Let to Starbucks Coffee Company (UK) Limited and Axeperience Limited
Both Leases Let Until 2030 (subject to option).
Axeperience Limited lease subject to Rent reviews linked to the Retail Price Index (RPI) subject to a maximum for 5% per annum compounded.
Historic City of London location 250m from The Tower of London
Extremely Well Connected 150m to Tower Hill Underground and 275m from Fenchurch Street Station
Neighbouring occupiers include Pret A Manger, Tesco, Slug & Lettuce, Travelodge and JD Wetherspoon.
Lot 28
Auction 13th July 2023
Rent £112,000 per Annum Exclusive Net: £74,000 Per Annum Exclusive
Status Sold
Price £643,000
Sector High Street Retail
Auction Venue Live Streamed Auction
Property Information
Location
Miles
250m from the Tower of London, 500m to The Gherkin
Roads
A1211, A1210
Rail
150m to Tower Hill Underground (District and Circle), 275m to Fenchurch Street, 300m to Aldgate Underground (Metropolitan and Elizabeth), 100 metres north of London Gateway DLR Station.
Air
London City Airport, London Heathrow Airport
Situation
The property is prominently situated in the heart of the City of London on the east side of Minories at its junction with Crosswall and Portsoken Street 200 metres north of the Tower of London, one of the most iconic and busiest tourist destinations
The City of London is the UK's and Europe's premier financial district with Major occupiers including The Royal Bank of Scotland, AXA UK, HSBC, Lloyds bank, Allianz, Accenture and Zurich. Neighbouring occupiers include Pret A Manger, Tesco, Slug & Lettuce, Travelodge and JD Wetherspoon.
Tenure
Long Leasehold. Held from The Mayor and Commonalty and Citizens of The City Of London for a term of 250 years from 31/03/2010 at a current rent reserved of £38,000 per annum exclusive. The head rent is subject to rent reviews geared to 42% of Full Rack Rented Value on 31/03/2024 and 7 Yearly.
Location
Miles
250m from the Tower of London, 500m to The Gherkin
Roads
A1211, A1210
Rail
150m to Tower Hill Underground (District and Circle), 275m to Fenchurch Street, 300m to Aldgate Underground (Metropolitan and Elizabeth), 100 metres north of London Gateway DLR Station.
Air
London City Airport, London Heathrow Airport
Situation
The property is prominently situated in the heart of the City of London on the east side of Minories at its junction with Crosswall and Portsoken Street 200 metres north of the Tower of London, one of the most iconic and busiest tourist destinations
The City of London is the UK's and Europe's premier financial district with Major occupiers including The Royal Bank of Scotland, AXA UK, HSBC, Lloyds bank, Allianz, Accenture and Zurich. Neighbouring occupiers include Pret A Manger, Tesco, Slug & Lettuce, Travelodge and JD Wetherspoon.
Tenure
Long Leasehold. Held from The Mayor and Commonalty and Citizens of The City Of London for a term of 250 years from 31/03/2010 at a current rent reserved of £38,000 per annum exclusive. The head rent is subject to rent reviews geared to 42% of Full Rack Rented Value on 31/03/2024 and 7 Yearly.
Description
The property comprises a ground floor corner retail unit and a leisure unit in the basement. The property forms part of a larger residential apartment block.
VAT
VAT is applicable to this lot.
Completion Period
Six week completion
EPC
Basement - D, Ground Floor- A
Description
The property comprises a ground floor corner retail unit and a leisure unit in the basement. The property forms part of a larger residential apartment block.
VAT
VAT is applicable to this lot.
Completion Period
Six week completion
EPC
Basement - D, Ground Floor- A
Tenancy & Accommodation
Floor
Use
Floor Areas Approx sq m (1)
Floor Areas Approx sq ft (1)
Tenant
Term
Rent p.a.x.
Rent Review (Reversion)
Ground
Retail
141.67
(1,525)
STARBUCKS COFFEE COMPANY (UK) LIMITED (crn: 02959325) (2)
10 years from 17/04/2020 (3)
£70,000
17/04/2025 (16/04/2030)
Basement
Leisure
159.83
(1,720)
AXEPERIENCE LIMITED (crn: 12257803) (4)
10 years from 05/10/2020
£42,000
05/10/2025 Rent reviewed inline with the Retail Price Index (RPI) subject to a maximum of 5% per annum compounded. (04/10/2030)
Total Approximate Floor Area
301.50
(3,245)
£112,000
(1) The floor areas stated above are those published by the Valuation Office Agency (https://www.tax.service.gov.uk/business-rates-find/results) (2) Starbucks Coffee Company (UK) Limited (crn: 02959325) is one of the largest coffee chains in the world, operating out of over 1000 outlets in the UK alone (www.starbucks.co.uk). For the year ending 02/10/2022, STARBUCKS COFFEE COMPANY (UK) LIMITED (crn: 02959325) reported an annual turnover of £449,257,000 , a pre-tax profit of £10,396,000 and a net worth of £25,934,000 (Northrow; 15/06/2023) (3) The lease provides for a tenant option to determine the lease on 17/04/2025 (4) Axeperience Limited is Europe's number one rated axe throwing venue and operates out of one venue in London and one in Birmingham (www.axeperience.co.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.
