Approximate site area of 0.318 hectares (0.786 acres)
Tenants include Nationwide Building Society, Weatherseal Holdings Ltd and Pegasus International Consultants Ltd
On-site car parking for approximately 38 cars
Lot 9
Auction 29th March 2012
Rent £180,516 per Annum
Status Withdrawn Post
Price
Sector Office
Auction Venue Millennium Hotel 39-44 Grosvenor Square London W1K 2HP
On behalf of R Stokely and R Haines as Joint LPA Receivers, Edward Symmons
Property Information
Location
Miles
7 miles south-west of Brentwood 13 miles north-east of the City of London
Roads
A118, A12, M25 (Junction 28)
Rail
Romford Station (17 minutes to London Liverpool Street)
Air
London City Airport
Situation
The property is situated on the south side of Mawney Road which provides direct access to both the A118 and A12 (Eastern Avenue), some 500 metres from Romford town centre.
Tenure
Freehold.
Location
Miles
7 miles south-west of Brentwood 13 miles north-east of the City of London
Roads
A118, A12, M25 (Junction 28)
Rail
Romford Station (17 minutes to London Liverpool Street)
Air
London City Airport
Situation
The property is situated on the south side of Mawney Road which provides direct access to both the A118 and A12 (Eastern Avenue), some 500 metres from Romford town centre.
Tenure
Freehold.
Description
The property comprises ten self contained office units within three separate buildings. The property benefits from 38 demised car parking spaces and a total site area of approximately 0.318 hectares (0.786 acres).
Note
This property is being marketed on behalf of Joint Law of Property Act Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The LPA Receiver is not bound to accept the highest or any offer and are acting without personal liability.
VAT
VAT is applicable to this lot.
Viewings
There will only be block viewings for this property. Interested parties must register their details with the Auctioneers and provide identification on site. Please contact Gwen Thomas.Telephone: +44 (0)20 7034 4857.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises ten self contained office units within three separate buildings. The property benefits from 38 demised car parking spaces and a total site area of approximately 0.318 hectares (0.786 acres).
Note
This property is being marketed on behalf of Joint Law of Property Act Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The LPA Receiver is not bound to accept the highest or any offer and are acting without personal liability.
VAT
VAT is applicable to this lot.
Viewings
There will only be block viewings for this property. Interested parties must register their details with the Auctioneers and provide identification on site. Please contact Gwen Thomas.Telephone: +44 (0)20 7034 4857.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Unit
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review/(Reversion)
1
Ground and First
Office
210.70 sq m
(2,268 sq ft)
CONNECTION ELECTRICAL & ALARM SERVICES LTD
5 years from 06/02/2008
£22,570
(06/02/2013)
2
Ground
Office
163.32 sq m
(1,758 sq ft)
WELCOME FINANCIAL SERVICES LTD
1 year from 21/02/2011 (1)
£22,850
(21/02/2012)
3
Ground
Office
(1,920 sq ft)
(965 sq ft)
WEATHERSEAL HOLDINGS LTD (t/a Zenith Windows)
15 years from 29/01/2003
£22,200 (2)
29/01/2008 and 29/01/2012 (29/01/2018)
4
Ground and First
Office
169.55 sq m
(1,825 sq ft)
EASTWAY CARE LIMITED
15 years from 10/10/2011 (3)
£17,280
10/10/2014 and 3 yearly thereafter (10/10/2026)
5
Ground and First
Office
134.70 sq m
(1,450 sq ft)
THE SHAW TRUST LIMITED
5 years from 12/01/2012 (4)
£14,000 (5)
(12/01/2017)
6
Ground
Office
156.80 sq m
(1,688 sq ft)
INDIVIDUALS (t/a Acumen Design Consultancy)
999 years from 25/03/2009
Peppercorn
(25/03/3008)
7
Ground
Office
89.63 sq m
(1,740 sq ft)
AXIOM PERSONNEL LTD
10 years from 24/02/2010 (6)
£15,750
24/02/2015 (24/02/2020)
8
Ground
Office
162.65 sq m
(1,750 sq ft)
NATIONWIDE BUILDING SOCIETY (7)
24 years from 29/09/1991
£20,976
(29/09/2015)
9 10
Ground and First Ground
Office
320.14 sq m
(3,446 sq ft)
EASTWAY CARE LIMITED
15 years from 17/12/2008 (8)
£34,390
17/12/2013 and 3 yearly thereafter (17/12/2023)
10
First
Office
97.55 sq m
(1,050 sq ft)
PEGASUS INTERNATIONAL CONSULTANTS LTD
6 years from 01/02/2010 (9)
£10,500
01/02/2013 (01/02/2016)
Totals
1,755.43 sq m
(18,895 sq ft)
£180,516
(1) Please note that the tenant is holding over. A new 1 year lease is currently being finalised. For further details please refer to the Auctioneers. (2) The rental income for Unit 3 is £21,200 p.a.x. The tenants pay an additional £1,000 p.a.x. for the use of two parking spaces on site through a separate licence. (3) The lease provides a tenant option to determine on 10th October 2014 and 3 yearly thereafter, subject to 6 months’ notice. (4) The lease provides a tenant option to determine on 15th October 2014, subject to 6 months’ notice. (5) The lease provides fixed rental increases to £15,000 p.a.x. on 12th January 2013 and to £16,000 p.a.x. on 12th January 2014. (6) The lease provides a tenant option to determine on 23rd February 2015, subject to 6 months’ notice. (7) The tenant has sublet the unit to the Shaw Trust Limited (8) The lease provides a tenant option to determine on 16th December 2013 and 3 yearly thereafter, subject to 6 months’ notice. (9) The lease provides a tenant option to determine on 31st January 2012, subject to 6 months’ notice.
