Retail tenants include A-plan Holdings until 2030 (no Breaks)
Includes 16 secure undercroft car spaces
Prominent and busy location adjacent to A505
Asset management Opportunity
Lot 19
Auction 28th October 2020
Rent £47,500 per Annum Exclusive
Status Sold
Price £2,870,000
Sector Leisure
Auction Venue Live Streamed Auction
On Behalf of Receivers
Property Information
Location
Miles
30 miles north of Central London, 20 miles south-east of Milton Keynes,
Roads
A505, A6, M1 (Junction 10/11)
Rail
Luton Rail (direct to London in approximately 35 mins)
Air
London Luton Airport
Situation
Luton is a well established commercial centre located approximately 30 miles north of Central London. The town benefits from excellent communications being immediately east of the M1 motorway (Junctions 10 and 11), together with London-Luton International Airport. The property is prominently situated on the north side on the busy Stuart Road (A505), 300 metres from the centre of Luton and approximately 0.5 miles from Luton Railway station.
Tenure
Freehold.
Location
Miles
30 miles north of Central London, 20 miles south-east of Milton Keynes,
Roads
A505, A6, M1 (Junction 10/11)
Rail
Luton Rail (direct to London in approximately 35 mins)
Air
London Luton Airport
Situation
Luton is a well established commercial centre located approximately 30 miles north of Central London. The town benefits from excellent communications being immediately east of the M1 motorway (Junctions 10 and 11), together with London-Luton International Airport. The property is prominently situated on the north side on the busy Stuart Road (A505), 300 metres from the centre of Luton and approximately 0.5 miles from Luton Railway station.
Tenure
Freehold.
Description
The property comprises a substantial building with two wings, one with a frontage to Stuart Street (A505) and the other with a frontage to Upper George Street. The property comprises a 60 room hotel on lower ground, ground, first, second and third floors, two retail units fronting Upper George Street and undercroft car parking.
The hotel may be suitable for residential conversion, subject to consents.
Note
This property is being marketed for sale on behalf of Joint Fixed Charge Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Joint Fixed Charge Receivers to the best of their knowledge, but the purchaser must rely solely upon their own enquiries. The Joint Fixed Charge Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.
Completion Period
Six week completion
EPC
See legal pack.
Description
The property comprises a substantial building with two wings, one with a frontage to Stuart Street (A505) and the other with a frontage to Upper George Street. The property comprises a 60 room hotel on lower ground, ground, first, second and third floors, two retail units fronting Upper George Street and undercroft car parking.
The hotel may be suitable for residential conversion, subject to consents.
Note
This property is being marketed for sale on behalf of Joint Fixed Charge Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Joint Fixed Charge Receivers to the best of their knowledge, but the purchaser must rely solely upon their own enquiries. The Joint Fixed Charge Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.
(1) For the year ending 28th February 2019, A-plan Holdings reported a turnover of £101,669,355, pre-tax profits of £31,161,485 and shareholders funds of £56,466,465 (Source: SmartSearch 05/10/2020). A plan have been providing personalised insurance services since 1963 and now have over 80 High Street branches (www.aplan.co.uk). (2) The 22/11/2016 rent review has not been implemented.
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.
