Situated approximately 1/2 mile south of The City of London
Rent reviewed in line with the Retail Price Index, Subject to minimum of 1% and a Maximum of 4% per annum compounded
Lot 24
Auction 5th May 2021
Rent £89,000 per Annum Exclusive
Status Withdrawn Post
Price
Sector Supermarket/Convenience
Auction Venue Live Streamed Auction
On Behalf of Trustees
Property Information
Location
Miles
City of London less than 1mile
Westminster 1mile
The Shard 950 metres
Roads
A2, A3, A201
Rail
Borough Underground station,
Southwark Underground station,
London Bridge Railway and Underground Station.
Waterloo Railway and Underground Station
Air
London City Airport. London Heathrow
Situation
The property is situated on the west side of the busy Southwark Bridge Road close to its junction with Great Suffolk Street approximately 800m metres south of the popular and fashionable Borough Market. Southwark Bridge Road links the popular Elephant and Castle with the South Bank and the City of London. This district of London has seen a tremendous transformation from a run of mill, non-affluent Central London suburb to a highly fashionable cosmopolitan hub with significant major residential developments with public spaces that are targeted by highly paid young people that work in the City of London.
Tenure
Virtual Freehold. Held from for term of 999 years from 1st January 2008 at a fixed peppercorn rent.
Location
Miles
City of London less than 1mile
Westminster 1mile
The Shard 950 metres
Roads
A2, A3, A201
Rail
Borough Underground station,
Southwark Underground station,
London Bridge Railway and Underground Station.
Waterloo Railway and Underground Station
Air
London City Airport. London Heathrow
Situation
The property is situated on the west side of the busy Southwark Bridge Road close to its junction with Great Suffolk Street approximately 800m metres south of the popular and fashionable Borough Market. Southwark Bridge Road links the popular Elephant and Castle with the South Bank and the City of London. This district of London has seen a tremendous transformation from a run of mill, non-affluent Central London suburb to a highly fashionable cosmopolitan hub with significant major residential developments with public spaces that are targeted by highly paid young people that work in the City of London.
Tenure
Virtual Freehold. Held from for term of 999 years from 1st January 2008 at a fixed peppercorn rent.
Description
The property comprises a ground floor retail unit with a significant retail frontage. The property forms part of a larger residential building.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
Band C. See legal pack.
Description
The property comprises a ground floor retail unit with a significant retail frontage. The property forms part of a larger residential building.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
Band C. See legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review
Ground
Convenience Store
335.00 sq m
(3,606 sq ft)
CO-OPERATIVE GROUP FOOD LIMITED (CRN IP26715R) (1)
15 years from 27th December 2012 until 2027 (2)
£89,000
27th December 2022. Reviewed in line with RPI subject to a minimum of 1% and a maximum of 4% per annum exclusive.
Total
335.00 sq m
(3,606 sq ft) (3)
£89,000 rising to a minimum of £93,539 pax in December 2022
(1) Co- Operative Food Group Limited are one of the worlds largest consumer co-operatives, owned by millions of members. and are the UKs fifth biggest food retailer with more than 2,500 local, convenience and medium-sized stores nationwide. (Source: www.co-operative.coop/about-us/our-co-op) (2) The lease provide fpr a tenant option to determine the lease on 27th December 2022 on serving 6 months written notice. (3) The floor area above has been stated in the headlease.
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.
