Let to tenant trading as Romford International Food
New 15 year lease from March 2021 (no breaks)
Forms part of recently completed mixed use development
Prominent location on the edge of Romford Town Centre and 0.5 miles from Romford Station
VAT-free Greater London Investment
New Crossrail/Elizabeth Line from Romford
Lot 21
Auction 16th June 2021
Rent £38,000 per Annum Exclusive
Status Sold
Price £574,500
Sector High Street Retail
Auction Venue Live Streamed Auction
Property Information
Location
Miles
13 miles north-east of the City of London
Roads
A12, M25
Rail
Romford
Air
London City
Situation
Romford is a popular commuter town approximately 13 miles north-east of the City of London with excellent communication links via the A12, M25 and by rail (Overground, TFL, & GreaterAnglia). The property is located in a prominent position on the east side of North Street (A125), close to its junction with St Edwards Way and Angel Way. Nearby occupiers include Papa John's, HSH Solicitors, Matalan and various independent retailers.
Tenure
Long Leasehold. 999 years from 22/12/2020 at a peppercorn rent.
Location
Miles
13 miles north-east of the City of London
Roads
A12, M25
Rail
Romford
Air
London City
Situation
Romford is a popular commuter town approximately 13 miles north-east of the City of London with excellent communication links via the A12, M25 and by rail (Overground, TFL, & GreaterAnglia). The property is located in a prominent position on the east side of North Street (A125), close to its junction with St Edwards Way and Angel Way. Nearby occupiers include Papa John's, HSH Solicitors, Matalan and various independent retailers.
Tenure
Long Leasehold. 999 years from 22/12/2020 at a peppercorn rent.
Description
The property comprises a ground floor shop only, forming part of a recently completed mixed use development.
VAT
VAT is not applicable to this lot.
Completion Period
Six Week Completion
EPC
C. See legal pack at www.acuitus.co.uk.
Description
The property comprises a ground floor shop only, forming part of a recently completed mixed use development.
VAT
VAT is not applicable to this lot.
Completion Period
Six Week Completion
EPC
C. See legal pack at www.acuitus.co.uk.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
Ground
Retail
198.81 sq m
(2,140 sq ft)
INDIVIDUAL (1) t/a Romford International Food
15 years from 26/03/2021 until 25/03/2036
£38,000 (2)
26/03/2026 and 5 yearly thereafter
Total
198.81 sq m
(2,140 sq ft)
£38,000
(1) A 6 month rent deposit is held by the Vendor. (2) Under the terms of the lease, the tenant benefits from 3 months rent free from the start of the lease until June 2021, and then half rent until March 2022. The Vendor has agreed to top up the completion monies so that the property effectively produces £38,000 pa from completion of the sale until the end of the rent free period - please see Special Conditions of Sale.
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.
