Freehold Bank Investment with Development Potential (subject to consents)
Attractive building in prominent corner position
Ground and basement let to Barclays Bank plc until 2028 (subject to option)
September 2012 rent review to be settled
Historic planning permission for four studio flats on upper floors
Nearby occupiers include Ladbrokes, Vets 4 Pets and the Co-operative
Six Week Completion Available
Lot 3
Auction 6th December 2012
Rent £16,200 per Annum Exclusive
Status Sold
Price £417,000
Sector Bank
Auction Venue Millennium Hotel 39-44 Grosvenor Square London W1K 2HP
On the instructions of Joint Fixed Charge Receivers, BNP Paribas Real Estate
Property Information
Location
Miles
11 miles south of central London
Roads
A23, A212, A232, M25
Rail
East Croydon (14 mins to London Bridge, 16 mins to London Victoria), Blackhorse Lane Tram Stop
Air
London Gatwick
Situation
The property is situated in a prominent corner location on the northern side of Lower Addiscombe Road (A222) at its junction with Blackhorse Lane. Nearby occupiers include Ladbrokes, Vets 4 Pets and the Co-operative.
Tenure
Freehold.
Location
Miles
11 miles south of central London
Roads
A23, A212, A232, M25
Rail
East Croydon (14 mins to London Bridge, 16 mins to London Victoria), Blackhorse Lane Tram Stop
Air
London Gatwick
Situation
The property is situated in a prominent corner location on the northern side of Lower Addiscombe Road (A222) at its junction with Blackhorse Lane. Nearby occupiers include Ladbrokes, Vets 4 Pets and the Co-operative.
Tenure
Freehold.
Description
The property comprises a ground floor banking hall with basement storage accommodation. The first and second floors, currently arranged as self-contained office accommodation, have planning permission for four studio flats.
Residential Planning Permission
Planning permission was granted for the conversion of the first and second floor office space to create four studio flats, which expired in January 2010. For further information, please refer to the planning service at Croydon Council http://www.croydon.gov.uk/planningandregeneration/ (Ref: 09/03408/P)
Note
This property is being marketed for sale on behalf of Joint Law of Property Act Receivers excluding any title guarantees, warranties or indemnities. The information in these particulars, including VAT, has been provided by the Joint Law of Property Act Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Joint Law of Property Act Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.
VAT
VAT is not applicable to this lot.
Viewings
There will 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 a ground floor banking hall with basement storage accommodation. The first and second floors, currently arranged as self-contained office accommodation, have planning permission for four studio flats.
Residential Planning Permission
Planning permission was granted for the conversion of the first and second floor office space to create four studio flats, which expired in January 2010. For further information, please refer to the planning service at Croydon Council http://www.croydon.gov.uk/planningandregeneration/ (Ref: 09/03408/P)
Note
This property is being marketed for sale on behalf of Joint Law of Property Act Receivers excluding any title guarantees, warranties or indemnities. The information in these particulars, including VAT, has been provided by the Joint Law of Property Act Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Joint Law of Property Act Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.
VAT
VAT is not applicable to this lot.
Viewings
There will 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
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews/(Reversion)
Ground Basement
Banking Hall Storage
98.22 sq m 35.13 sq m
(1,057 sq ft) (378 sq ft)
BARCLAYS BANK PLC (1)
20 years from 12/08/2008 until 11/08/2028 on a full repairing and insuring lease(3)
£16,200
29/09/2012 (2) and five yearly thereafter
First
Office
44.88 sq m
(483 sq ft)
VACANT POSSESSION
Second
Office
28.06 sq m
(302 sq ft)
VACANT POSSESSION
Totals
206.29 sq m
(2,200 sq ft)
£16,200
(1) For the year ending 31st December 2011, Barclays Bank plc reported pre-tax profits of £5,974,000,000 and a total net worth of £54,232,000,000. (Source: www.riskdisk.com 29/10/2012) (2)The 2012 rent review is yet to be settled. (3) The lease provides a tenant's option to determine on the fifteenth anniversary of the term
Contacts
Seller's Solicitors
Berwin Leighton Paisner LLP Adelaide House London Bridge London EC4R 9HA
