Unbroken Central London Freehold Retail Parade and Residential Ground Rent Investment
Prominent South Bank retail parade close to Lambeth Palace and Imperial War Museum
Comprising 8 retail units, 20 flats, 13 garages
Average unexpired lease term of almost
8 years
Affluent and attractive Central London location
Site area of approximately 0.114 ha
(0.281 Acres)
5 flats with less than 58 years unexpired
Lot 7
Auction 4th November 2021
Rent £76,115 per Annum Exclusive
Status Sold
Price £1,060,000
Sector High Street Retail
Auction Venue Live Streamed Auction
Property Information
Location
Miles
1.7 Miles south of the City of London
0.8 miles from Houses of Parliament
Roads
A3204, A3, A205 (South Circular Road)
Rail
Lambeth North (Bakerloo Line),
Elephant and Castle (Northern Line) and Kennington (Northern Line),
Vauxhall (Victoria and National Rail)
Air
London City Airport,
London Heathrow Airport,
London Gatwick Airport
Situation
The property is situated in the attractive South Bank location of Kennington approximately 1.7 miles south of City of London and less than 1 mile from Westminster. The property occupies a prominent position on the Kennington Road with significant frontages onto Wincott Street and Bishops Terrace with rear parking accessed from Bishops Terrace. Kennington has benefitted from several recent new developments including the Oval Village, a 2 hectare site with 738 new homes, offices, retail and leisure facilities. The 2 Kennington Lane development has also recently completed with 73 homes, communal gardens and a roof terrace.
Tenure
Freehold.
Location
Miles
1.7 Miles south of the City of London
0.8 miles from Houses of Parliament
Roads
A3204, A3, A205 (South Circular Road)
Rail
Lambeth North (Bakerloo Line),
Elephant and Castle (Northern Line) and Kennington (Northern Line),
Vauxhall (Victoria and National Rail)
Air
London City Airport,
London Heathrow Airport,
London Gatwick Airport
Situation
The property is situated in the attractive South Bank location of Kennington approximately 1.7 miles south of City of London and less than 1 mile from Westminster. The property occupies a prominent position on the Kennington Road with significant frontages onto Wincott Street and Bishops Terrace with rear parking accessed from Bishops Terrace. Kennington has benefitted from several recent new developments including the Oval Village, a 2 hectare site with 738 new homes, offices, retail and leisure facilities. The 2 Kennington Lane development has also recently completed with 73 homes, communal gardens and a roof terrace.
Tenure
Freehold.
Description
The property, a substantial unbroken South Bank retail parade on Kennington Road opposite Lambeth Walk Open Space, comprises 8 retail units, including a dry cleaners, hair dressers and an off license on the ground floor, 20 flats on the three upper floors and
13 garages. The site area covers 0.114 ha
(0.281 acres). There are also rights to two 48 sheet advertising displays fronting Bishops Terrace.
VAT
VAT is not applicable to this lot.
Note
As to the residential flats, the tenants have been served notice pursuant to Section 5B of the Landlord and Tenant Act 1987. The notices were served on the 12th June 2021, the tenants had until the 31st August 2021 to respond to the notices. As no tenants had responded to the notices by the 31st August 2021, the tenants are not able exercise the right of pre-emption on this sale.
Completion Period
Six week completion
EPC
See Legal Pack
Description
The property, a substantial unbroken South Bank retail parade on Kennington Road opposite Lambeth Walk Open Space, comprises 8 retail units, including a dry cleaners, hair dressers and an off license on the ground floor, 20 flats on the three upper floors and
13 garages. The site area covers 0.114 ha
(0.281 acres). There are also rights to two 48 sheet advertising displays fronting Bishops Terrace.
VAT
VAT is not applicable to this lot.
Note
As to the residential flats, the tenants have been served notice pursuant to Section 5B of the Landlord and Tenant Act 1987. The notices were served on the 12th June 2021, the tenants had until the 31st August 2021 to respond to the notices. As no tenants had responded to the notices by the 31st August 2021, the tenants are not able exercise the right of pre-emption on this sale.
Completion Period
Six week completion
EPC
See Legal Pack
Tenancy & Accommodation
Unit
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review/ (Reversion)
1 Wincott Parade
Ground
Retail
26.00 sq m
(279 sq ft)
HAYWARDS DRY CLEANERS
15 years from 29/09/2020 (1)
£8,750
29/09/2025 (28/09/2035)
2 Wincott Parade
Ground
Retail/ Ancillary
28.80 sq m
(310 sq ft)
INDIVIDUAL t/a Plumbing Supplies
5 years from 27/02/2012
£7,350
Holding Over
3 Wincott Parade
Ground
Retail
28.60 sq m
(307 sq ft)
INDIVIDUAL
15 years from 03/11/2010
£6,500
(02/11/2025)
4 Wincott Parade
Ground
Retail
22.10 sq m
(237 sq ft)
INDIVIDUAL
10 years from 10/09/2019
£7,350
10/09/2024 (09/09/2029)
5&6 Wincott Parade
Ground
Retail/Office
60.10 sq m
(646 sq ft)
BDPM LIMITED
15 years from 25/03/2020
£14,500
02/05/2028 (25/03/2035)
7 Wincott Parade
Ground
Retail
43.80 sq m
(471 sq ft)
INDIVIDUAL
15 years from 29/09/2018
£13,500
20/09/2023 (28/09/2033)
8 Wincott Parade
Ground
Retail
22.30 sq m
(240 sq ft)
INDIVIDUAL
5 years from 25/08/2016
£7,750
(24/08/2021)
9 Wincott Parade
Ground
Retail
29.50 sq m
(317 sq ft)
INDIVIDUAL
12 years from 29/09/2018
£7,750
29/09/2022 (28/09/2030)
Advertising Rights
Advertising Rights
CLEAR CHANNEL UK LIMITED
5 years from 14/02/2013 (2)
£2,000
Flats 1,2,4,5, 9,11,12,13,14, 15,17,18
First Second Third
Residential
14 Flats
INDIVIDUALS
189 years from 24/06/1980 (3)
Peppercorn
Flats 3, 6, 7, 8, 10, 16 (10,11 Wincott Parade)
First Second Third
Residential
6 Flats
INDIVIDUALS
99 years from 24/06/1980 (4) (5) (6)
£600
Garages 1-13
Garage
INDIVIDUALS
99 years from 24/06/1980 (7)
£65
Total Commercial Floor Area
261.2 sq m
(2,807 sq ft)
£76,115
(1) As to unit 1 Wincott Parade, the lease provides for a tenant option to determine the lease 29/09/2025 subject to serving 6 months written notice. (2) As to the advertising right, the lease provides for a mutual rolling option to determine the lease on serving 5 months written notice. (3) As to flat 13, the flat has been sold off on a long lease of 164 years from 01/06/2005 at a peppercorn rent. (4) As to flat 3, the flat has been sold off on a long lease of 99 years from 24/06/2004 at a ground rent of £50. (5) As to flat 10 Wincott Parade, the flat has been sold off on a long lease of 99 years from 26/11/2009 at a ground rent of £50. (6) As to flat 11 Wincott Parade, the flat has been sold off on a long lease of 99 years from 15/04/2010 at a ground rent of £50. (7) As to garage 23, the term is until 23/06/2088.
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.
