Freehold Retail Investment with Residential Development Potential
Substantial modern building comprising two extensive retail units capable of further subdivision
Approximately 1,271.90 sq m (13,685 sq ft) with the upper floors comprising 848 sq m (9,133 sq ft)
Prime retail position between St George and St Anns Shopping Centres
Residential development potential on upper floors (subject to consents)
Recent interest from potential tenants including Footlocker and Skipton Building Society (2) (3)
Neighbouring occupiers include Starbucks, Greggs, TSB Bank, Santander, Costa, Pret a Manger and Primark
Lot 8
Auction 25th March 2021
Rent £48,000 per Annum Exclusive
Status Sold
Price £3,225,000
Sector Development
Auction Venue Live Streamed Auction
On behalf of a major Asset Manager
Property Information
Location
Miles
16 miles north-west of Central London
8 miles south-east of Watford
3 miles north of Wembley
Roads
A40 (Western Avenue), M1, M25, M40
Rail
Harrow-on-the-Hill Mainline Railway Station and Underground (Metropolitan Line)
Air
London Heathrow Airport
London Luton Airport
Situation
The property is situated in a prime retailing position on the north side of the busy and pedestrianised St Anns Road, directly between St George and St Anns Shopping Centres, approximately 300 metres from Harrow-on-the-Hill Railway Station (Underground & Network Rail). Neighbouring occupiers include Starbucks, Greggs, TSB Bank, Santander, Costa, Pret a Manger and Primark.
Tenure
Freehold.
Location
Miles
16 miles north-west of Central London
8 miles south-east of Watford
3 miles north of Wembley
Roads
A40 (Western Avenue), M1, M25, M40
Rail
Harrow-on-the-Hill Mainline Railway Station and Underground (Metropolitan Line)
Air
London Heathrow Airport
London Luton Airport
Situation
The property is situated in a prime retailing position on the north side of the busy and pedestrianised St Anns Road, directly between St George and St Anns Shopping Centres, approximately 300 metres from Harrow-on-the-Hill Railway Station (Underground & Network Rail). Neighbouring occupiers include Starbucks, Greggs, TSB Bank, Santander, Costa, Pret a Manger and Primark.
Tenure
Freehold.
Description
The property currently comprises two substantial ground floor retail units with two extensive upper floors. Unit 82 is a substantial retail unit capable of further subdivision. Previous tenants have traded from parts of the upper floors in addition to the ground floor. The property benefits from 24.5 metre (80 feet) frontages and access to the rear from Greenhill Way, providing an opportunity for residential conversion on the upper floors (Subject to consents).
VAT
VAT is applicable to this lot.
Completion Period
Four Week Completion
EPC
See legal pack.
Description
The property currently comprises two substantial ground floor retail units with two extensive upper floors. Unit 82 is a substantial retail unit capable of further subdivision. Previous tenants have traded from parts of the upper floors in addition to the ground floor. The property benefits from 24.5 metre (80 feet) frontages and access to the rear from Greenhill Way, providing an opportunity for residential conversion on the upper floors (Subject to consents).
(1) The tenant has a rolling option to determine the lease upon giving 1 months' notice. (2) As to unit 82, the current owner has considered subdividing unit 82 into two units, 82A and 82B. In relation to 82B (a proposed unit comprising ground floor of approximately 183.66 sq m (1,977 sq ft) and a first floor of approximately 178.46 sq m (1,921 sq ft) Freedom Sportsline Limited t/a Footlocker have expressed an interest in taking a lease at an average rent of £83,000 p.a.x. over the proposed term, subject to incentives. Full information is available in the legal pack. (3) As to unit 84, Skipton building society have expressed an interest in taking a lease at an average rent of £57,000 p.a.x. over the proposed term, subject to incentives. Full information is available in the legal pack.
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.
