Convenience Store Investment in Highly Affluent Central London Location
Let to Co-Operative Group Food Ltd until October 2032 (subject to option)
Highly prominent convenience store on New Kings Road (A308)
Triple Frontage Unit facing onto New Kings Road, Munster Road and Eddiscombe Road
Approx. Net Internal Ground Floor Area of 338.40 sq. m. (3,642 sq. ft.)
5 yearly CPI linked rent reviews subject to 1% min per annum and 3% max per annum compounded
Highly affluent and popular London location
450 metres south of Parsons Green Station (District Line)
Lot 11
Auction 13th December 2023
Rent £124,070 per Annum Exclusive
Status Sold
Price £1,515,000
Sector Supermarket/Convenience
Auction Venue Live Streamed Auction
On Behalf of Joint LPA Receivers
Property Information
Location
Miles
5 miles south-west of Central London, 0.2 miles west of Parsons Green
Roads
A3, A4, A205 (South Circular Road)
Rail
Parsons Green Underground Station and Putney Bridge Underground Station (District Line)
Air
London Heathrow Airport, London City Airport, London Gatwick Airport
Situation
The property is located in the affluent South-West London district of Parsons Green some 5 miles south-west of Central London. The property is prominently located on the north side of New Kings Road (A308)at its busy junction with Munster Road and Eddiscombe Road benefitting from frontages to all three. The property is situated some 300 metres from the Hurlingham Club and 450 metres from Parsons Green Underground Station. Nearby occupiers on New Kings Road include a large number of high end restaurants and retailers with very few vacant units.
Tenure
Virtual Freehold. Held for a term of 999 years from 26/03/2018 at a peppercorn ground rent.
Location
Miles
5 miles south-west of Central London, 0.2 miles west of Parsons Green
Roads
A3, A4, A205 (South Circular Road)
Rail
Parsons Green Underground Station and Putney Bridge Underground Station (District Line)
Air
London Heathrow Airport, London City Airport, London Gatwick Airport
Situation
The property is located in the affluent South-West London district of Parsons Green some 5 miles south-west of Central London. The property is prominently located on the north side of New Kings Road (A308)at its busy junction with Munster Road and Eddiscombe Road benefitting from frontages to all three. The property is situated some 300 metres from the Hurlingham Club and 450 metres from Parsons Green Underground Station. Nearby occupiers on New Kings Road include a large number of high end restaurants and retailers with very few vacant units.
Tenure
Virtual Freehold. Held for a term of 999 years from 26/03/2018 at a peppercorn ground rent.
Description
The property comprises a ground floor convenience store with basement plant room. The property benefits from a prominent and significant frontage and forms part of a larger, recently developed, residential building.
VAT
VAT is 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.
Completion Period
Six week completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a ground floor convenience store with basement plant room. The property benefits from a prominent and significant frontage and forms part of a larger, recently developed, residential building.
VAT
VAT is 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.
Completion Period
Six week completion
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.
Rent Review
Ground Basement
Retail Plant Room
338.40 -
(3,642) -
CO-OPERATIVE GROUP FOOD LIMITED t/a Co-Op (1)
15 years from 10/10/2017 (2)
£124,070
10/10/2027 (3)
Total
338.40
(3,642) (4)
£124,070
(1) For the year ending 31/12/2022 Co-Operative Group Food Ltd reported a Turnover of £8,040,600,000 (www.mutuals.fca.org.uk) and is part of Co-operative Group Limited, a British consumer co-operative with a family of retail businesses including food retail, wholesale, e-pharmacy, insurance and legal services, and funeral care. The Co-operative Group has over 65,000 employees across the UK and over 2,500 food and convenience stores (www.co-operative.coop). (2) The lease provides for a tenant option to determine the lease on 10/10/2027 upon serving 6 months prior written notice. (3) The rent review is linked to CPI subject to a minimum of 1% per annum and maximum of 3% per annum compounded, reviewed five yearly. (4) The ground 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.
