Let to GB Croydon on Assignment from Brands UK Limited on an Authorised Guarantee Agreement until 2037 (subject to option) (1)
Within Berkeley Homes Scheme with 750 Residential Units
Popular and Busy South London Borough
500 metres from West Croydon Overground Station (25 minutes from London Bridge)
Close to Whitgift Shopping Centre
Nearby Occupiers include Tesco, Marks & Spencer, Sainsbury's, Boots the Chemist, McDonald's, Caffe Nero, Costa Coffee, Zara and H&M
Lot 31
Auction 15th February 2024
Rent £34,500 per Annum Exclusive rising to £36,225 in August 2032 (2)
Status Sold
Price £335,000
Sector High Street Retail
Auction Venue Live Streamed Auction
On Behalf of Berkeley Homes
Property Information
Location
Miles
9 miles south of the City of London
Roads
A23, A212, A222, A232, A236
Rail
West Croydon Railway Station, East Croydon Railway Station (London Bridge in 14 minutes)
Air
London Heathrow Airport, London Gatwick Airport
Situation
Croydon is one of the principal retail centres south of London located approximately 9 miles south of Central London. The town lies adjacent to the A23 which gives direct access to the National Motorway Network via the M23 and M25. The property boasts excellent rail links being 500 metres from West Croydon Station (25 minutes from London Bridge) and close to East Croydon Station which benefits from six trains per hour to Victoria station.
The property is prominently situated in Saffron Central Square, a recently developed residential and retail scheme in the heart of Croydon. The Scheme provides for 750 apartments and over 10 commercial units. The property is 400 metres from Whitgift Shopping Centre with nearby occupiers including Tesco, Marks & Spencer, Sainsbury's, Boots the Chemist, McDonald's, Caffe Nero, Costa Coffee, Zara and H&M.
Tenure
Virtual Freehold. Held for a term of 999 years from completion of the sale at a fixed peppercorn rent.
Location
Miles
9 miles south of the City of London
Roads
A23, A212, A222, A232, A236
Rail
West Croydon Railway Station, East Croydon Railway Station (London Bridge in 14 minutes)
Air
London Heathrow Airport, London Gatwick Airport
Situation
Croydon is one of the principal retail centres south of London located approximately 9 miles south of Central London. The town lies adjacent to the A23 which gives direct access to the National Motorway Network via the M23 and M25. The property boasts excellent rail links being 500 metres from West Croydon Station (25 minutes from London Bridge) and close to East Croydon Station which benefits from six trains per hour to Victoria station.
The property is prominently situated in Saffron Central Square, a recently developed residential and retail scheme in the heart of Croydon. The Scheme provides for 750 apartments and over 10 commercial units. The property is 400 metres from Whitgift Shopping Centre with nearby occupiers including Tesco, Marks & Spencer, Sainsbury's, Boots the Chemist, McDonald's, Caffe Nero, Costa Coffee, Zara and H&M.
Tenure
Virtual Freehold. Held for a term of 999 years from completion of the sale at a fixed peppercorn rent.
Description
The property comprises a ground floor retail unit within the central courtyard of a highly attractive and recently developed modern residential scheme, comprising over 750 residential units.
VAT
VAT is applicable to this lot.
Note
5 Saffron Central Square is being offered for sale as Lot no 27
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 retail unit within the central courtyard of a highly attractive and recently developed modern residential scheme, comprising over 750 residential units.
VAT
VAT is applicable to this lot.
Note
5 Saffron Central Square is being offered for sale as Lot no 27
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.
Reversion
Ground
Retail/Ancillary
142.33
(1,532)
Let to GB Croydon (crn: 15108066) on assignment and with an Authorised Guarantee Agreement from Lift Brands UK Limited (crn: 07027212) (1)
20 years from 21/08/2017 until 2037 (1)(2)
£34,500 rising to £36,225 (2)
20/08/2037
Total Approximate Floor Area
142.33
(1,532)
£34,500 rising to £36,225 (2)
(1) The property is let to GB Croydon on assignment and with an Authorised Guarantee Agreement from Lift Brands UK Limited for a term until 20th August 2037 by virtue of a lease for a term of 10 years from 21st August 2017 until 20th August 2027 and reversionary lease from 21st August 2027 until 20th August 2037. The assignment to GB Croydon and the reversionary lease has been agreed but not yet been completed, although it is anticipated they will be completed prior to the auction date. (2) The reversionary lease provides for a mutual option to determine the lease on 20th August 2032, subject to 6 months written notice, a 6 months rent deposit, and a fixed increase in rent to £36,225 per annum exclusive on 20/08/2032. The lease is contracted outside of the Security of Tenure Provisions of the Landlord & Tenant Act 1954.
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.
