257 - 265 Southwark Park Road London SE16 3TP

257 - 265 Southwark Park Road
London
SE16 3TP

Freehold Retail and Residential Investment

Substantial corner building including
2 retail units and 14 self contained flats
Tenants trading as Nisa Local and Paddy Power
Situated approximately 1 mile south of The City of London
Further development potential to add an additional floor (Subject to Consents)

Lot
10
Auction
5th May 2021
Rent
£297,820 per Annum Exclusive
Status
Withdrawn Post
Price
Auction Venue
Live Streamed Auction

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Freehold Retail and Residential Investment

Substantial corner building including
2 retail units and 14 self contained flats
Tenants trading as Nisa Local and Paddy Power
Situated approximately 1 mile south of The City of London
Further development potential to add an additional floor (Subject to Consents)

Lot 10
Auction 5th May 2021
Rent £297,820 per Annum Exclusive
Status Withdrawn Post
Price
Sector
High Street Retail
Auction Venue
Live Streamed Auction

Property Information

Location

Miles: 1 mile south east of Tower Bridge; 1.2 miles south east of the City of London; 2.5 miles south west of London Docklands and Canary Wharf; 1.5 miles south east of London Bridge
Roads: A2206, A2, A20, A205 South Circular Road.
Rail: Bermonsey Underground Station,; Surrey Quays Overground Station.
Air: London City Airport,; London Heathrow Airport

Situation

The property is situated on the north side of South Park Road in front of a major newly constructed 7 storey residential building. Bermonsey benefits from being approximately 1 mile equidistant between Tower Bridge and the City of London and the regenerated fashionable and affluent Surrey Quays.

Tenure

Freehold.

Location

Miles: 1 mile south east of Tower Bridge; 1.2 miles south east of the City of London; 2.5 miles south west of London Docklands and Canary Wharf; 1.5 miles south east of London Bridge
Roads: A2206, A2, A20, A205 South Circular Road.
Rail: Bermonsey Underground Station,; Surrey Quays Overground Station.
Air: London City Airport,; London Heathrow Airport

Situation

Tenure

Freehold.

Description

The property a substantial corner building comprises two retail units on the ground floor and 14 self contained residential flats (10 x 2 bedroom and 4 x 1 bedroom) on the upper three upper floors. The property may benefits from further residential development with the construction of an additional floor (subject to consents).

VAT

VAT is not applicable to this lot.

Planning

The property may be suitable for the developement of an additional floor to create additional flats, subject to consents

Completion Period

Six Week Completion

EPC

See legal pack.

Description

VAT

VAT is not applicable to this lot.

Planning

The property may be suitable for the developement of an additional floor to create additional flats, subject to consents

Completion Period

Six Week Completion

EPC

See legal pack.

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Reviews/ (Reversion)
Ground	Convenience Store	110.60 sq m	(1,190 sq ft)	SUNSTAR SUPERMARKETS LIMITED (CRN 05863736) t/a Nisa Local (1)	20 years from 07/03/2021 until 2041 (2)	£35,000	07/03/2026 and 5 yearly (06/03/2041)
Ground	Retail	165.65 sq m	(1,783 sq ft)	POWER LEISURE BOOKMAKERS LIMITED (CRN 03822566) (3)	15 years from 27/03/2007	£27,500	(26/03/2022)
First to Third	14 Flats	10 X 2 Bedroom and 4 x 1 Bedroom		INDIVIDUALS	14 separate Assured Shorthold Tenancy Agreements	£235,320
Total Commercial Floor Area		276.25 sq m	(2,973 sq ft)			£297,820

(1) Nisa is a £1.45 billion turnover company which exists to provide benefits to approx. 1,400 partners, operating almost 4,000 stores. (Source: www.nisalocally.co.uk/the-nisa-story/)
(2) As to the lease to Sunstar Supermarkets Limited, the lease is outside of the security of tenure provisions of the Landlord and Tenant Act 1954.
(3) For the year ending 31st December 2019, Power Leisure Bookmakers Limited reported a turnover of £745,565,471, a pre-tax profit of £93,404,662 and shareholder funds of £198,324,531 (Source: NorthRow 13/04/2021).
(4) As to the residential flats the rents shown have been annualised.

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.