Attractive Period City of London Retail and Office Investment
Highly sought after City of London location
Close to several of London's most historic landmarks including The Bank of England and Guildhall
Includes a barber and a grooming salon with offices on the first, second and third floors
Asset Management Opportunities
VAT-free London investment
Lot 12
Auction 18th May 2022
Rent Gross: £71,500 per Annum Exclusive
Status Sold Prior
Price
Sector Office
Auction Venue Live Streamed Auction
Property Information
Location
Miles
300m north of the Bank of England, 300m south of Finsbury Circus Gardens
Rail
Bank Underground (Central, Waterloo & City, Northern, District & Circle lines), Moorgate Central/Underground (Circle, H'smith & City, Metropolitan, Northern), Cannon Street (Southeastern, Circle, District)
Air
City Airport
Situation
Telegraph Street is located in the heart of the City of London, off the eastern side of Moorgate. The property is located on the corner of Telegraph Street at its junction with Whalebone Court.
The property is located equidistant from both The Bank of England and Guildhall. Local occupiers include international banks, financial institutions and corporates including ING Bank and Deutsche Bank. The property is extremely accessible by public transport and benefits from several nearby underground tube stations including Bank, Moorgate and Cannon Street.
Tenure
Leasehold. Held from The Master & Wardens and Commonalty of Freeman of the Art or Mystery of Clothworkers of the City of London for a term of 125 years from 17th January 2006 at a ground rent of £200 per annum, subject to annual rent reviews to RPI.
Location
Miles
300m north of the Bank of England, 300m south of Finsbury Circus Gardens
Rail
Bank Underground (Central, Waterloo & City, Northern, District & Circle lines), Moorgate Central/Underground (Circle, H'smith & City, Metropolitan, Northern), Cannon Street (Southeastern, Circle, District)
Air
City Airport
Situation
Telegraph Street is located in the heart of the City of London, off the eastern side of Moorgate. The property is located on the corner of Telegraph Street at its junction with Whalebone Court.
The property is located equidistant from both The Bank of England and Guildhall. Local occupiers include international banks, financial institutions and corporates including ING Bank and Deutsche Bank. The property is extremely accessible by public transport and benefits from several nearby underground tube stations including Bank, Moorgate and Cannon Street.
Tenure
Leasehold. Held from The Master & Wardens and Commonalty of Freeman of the Art or Mystery of Clothworkers of the City of London for a term of 125 years from 17th January 2006 at a ground rent of £200 per annum, subject to annual rent reviews to RPI.
Description
The property comprises a barber shop on the ground floor and a grooming salon on the basement. In addition, the property comprises offices arranged on the first, second and third floors, separately accessed from Telegraph Street.
VAT
VAT is not applicable to this lot.
Note
Please note the buyer will pay 1% plus VAT of the purchase price towards the Vendor's costs in addition to the cost of the searches. Please see Special Conditions of Sale.
Completion Period
6 Week Completion
EPC
See legal pack.
Description
The property comprises a barber shop on the ground floor and a grooming salon on the basement. In addition, the property comprises offices arranged on the first, second and third floors, separately accessed from Telegraph Street.
VAT
VAT is not applicable to this lot.
Note
Please note the buyer will pay 1% plus VAT of the purchase price towards the Vendor's costs in addition to the cost of the searches. Please see Special Conditions of Sale.
Completion Period
6 Week Completion
EPC
See legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx sq m)
Floor Areas (Approx sq ft)
Tenant
Term
Rent p.a.x.
Rent Review
Ground
Retail/Ancillary
22.67 sq m
(244 sq ft)
RESTYLEBARBERS LIMITED (t/a Re-Style)
15 years from 31/10/2018 to 30/10/2033
£38,000
31/10/2023 and 5 yearly thereafter
Basement
Retail/Ancillary
23.88 sq m
(257 sq ft)
CITY GENTS GROOMING LIMITED
6 years from 25/12/2015 to 24/12/2021 (holding over) (1)
£9,000
-
First
Office
22.48 sq m
(242 sq ft)
FTV LONDON LTD with a guarantee from A.SANDHU
5 years from 27/01/2022
£10,000
-
Second
Office
21.09 sq m
(227 sq ft)
SGS & PARTNERS LIMITED
3 years from 11/12/2019 to 10/12/2022
£8,500
-
Third
Office
22.48 sq m
(242 sq ft)
M.O.LLOYD
2 years from 01/07/2020 to 30/06/2022
£6,000
-
Total:
112.6 sq m
(1,212 sq ft)
£71,500
(1) An Agreement for Lease has been entered into with the tenant for a new 14 year lease at a commencing rental of £10,000 pa.
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.
