Prominent Freehold Car Showroom & Workshop Investment
Entirely let to W. Shirley & Sons Limited
Recently completed reversionary lease expiring August 2034 (subject to mutual option)
Tenant in occupation for over 45 years
Site area approximately 0.10 ha (0.25 acres)
Prominent corner location in popular mixed commercial and residential Croydon suburb
Future development potential for residential or alternative uses (subject to lease and consents)
VAT-free investment
Lot 14
Auction 27th March 2024
Rent £85,000 per Annum Exclusive (2)
Status Sold
Price £1,160,000
Sector Industrial, Warehouse
Auction Venue Live Streamed Auction
Property Information
Location
Miles
9 miles south of Central London
Roads
A23, A212, A222, A232, A236
Rail
West Croydon Railway Station, East Croydon Railway Station
Air
London Heathrow Airport, London Gatwick Airport
Situation
The property is situated in West Croydon, in a popular mixed commercial and residential area on the east side of Parsons Mead, at its junction with Montague Road, less than one mile north of Croydon town centre and close to Beddington Industrial Estate. The property benefits from excellent communication links being within close proximity to the A23, which links directly to the M25 (Junction 7).
Tenure
Freehold.
Location
Miles
9 miles south of Central London
Roads
A23, A212, A222, A232, A236
Rail
West Croydon Railway Station, East Croydon Railway Station
Air
London Heathrow Airport, London Gatwick Airport
Situation
The property is situated in West Croydon, in a popular mixed commercial and residential area on the east side of Parsons Mead, at its junction with Montague Road, less than one mile north of Croydon town centre and close to Beddington Industrial Estate. The property benefits from excellent communication links being within close proximity to the A23, which links directly to the M25 (Junction 7).
Tenure
Freehold.
Description
The property comprises a car showroom and a separate vehicle repair workshop arranged on the ground and first floors. The property comprises approximately 7,319 sq ft on a site area of 0.10 ha (0.25 Acres).
VAT
VAT is not applicable to this lot.
EPC
See Legal Pack
Description
The property comprises a car showroom and a separate vehicle repair workshop arranged on the ground and first floors. The property comprises approximately 7,319 sq ft on a site area of 0.10 ha (0.25 Acres).
VAT
VAT is not applicable to this lot.
EPC
See Legal Pack
Tenancy & Accommodation
Floor
Use
Gross Internal Floor Areas Approx sq m
Gross Internal Floor Areas (Approx sq ft)
Tenant
Term
Rent p.a.x.
Rent Review
Ground First
Showroom/Workshop Office/Ancillary
470.92 209.03
(5,069) (2,250)
W. SHIRLEY AND SONS LTD (1) (t/a EMG London)
10 years from 19/08/2024 on a full repairing and insuring lease (2)
£85,000 (2)
19/08/2029
Total
679.95
(7,319)
£85,000 (2)
(1) EMG London is a Citroen and Peugeot dealership that was established in 1978 and are also an authorised repairer for Citreon and Peugoet (www.emglondon.co.uk). (2) The property is currently let for a term of 5 years from 20/08/2019 at a rent of £70,000 pa (with a concessionary rent of £58,000 pa until 19/08/2024). A new 10-year reversionary lease from 19/08/2024 until 18/08/2034 has recently been completed, with a mutual break option on 19/09/2029. The Seller will pay to the buyer the new rent that is due on 19/08/2024 from completion of the sale - please see Special Conditions of Sale. The lease is full repairing and insuring, subject to a schedule of condition.
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.
