Freehold Retail Parade and Residential Ground Rent Investment
Parade Comprising Convenience Store, Coffee House and Bar/Restaurant together with Residential Ground Rents
Convenience Store Let to Sainsbury's Until 2031 (No Breaks)
Coffee House Let to Costa Coffee Until 2031 (No Breaks)
Approximate Commercial Floor Area of 855.72 sq m (9,209 sq ft)
Site Area of Approx. 0.21 Ha (0.51 Acres)
Affluent London Commuter Town
Prominent and Busy Town Centre Location
VAT Free Investment
Nearby Occupiers Include Little Waitrose, Boots Pharmacy, Caffe Nero and Pizza Express
Lot 8
Auction 30th March 2023
Rent £160,900 per Annum Exclusive
Status Sold
Price £1,930,000
Sector High Street Retail
Auction Venue Live Streamed Auction
On Behalf of Joint LPA Receivers
Property Information
Location
Miles
3 miles north east of Epsom, 6 miles west of Croydon, 12 miles south-west of Central London
Roads
A232, A217, A24, A3
Rail
Cheam Rail (regular services to London Victoria in 39 minutes), Sutton Railway Station
Air
London Heathrow Airport
Situation
Cheam is an affluent London commuter town located 6 miles west of Croydon, 3 miles north east of Epsom and 12 miles south west of Central London. The property is prominently located on High Street (A232), a busy arterial route providing direct access to Croydon at its junction with Park Road.
The property is situated in a prominent position in the town centre close to Cheam Railway Station. Nearby occupiers include Little Waitrose, Boots Pharmacy, Caffe Nero, Pizza Express as well as a bustling mix of other national and local retailers and cafes.
Tenure
Freehold.
Location
Miles
3 miles north east of Epsom, 6 miles west of Croydon, 12 miles south-west of Central London
Roads
A232, A217, A24, A3
Rail
Cheam Rail (regular services to London Victoria in 39 minutes), Sutton Railway Station
Air
London Heathrow Airport
Situation
Cheam is an affluent London commuter town located 6 miles west of Croydon, 3 miles north east of Epsom and 12 miles south west of Central London. The property is prominently located on High Street (A232), a busy arterial route providing direct access to Croydon at its junction with Park Road.
The property is situated in a prominent position in the town centre close to Cheam Railway Station. Nearby occupiers include Little Waitrose, Boots Pharmacy, Caffe Nero, Pizza Express as well as a bustling mix of other national and local retailers and cafes.
Tenure
Freehold.
Description
The majority of the property comprises a substantial retail parade trading as a Sainsbury's Local, Costa Coffee and Samsara cocktail bar & restaurant on the ground floor together with 14 flats on the first and second floors, accessed via both High Street and to the rear via Park Road. The property benefits from onsite car parking to the rear arranged over ground and underground levels with parking for approximately 33 vehicles. The residential accommodation together with some of the car parking spaces have been sold off on long leases.
Village Court, the neighbouring property is being offered for sale separately as Lot 9.
VAT
VAT is not applicable to this lot.
Note
This property is being marketed for sale on behalf of Joint LPA Receivers and therefore no warranties, representations or guarantees are given or will be given in respect of the information in this brochure or any matter relating to the property, including VAT. Any information provided is provided without liability for any reliance placed on it and the Receivers are acting without personal liability. The Receivers are not bound to accept the highest or any offer. 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 22/11/2022, the tenants had until the 21/01/2023 to respond to the notices. As no tenants had responded to the notices by the 21/01/2023, the tenants are not able to exercise the right of pre-emption on this sale.
Completion Period
Six week completion
EPC
The EPC's will be available to view online in the Solicitors legal pack.
Description
The majority of the property comprises a substantial retail parade trading as a Sainsbury's Local, Costa Coffee and Samsara cocktail bar & restaurant on the ground floor together with 14 flats on the first and second floors, accessed via both High Street and to the rear via Park Road. The property benefits from onsite car parking to the rear arranged over ground and underground levels with parking for approximately 33 vehicles. The residential accommodation together with some of the car parking spaces have been sold off on long leases.
Village Court, the neighbouring property is being offered for sale separately as Lot 9.
VAT
VAT is not applicable to this lot.
Note
This property is being marketed for sale on behalf of Joint LPA Receivers and therefore no warranties, representations or guarantees are given or will be given in respect of the information in this brochure or any matter relating to the property, including VAT. Any information provided is provided without liability for any reliance placed on it and the Receivers are acting without personal liability. The Receivers are not bound to accept the highest or any offer. 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 22/11/2022, the tenants had until the 21/01/2023 to respond to the notices. As no tenants had responded to the notices by the 21/01/2023, the tenants are not able to exercise the right of pre-emption on this sale.
Completion Period
Six week completion
EPC
The EPC's will be available to view online in the Solicitors legal pack.
Tenancy & Accommodation
Address
Floor
Use
Floor Areas Approx sq m
Floor Areas Approx sq ft
Tenant
Term
Rent p.a.x.
Rent Review
15 High Street
Ground
Retail
110.65
(1,191)
P2M COFFEE LIMITED t/a Costa (1)
10 years from 08/11/2021
£27,500
08/11/2026
17-19 High Street
Ground Basement
Retail Ancillary
363.00 181.23
(3,907) (1,950)
SAINSBURY SUPERMARKETS LIMITED t/a Sainsbury's Local (2)
10 years from 13/06/2021
£82,500
13/06/2026
23-25 High Street
Ground
Restaurant
200.84
(2,161)
ELMSTONE LIFESTYLE LIMITED (on assignment) t/a Samsara Bar and Restaurant (3)
25 years from 24/06/1999
£49,500
15-25 High Street
First Second
14 Flats
-
-
INDIVIDUALS
150 years from various dates
£1,400
Total Approximate Commercial Floor Area
855.72
(9,209) (4)
£160,900
(1) Established in 2006, P2M Coffee Ltd is a Costa Franchise Partner. Trading from 12 stores situated within North & South London, Surrey and Sutton bring the Nation's Favourite Coffee Shop to their local communities (www.p2mcoffee.com). Costa is an international coffee house chain established in 1971 operating from almost 4,000 locations (www.costa.co.uk). (2) For the year ending 05/03/2022 Sainsbury's Supermarket Limited reported a Turnover of £25,238,000,000, a Pre-Tax Profit of £244,000,000 and a Net Worth of £5,107,000,000. (NorthRow 22/02/2023). (3) Samsara cocktail bar and restaurant is a high end culinary establishment founded in 2008. (www.samsararestaurant.co.uk). (4) The floor areas stated above are those published by the Valuation Office Agency (www.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.
