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
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
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.
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.
