Property Auctions 09/Jul/2020 | Florence Walk, Bishops Stortford, Hertfordshire, CM23 2NZ

Freehold Shopping Mall and Residential Ground Rent Investment

Attractive shopping mall in affluent market town
Close to Northgate and Link Road public car parks
Located between popular North Street and Waitrose supermarket
Nearby occupiers include Cte Restaurant, Bills Restaurant, Lloyds Bank, HSBC and Carluccios

Lot 18
Auction 9th July 2020
Rent £138,250 per Annum Exclusive
Status Sold Prior
Price
Sector
High Street Retail
Auction Venue
Live Streamed Auction
On behalf of a Major Fund Manager

Property Information

Location

Miles: 25 miles north of Central London; 25 miles south of Cambridge
Roads: M11, M25
Rail: Bishops Stortford Rail
Air: Stansted International Airport

Situation

Bishops Stortford is a historic market town 25 miles north of Central London. The property is located in the town centre on the eastern side of North Street, one of the towns most sought after shopping streets. The shopping precinct provides a thoroughfare through to Waitrose supermarket, via Water Lane to the east. Nearby occupiers include Côte Restaurant, Pizza Express, Bills Restaurant, Lloyds Bank, HSBC , White Stuff, NatWest and Savills.

Tenure

Freehold.

Location

Miles: 25 miles north of Central London; 25 miles south of Cambridge
Roads: M11, M25
Rail: Bishops Stortford Rail
Air: Stansted International Airport

Situation

Bishops Stortford is a historic market town 25 miles north of Central London. The property is located in the town centre on the eastern side of North Street, one of the towns most sought after shopping streets. The shopping precinct provides a thoroughfare through to Waitrose supermarket, via Water Lane to the east. Nearby occupiers include Côte Restaurant, Pizza Express, Bills Restaurant, Lloyds Bank, HSBC , White Stuff, NatWest and Savills.

Tenure

Freehold.

Description

Florence Walk is a covered shopping mall comprising twelve ground floor units. There are six residential flats on the upper floors which have been let on long leases.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

See legal pack at www.acuitus.co.uk

Description

Florence Walk is a covered shopping mall comprising twelve ground floor units. There are six residential flats on the upper floors which have been let on long leases.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

See legal pack at www.acuitus.co.uk

Tenancy & Accommodation

Unit No.	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x.	Reviews/ Reversion
1	Retail	19.78 sq m	(213 sq ft)	INDIVIDUAL t/a Guy & Joe’s	15 years from 12/10/2015 (1)	£13,000	12/10/2020
2	Retail	20.07 sq m	(216 sq ft)	KOAR BOUTIQUE LIMITED (not in occupation)	3 years from 21/06/2017	£8,500	(20/06/2020)
3	Retail	25.46 sq m	(274 sq ft)	PHOENIX VAPERS LIMITED t/a Phoenix Electronic Cigarettes	6 years from 28/10/2015	£10,000	(27/10/2021)
4	Retail	45.62 sq m	(491 sq ft)	SHUKA LONDON LIMITED with personal guarantee	10 years from 29/09/2016 (3)	£12,850	20/09/2023
5	Retail	45.71 sq m	(492 sq ft)	INDIVIDUALS	10 years from 16/10/2018 (2)	£13,000	15/10/2023
6	Retail	45.89 sq m	(494 sq ft)	OLIVIA VAN DER HORST LIMITED	3 years from 24/01/2020 (4)	£10,650	(23/01/2023)
7	Retail	59.10 sq m	(636 sq ft)	ST ELIZABETH’S CENTRE	5 years from 18/12/2019	£13,750	(17/12/2024)
8	Retail	84.19 sq m	(906 sq ft)	INDIVIDUALS	5 years from 01/07/2020	£14,500 (5)	(30/06/2025)
9/10				INDIVIDUALS	151 years from 28/04/1988	Peppercorn	(27/04/2139)
11	Retail	26.85 sq m	(289 sq ft)	INDIVIDUAL t/a Ripsher & Co Barbers	10 years from 06/11/2018 (6)	£9,500	06/11/2023
12	Retail	32.52 sq m	(350 sq ft)	INDIVIDUAL t/a Blink Gift Shop	3 years from 11/04/2018	£10,400	(10/04/2021)
13/14	Retail	81.66 sq m	(879 sq ft)	INDIVIDUALS t/a Caffe Inn	10 years from 31/01/2011	£21,000	(30/01/2021)
15	Retail	33.35 sq m	(359 sq ft)	MINI MILKS CHILDREN’S BOUTIQUE LTD	5 years from 06/10/2015	£9,500	(05/10/2020)
16		Residential		INDIVIDUAL	99 years from 29/09/1989	£100	(28/09/2088)
17		Residential		INDIVIDUAL	125 years from 25/03/2002	£100	(24/03/2127)
18		Residential		INDIVIDUAL	117 years 11 months from 25/04/2008	£100	(24/03/2126)
19		Residential		INDIVIDUAL	99 years from 29/09/1989	£100	(28/09/2088)
20		Residential		INDIVIDUAL	189 years from 29/09/1989	£100	(28/09/2178)
21		Residential		INDIVIDUAL	125 years from 25/03/2002	£100	(24/03/2127)
Total		520.02 sq m	(5,560 sq ft)			£138,250 (5)

(1) Tenant option to determine on 12th October 2020, exercised.
(2) The lease provides a tenant option to determine on 16th October 2023.
(3) The lease provides a tenant option to determine on 20th September 2021.
(4) The lease provides a tenant option to determine on 23rd January 2022.
(5) The lease provides a tenant option to determine on 1st July 2023. A 6 month rent free period. The seller will adjust completion monies so that the unit effectively produces £14,000 pa from completion of the sale.
(6) The lease provides a tenant option to determine on 5th November 2023.

If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.