City of London Retail and Office Ground Rent Investment
Prominent Office Building above Barbican Underground Station with two ground floor Retail Units
Total Approximate floor area of 1,623.55 sq. m. (17,473 sq. ft.)
Entirely Let until September 2139, providing 116 years unexpired term
Rent is to 10% of Net Rents Receivable calculated Annually
The Office element of the property is currently occupied by a Nightingale Court, set up to support the Justice system post Covid
Extremely popular City of London location close to the Barbican Estate, Smithfield Market and The Museum of London
VAT Free Investment
Lot 11
Auction 16th February 2023
Rent £71,144 per Annum Exclusive (2, 3, 5)
Status Sold
Price £1,455,000
Sector Ground Rent
Auction Venue Live Streamed Auction
On Behalf of a Major Fund
Property Information
Location
Miles
500 metres north of St Paul's, 0.5 miles west of Liverpool Street, 0.5 miles south-west of Old Street
Roads
A1, A40, A5201
Rail
Barbican Station (Circle, Hammersmith and City, Metropolitan Lines), Farringdon Station (Elizabeth Line, Thameslink), Moorgate Railway Station
Air
London City Airport, London Heathrow Airport, London Gatwick Airport
Situation
The property is situated in a prominent corner position at the busy junction of the A1, B100 and Long Lane as well as being located above Barbican Underground Station (Circle, Hammersmith and City, Metropolitan Lines) and adjacent to the famous Barbican Estate.
The property benefits from Smithfield Market, The Charterhouse Monastery and The Museum of London all being in the immediate vicinity. Nearby occupiers include Nuffield Health, Tesco Express, Pret A Manger and NatWest, as well as major office occupiers including DLA Piper, AAT, FTI Consulting and PCM Healthcare.
Tenure
Long Leasehold. Held on two leases for a term of 150 years and 3 days from 28/09/1989, both at a fixed peppercorn ground rent per annum.
Location
Miles
500 metres north of St Paul's, 0.5 miles west of Liverpool Street, 0.5 miles south-west of Old Street
Roads
A1, A40, A5201
Rail
Barbican Station (Circle, Hammersmith and City, Metropolitan Lines), Farringdon Station (Elizabeth Line, Thameslink), Moorgate Railway Station
Air
London City Airport, London Heathrow Airport, London Gatwick Airport
Situation
The property is situated in a prominent corner position at the busy junction of the A1, B100 and Long Lane as well as being located above Barbican Underground Station (Circle, Hammersmith and City, Metropolitan Lines) and adjacent to the famous Barbican Estate.
The property benefits from Smithfield Market, The Charterhouse Monastery and The Museum of London all being in the immediate vicinity. Nearby occupiers include Nuffield Health, Tesco Express, Pret A Manger and NatWest, as well as major office occupiers including DLA Piper, AAT, FTI Consulting and PCM Healthcare.
Tenure
Long Leasehold. Held on two leases for a term of 150 years and 3 days from 28/09/1989, both at a fixed peppercorn ground rent per annum.
Description
The property, a substantial office building situated above Barbican Underground Station, comprising a ground floor reception and office accommodation on the upper four floors together with two self contained ground floor retail units either side of the station entrance.
The property does not include the station entrances at ground and first floors, nor the internal staircase connecting these entrances.
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property, a substantial office building situated above Barbican Underground Station, comprising a ground floor reception and office accommodation on the upper four floors together with two self contained ground floor retail units either side of the station entrance.
The property does not include the station entrances at ground and first floors, nor the internal staircase connecting these entrances.
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas Approx sq m
Floor Areas Approx sq ft
Tenant
Term
Rent p.a.x.
Reviews
Ground - Unit 1 Ground - Unit 2
Retail Retail
26.91 7.92
(289) (85)
UNIVERSAL CONSOLIDATED GROUP LIMITED (CRN 02368061) (on assignment) (1)
150 years from 28/09/1989 Until 27/09/2139
£3,828 (2) (3) (4)
Annual Reviews (3)
Ground First Second Third Fourth
Office Office Office Office Office
158.22 348.50 379.10 379.10 323.80
(1,703) (3,751) (4,080) (4,080) (3,485)
UNIVERSAL CONSOLIDATED GROUP LIMITED (CRN 02368061) (on assignment) (1)
150 years from 28/09/1989 Until 27/09/2139
£67,316 (2) (5)
Annual Reviews (5)
Total Approximate Floor Area
1,623.55
(17,473) (6)
£71,144 (7)
(1) For the year ending 31/08/2021 Universal Consolidated Group Limited reported a Shareholders Funds of £16,795,423 (NorthRow 09/01/2022). UCG Ltd are a private property company, owning and developing property in central London, founded in 1982 (www.ucgltd.com) (2) The rent stated is for the year ending September 2021. (3) The rent is calculated every year to 10% of net rents receivable during the period of one year as defined in the lease, subject to a minimum of £500 per annum. Please see Legal Pack for further information. (4) In relation to the Ground floor retail Units 1 and 2, London Underground have the right to terminate in certain circumstances if they need the property back to comply with legal requirements or to carry out urgent repairs to the TFL undertaking. Compensation is payable if the break is exercised. Please see Legal Pack for further information. (5) The rent is calculated every year to 10% of net rents receivable during the period of one year as defined in the lease, subject to a minimum of £42,000 per annum. Please see Legal Pack for further information. (6) The office floor areas stated above are those published by the Valuation Office Agency (www.voa.gov.uk). (7) The property has been entirely sublet. For the year ending September 2021 the property produced a total rent of £879,500 with net rents totaling £711,440.
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.
