlord & Tenant Act 1954.