Unbroken Retail Parade and Railway Arches Investment
5 Retail Units and 5 Railway Arches
Adjacent to Herne Hill Railway Station
Affluent South East London Location
Asset Management Opportunities
Important Forthcoming Rent Reviews
Tenants include a Builders Centre, Popular Music Venue, Supermarket, Dry Cleaners and Delicatessen
Lot 15
Auction 22nd September 2022
Rent Gross: £157,705 per Annum Exclusive Net: £144,205
Status Sold
Price £1,305,000
Sector High Street Retail
Auction Venue Live Streamed Auction
Property Information
Location
Miles
1 mile south east of Brixton, 2 miles east of Clapham Common, 5 miles south-east of Central London
Roads
A215, A205, A23
Rail
Herne Hill Railway Station (Thames Link), North Dulwich Railway Station
Air
London Heathrow Airport, London Gatwick Airport
Situation
Herne Hill is a highly affluent and popular suburb in south east London. The property is prominently located on the east of Railton Road which provides the main approach to Herne Hill Railway Station and the popular Brockwell Park. The station provides excellent footfall to the immediate area with approximately 2.95 million annual entries and exits and direct trains to London Victoria Station.
Tenure
Leasehold. Held from The Arch Company Properties Limited for a term of 99 years from 15/10/1965 at ground rent of £13,500 per annum subject to a rent review in 2028. Full information on the rent review provisions will be available within the legal pack.
Location
Miles
1 mile south east of Brixton, 2 miles east of Clapham Common, 5 miles south-east of Central London
Roads
A215, A205, A23
Rail
Herne Hill Railway Station (Thames Link), North Dulwich Railway Station
Air
London Heathrow Airport, London Gatwick Airport
Situation
Herne Hill is a highly affluent and popular suburb in south east London. The property is prominently located on the east of Railton Road which provides the main approach to Herne Hill Railway Station and the popular Brockwell Park. The station provides excellent footfall to the immediate area with approximately 2.95 million annual entries and exits and direct trains to London Victoria Station.
Tenure
Leasehold. Held from The Arch Company Properties Limited for a term of 99 years from 15/10/1965 at ground rent of £13,500 per annum subject to a rent review in 2028. Full information on the rent review provisions will be available within the legal pack.
Description
The property is currently arranged as a parade of 5 retail units with 5 railway arches to the rear. The retail units comprise ground floor retail accommodation and first floor ancillary accommodation. Tenants include a builders centre, delicatessen, cobblers, supermarket and a dry cleaners. The ground floor railway arches units currently comprise a popular live music venue and bar trading as Off The Cuff, 2 workshops and a music rehearsal and recording studio.
VAT
VAT is applicable to this lot.
Completion Period
Six week completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property is currently arranged as a parade of 5 retail units with 5 railway arches to the rear. The retail units comprise ground floor retail accommodation and first floor ancillary accommodation. Tenants include a builders centre, delicatessen, cobblers, supermarket and a dry cleaners. The ground floor railway arches units currently comprise a popular live music venue and bar trading as Off The Cuff, 2 workshops and a music rehearsal and recording studio.
VAT
VAT is applicable to this lot.
Completion Period
Six week completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Unit
Floor
Use
Floor Areas Approx sq m
Floor Areas Approx sq ft
Tenant
Term
Rent p.a.x.
Reviews/(Reversion)
301/303
Ground First
Retail Ancillary
63.25 58.70
(680) (631)
INDIVIDUALS t/a Herne Hill Builders Centre
15 years from 28/09/2019 (1)
£20,755
28/09/2024 28/09/2029 (28/09/2034)
305
Ground First
Retail Ancillary
41.06 31.30
(442) (336)
INDIVIDUAL t/a Dulwich Cobblers
15 years from 01/02/2021 (1)
£13,052
01/02/2026 01/02/2031 (01/02/2036)
307
Ground First
Retail Ancillary
41.10 33.70
(442) (362)
INDIVIDUAL t/a Sesami Delicatessen
15 years from 21/02/2020 (1)
£13,506
21/02/2025 21/02/2030 (21/02/2035)
309
Ground First
Retail Ancillary
42.00 32.10
(452) (345)
INDIVIDUALS t/a I A A Supermarket
15 years from 01/09/2001
£10,500
Holding Over
311
Ground First
Retail Ancillary
40.80 32.10
(439) (345)
INDIVIDUAL t/a Dulwich Dry Cleaners
15 years from 15/03/2010 (1)
£10,500
(15/03/2025)
644/645
Ground
Live Music Venue
193.88
(2,086)
OTC HOLDINGS LTD t/a Off The Cuff Live Music Venue (4)
10 years from June 2022
£65,000
(June 2032)
646
Ground
Workshop/Storage
91.35
(983)
INDIVIDUAL
10 years from March 2014
£8,924
(March 2024)
647
Ground
Workshop/Storage
83.19
(895)
INDIVIDUAL t/a Guybon Ltd
10 years from March 2014 (2)
£5,814
(March 2023) (2)
648
Ground
Music Studio
75.80
(815)
INDIVIDUAL t/a DTM Rehearsal Space Ltd
10 years from September 2019
£9,600
01/09/2024 (September 2029)
Total Approximate Floor Area
858.47
(9,125) (3)
£157,705
(1) The lease provides for a tenant option to determine the lease on the 3rd and 6th anniversaries. (2) A surrender of the lease has been agreed with the tenant to vacate no later than 31/03/2023. (3) The floor areas stated above are those published by the Valuation Office Agency (www.voa.gov.uk). (4) Off The Cuff is a live music bar in the heart of Herne Hill, offering an array of events throughout the week. OTC was Winner of ‘Best Bars’ in Time Out’s Love London Awards 2015. (offthecuffbar.co.uk).A separate license is in place to occupy the outdoor area. Please see the legal pack for further details.
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.
