Freehold Convenience Store and Residential Investment
Convenience Store Let to Co-op until 2037 (No Breaks)
4 Self Contained Flats on the Upper Floors
Close to Elm Park Underground Station
13 Miles East of Central London
Residential Rents Potentially Reversionary in 2022
Lot 9
Auction 4th November 2021
Rent £57,300 per Annum Exclusive
Status Withdrawn Post
Price
Sector Supermarket/Convenience
Auction Venue Live Streamed Auction
Property Information
Location
Miles
13 miles east of Central London
3 miles south of Romford
Roads
A12, A127, A13, M25
Rail
Elm Park Train Station
(District, Hammersmith & City Lines)
Air
London Stansted Airport,
London City Airport,
London Southend Airport,
London Heathrow Airport,
Situation
Rainham is popular suburb in the east London Borough of Havering situated approximately 13 miles east of Central London. Rainham benefits from excellent communications with the A12, A13 and M25 close by as well Elm Park Underground Station (District and Hammersmith & City Lines) providing fast commuter access to Central London.
The property is situated in a neighbourhood parade on east side of Mungo Park Road at its junction with Simpson Road serving a predominantly residential area.
Tenure
Freehold.
Location
Miles
13 miles east of Central London
3 miles south of Romford
Roads
A12, A127, A13, M25
Rail
Elm Park Train Station
(District, Hammersmith & City Lines)
Air
London Stansted Airport,
London City Airport,
London Southend Airport,
London Heathrow Airport,
Situation
Rainham is popular suburb in the east London Borough of Havering situated approximately 13 miles east of Central London. Rainham benefits from excellent communications with the A12, A13 and M25 close by as well Elm Park Underground Station (District and Hammersmith & City Lines) providing fast commuter access to Central London.
The property is situated in a neighbourhood parade on east side of Mungo Park Road at its junction with Simpson Road serving a predominantly residential area.
Tenure
Freehold.
Description
The Property comprises a ground floor Convenience Store and 4 residential flats on the first and second floors. The flats are accessed separately from the rear of the property. Two of flats have been sold on long leases whilst two others, being 1 x one bedroom and 1 x two bedroom are let on leases until November 2022.
VAT
VAT is not applicable to this lot.
Completion Period
Six week completion
EPC
Please see legal pack at www.acuitus.co.uk
Description
The Property comprises a ground floor Convenience Store and 4 residential flats on the first and second floors. The flats are accessed separately from the rear of the property. Two of flats have been sold on long leases whilst two others, being 1 x one bedroom and 1 x two bedroom are let on leases until November 2022.
VAT
VAT is not applicable to this lot.
Completion Period
Six week completion
EPC
Please see legal pack at www.acuitus.co.uk
Tenancy & Accommodation
Unit
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review/ (Reversion)
105 and 105c
Ground
Convenience Store
160.41 sq m
(1,726 sq ft)
CHELMSFORD STAR CO-OPERATIVE SOCIETY LIMITED (CRN IP00973R)(1)
25 years from 30/11/2011 on a full repairing and insuring lease
£36,900 (2)
30/11/2026 and 5 yearly (2) (29/11/2036)
105d
First
Residential
2 bedroom Flat
ELLIOT LEIGH PROPERTY MANAGEMENT (CRN10984956)
2 years from 25th November 2020
£11,400 (3)
(24/11/2022)
105e
First Second
Residential
1 bedroom Flat
ELLIOT LEIGH PROPERTY MANAGEMENT (CRN10984956)
2 years from 25th November 2020
£9,000 (3)
(24/11/2022)
105a and 105b
First Second
Residential
2 x Residential Flats
INDIVIDUALS
999 years from 25/03/1990
Peppercorn
Total Commercial Floor Area
160.41 sq m
(1,726 sq ft) (4)
£57,300
(1) Chelmsford Star Co-Operative Society Limited (IP00973R) were set up in 1867 and currently operate from over 50 stores in East London and Essex. (www.chelmsfordstar.coop) (2) As to the lease to Chelmsford Star Co-Operative Society Limited the Current Rent Reserved is £36,000 per annum exclusive, the lease provides for fixed rental increase to £36,900 per annum exclusive on 30/11/2021 and there after 5 yearly fixed rental increases of 2.5%. (3) As to the residential rents stated above have been annualised. The current rents reserved under the terms of the lease are £950 per calendar month for the two bedroom flat is and £750 per calendar month for the 1 bed flat. The flats are currently let on a rental Guarentee scheme at rents below the current market rental value. The rent for the flats are potentially reversionary in November 2022. Potential purchasers must undertake independent advice on the current rental levels. (4) The floor areas stated above are those published by the Valuation Office Agency (ww.voa.gov.uk)
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.
