48 - 50 South Street Romford Greater London RM1 1RB

48 - 50 South Street
Romford
Greater London
RM1 1RB

Prime Freehold Retail and Commercial Investment

Majority let to Footasylum Plc, a part of JD Sports
10 year lease (renewal) from March 2018 (subject to option)
To be part let to HairGrowthCentreRomford Limited on a renewed 5 year lease (4)
Approximately 7,200 sq ft (668.88 sq m)
Potential Change of Use opportunity on upper parts (subject to lease and consents)
Prime 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 and Costa
Located close to Romford Station in popular Greater London suburb - proposed Crossrail route

Lot
13
Auction
24th October 2019
Rent
£140,000 per Annum Exclusive
Status
Sold Post
Price
Auction Venue
The Montcalm Hotel
2 Wallenberg Place
London W1H 7TN

Important Update Interested?

Expand
Photos
Map

Prime Freehold Retail and Commercial Investment

Majority let to Footasylum Plc, a part of JD Sports
10 year lease (renewal) from March 2018 (subject to option)
To be part let to HairGrowthCentreRomford Limited on a renewed 5 year lease (4)
Approximately 7,200 sq ft (668.88 sq m)
Potential Change of Use opportunity on upper parts (subject to lease and consents)
Prime 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 and Costa
Located close to Romford Station in popular Greater London suburb - proposed Crossrail route

Lot 13
Auction 24th October 2019
Rent £140,000 per Annum Exclusive
Status Sold Post
Price
Sector
High Street Retail
Auction Venue
The Montcalm Hotel
2 Wallenberg Place
London W1H 7TN

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, Costa and Sports Direct. Other nearby occupiers include Tesco Express, GAP, JD Wetherspoon, Superdrug, Greggs and Trespass.

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 45.52 sq m	(857 sq ft) (490 sq ft)	HAIRGROWTHCENTREROMFORD LIMITED (3) with a guarantee from Pharma Practice Limited	5 years from 2019 (4)	£40,000	(2024)
Total		668.88 sq m	(7,200 sq ft)			£140,000

(1) Footasylum is a part of JD Sports and is a UK-based lifestyle fashion retailer operating from more than 65 stores. For the year ending 23rd February 2019, Footasylum Limited (which had a change of name from Footasylum Plc in September 2019) reported a turnover of £227,249,000, a pre-tax loss of £6,241,000 and a total net worth of £36,114,000 (Source: Experian Group 22/09/2019).
(2) The lease provides for a tenant option to determine on 24th March 2023.
(3) Hair Growth Centre is one of the largest hair regrowth centres in the UK, with locations all over London, Essex, Birmingham and Manchester (Source: www.hairgrowthcentre.com 30/09/2019).
(4) A new 5 year lease has been agreed, without break, at a rent of £40,000 per annum and solicitors are instructed. The lease will be contracted outside the Security of Tenure provisions of the Landlord and Tenant Act 1954.