Freehold Retail and Residential Ground Rent Investment
Shop let to The Works Family Limited until April 2029
2024 tenant break option not exercised
Includes five flats above separately let on long leases
Between Friars Square & Hale Leys Shopping Centres with retailers including Caffè Nero, Superdrug, Boots the Chemist, Pandora, Next, H&M, Holland & Barrett and River Island
Other nearby retailers include Odeon Luxe Cinema, Wagamama, Nando's, Zizzi, Costa Coffee, Greggs and a JD Wetherspoon
Freehold Retail and Residential Ground Rent Investment
Shop let to The Works Family Limited until April 2029
2024 tenant break option not exercised
Includes five flats above separately let on long leases
Between Friars Square & Hale Leys Shopping Centres with retailers including Caffè Nero, Superdrug, Boots the Chemist, Pandora, Next, H&M, Holland & Barrett and River Island
Other nearby retailers include Odeon Luxe Cinema, Wagamama, Nando's, Zizzi, Costa Coffee, Greggs and a JD Wetherspoon
Lot 21
Auction 27th March 2024
Rent £48,901 per Annum Exclusive
Status Sold
Price £420,000
Sector High Street Retail, Residential
Auction Venue Live Streamed Auction
Property Information
Location
Miles
19 miles west of Luton, 22 miles east of Oxford, 40 miles north-west of Central London
Roads
A41, A148, A4156, M40 (Junction 8a)
Rail
Aylesbury Railway Station
Air
Luton International Airport
Situation
The property is prominently located on the north side of Market Square, in the heart of the town centre. Nearby occupiers include Odeon Luxe Cinema, Wagamama, Nando's, Zizzi, Caffè Nero, Costa, Greggs, Superdrug, Pandora, H&M and JD Wetherspoon.
Tenure
Freehold.
Location
Miles
19 miles west of Luton, 22 miles east of Oxford, 40 miles north-west of Central London
Roads
A41, A148, A4156, M40 (Junction 8a)
Rail
Aylesbury Railway Station
Air
Luton International Airport
Situation
The property is prominently located on the north side of Market Square, in the heart of the town centre. Nearby occupiers include Odeon Luxe Cinema, Wagamama, Nando's, Zizzi, Caffè Nero, Costa, Greggs, Superdrug, Pandora, H&M and JD Wetherspoon.
Tenure
Freehold.
Description
The property comprises a large triple fronted shop arranged on the ground floor and basement. The two upper floors comprise five separately accessed flats all let on long leases.
VAT
VAT is applicable to this lot.
Note
Notices pursuant to Section 5b of the Landlord and Tenant Act 1987 have been served to the residential lessees. No acceptance notices have been received from the tenants within the permitted period and therefore the tenants are not able to exercise the right of pre-emption on this sale.
Please note the buyer will pay 1% excluding VAT of the purchase price towards the Vendor's costs in addition to the cost of the searches. Please see Special Conditions of Sale.
Completion Period
Six Week Completion
EPC
Band C (shop)
Description
The property comprises a large triple fronted shop arranged on the ground floor and basement. The two upper floors comprise five separately accessed flats all let on long leases.
VAT
VAT is applicable to this lot.
Note
Notices pursuant to Section 5b of the Landlord and Tenant Act 1987 have been served to the residential lessees. No acceptance notices have been received from the tenants within the permitted period and therefore the tenants are not able to exercise the right of pre-emption on this sale.
Please note the buyer will pay 1% excluding VAT of the purchase price towards the Vendor's costs in addition to the cost of the searches. Please see Special Conditions of Sale.
Completion Period
Six Week Completion
EPC
Band C (shop)
Tenancy & Accommodation
Floor
Use
Floor Areas Approx sq m (1)
Floor Areas Approx sq ft (1)
Tenant
Term
Rent p.a.x.
Rent Review
Ground Basement
Retail/Ancillary Ancillary
210.49 113.70
(2,265) (1,223)
THE WORKS FAMILY LIMITED (t/a The Works Coffee Shop) (2)
10 years from 05/04/2019
£48,000
05/04/2024
First/Second
Residential - 5 flats
312.00
(3,358)
VARIOUS INDIVIDUALS
Each let for 125 years from 25/12/2016
£750
-
Signage
-
-
-
THE KINGS HEAD
Lease expired 08/02/2007 (Holding Over)
£150
-
Bracket/Control Box
-
-
-
AYLESBURY BOROUGH COUNCIL
Lease expired 19/05/2009
£1
-
Total
550.50
(5,924)
£48,901
(1) Areas provided by VOA (https://www.gov.uk/find-business-rates) (2) The Works Family Limited have been established since 2014 and operate a modern dessert diner offering waffles, crêpes, hot dogs & other comfort foods served with coffee & ice cream. The tenant operates from one other coffee shop in High Wycombe (www.eatattheworks.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.
