Harlow Town Rail (London Liverpool Street in 31 minutes)
Air
Stansted International Airport
Situation
The property is situated in a highly prominent position adjacent to the A414 Edinburgh Way which provides direct access to the M11 Motorway (Junction 7). The property benefits from its close proximity to Stansted Airport, Central London and from the investment in infrastructure and development in East London in preparation for the 2012 Olympic Games. Harlow Town Rail Station is situated some 120 metres north-west of the property.
Tenure
Virtual Freehold. Held for a term of 999 years plus 3 days from and including 27th November 2003 at a peppercorn rent
Location
Miles
25 miles north-east of Central London, 22 miles from the Olympic Stadium at Stratford, 15 miles south of Stansted Airport
Harlow Town Rail (London Liverpool Street in 31 minutes)
Air
Stansted International Airport
Situation
The property is situated in a highly prominent position adjacent to the A414 Edinburgh Way which provides direct access to the M11 Motorway (Junction 7). The property benefits from its close proximity to Stansted Airport, Central London and from the investment in infrastructure and development in East London in preparation for the 2012 Olympic Games. Harlow Town Rail Station is situated some 120 metres north-west of the property.
Tenure
Virtual Freehold. Held for a term of 999 years plus 3 days from and including 27th November 2003 at a peppercorn rent
Description
The property comprises a site of approximately 0.081 hectares (0.200 acres) upon which has been constructed a 90-bedroom hotel over ground, first, second and third floors. The property also benefits from the right to use 112 car parking spaces.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a site of approximately 0.081 hectares (0.200 acres) upon which has been constructed a 90-bedroom hotel over ground, first, second and third floors. The property also benefits from the right to use 112 car parking spaces.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Site
Tenant
Term
Rent p.a.x
Reviews
Majority of Site
AXA UK PENSION TRUSTEES CORPORATION (1) (2)
999 years from 03/11/2003 until 3002
£70,829.68 (3)
03/11/2013 and five yearly until 2038 and 25 yearly thereafter (4)
Small area of Site (5)
AXA UK PENSION TRUSTEES CORPORATION (1) (2)
999 years from 03/11/2003 until 3002
£1 (if demanded)
Totals
£70,829.68 (3)
(1) AXA UK Pension Trustees Corporation is a subsidiary of AXA Insurance plc who for the year ending 31st December 2010, reported a turnover of £132,000, pre-tax profits of £144,806,000 and a total net worth of £2,000,931,000. (Source: www.riskdisk.com 11/11/2011) (2) The tenant has sublet the property to Travelodge Hotels Ltd for 30 years until 2035. For further information please refer to the Auctioneers or the legal documents. (3) The initial rent under the lease was £59,187.50 p.a. The rent was reviewed in 3rd November 2008 and the tenant is currently paying £70,829.68 p.a.x, however the Seller cannot provide the rent review memorandum in respect of this rent review. (4) The rent is reviewed to the higher of the rent under the lease immediately before the rent review; Initial Rent plus the Retail Price Index increase; or Initial Rent plus the Harmonised Index of Consumer Prices increase. (5) Please refer to the piece of land labelled '1' on the title plan in the legal documents.
Contacts
Seller's Solicitors
Addleshaw Goddard LLP Milton Gate, 60 Chiswell Street London EC1Y 4AG
