Neighbouring occupiers include Barclays Bank, HSBC, Nando's, GAIL's Bakery and Topps Tiles.
Lot 23
Auction 16th June 2021
Rent £59,800 per Annum Exclusive
Status Withdrawn Prior
Price
Sector Restaurant
Auction Venue Live Streamed Auction
Property Information
Location
Miles
13 miles north east of Central London
Roads
A121, M11 (Jct 5), M25 (Junction 26)
Rail
Loughton Underground (Central Line)
Air
London City Airport, London Heathrow,
London Stansted Airport, London Southend
Situation
Loughton is a popular, affluent and attractive commuter town some 13 miles north east of Central London.
The property is situated on the north side of the busy High Road (A121), approximately 500 metres from Loughton underground station. Neighbouring occupiers include Barclays Bank, HSBC, Nando's, GAIL's Bakery and Topps Tiles.
Tenure
Freehold.
Location
Miles
13 miles north east of Central London
Roads
A121, M11 (Jct 5), M25 (Junction 26)
Rail
Loughton Underground (Central Line)
Air
London City Airport, London Heathrow,
London Stansted Airport, London Southend
Situation
Loughton is a popular, affluent and attractive commuter town some 13 miles north east of Central London.
The property is situated on the north side of the busy High Road (A121), approximately 500 metres from Loughton underground station. Neighbouring occupiers include Barclays Bank, HSBC, Nando's, GAIL's Bakery and Topps Tiles.
Tenure
Freehold.
Description
The property comprises ground floor restaurant accommodation and a first floor 3 bedroom (2 bathrooms) self contained flat which is accessed from the rear of the property via Smarts Lane.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
See legal pack.
Description
The property comprises ground floor restaurant accommodation and a first floor 3 bedroom (2 bathrooms) self contained flat which is accessed from the rear of the property via Smarts Lane.
VAT
VAT is applicable to this lot.
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
Restaurant
121.79 sq m
(1,311 sq ft) (3)
INDIVIDUAL t/a T & G’s Tapas Bar & Bistro
15 years from 01/02/2019 (1)
£40,000
01/02/2024 and 01/02/2029 (31/01/2034)
First
3 Bedroom Flat
91.12 sq m
(980 sq ft)
INDIVIDUALS
Assured Shorthold Tenancy for a term of 1 year from 14/05/2021 (2)
£19,800 (2)
(13/05/2022)
Total
212.91 sq m
(2,291 sq ft)
£59,800
(1) As to the restaurant, the lease provides for a tenant option to determine the lease on 01/02/2029 and is outside of the security of tenure provisions of the Landlord & Tenant Act 1954. (2) As to the flat, the rent shown above has been annualised. The rent reserve under the tenancy agreement is £1650 per calendar month. The Tenancy agreement provide for a mutual option to determine the tenancy at anytime after the first 6 months of the tenancy subject to either party serving 2 month notice in writing. (3) The ground floor areas stated above have been published by the Valuation Office Agency at https://www.tax.service.gov.uk/business-rates-find/valuations/23323184000
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.
