Includes three self-contained flats let on Assured Shorthold Tenancies
Located less than 250 metres from Buckingham Palace
Excellent access to Victoria, Green Park and Westminster
Six Week Completion
Lot 6
Auction 23rd May 2013
Rent £93,500 per Annum Exclusive
Status Sold
Price £1,925,000
Sector High Street Retail
Auction Venue The Dorchester Hotel Park Lane Entrance Mayfair London W1K 1QA
On Behalf of Joint LPA Receivers, Edward Symmons
Property Information
Location
Miles
0.3 miles from Buckingham Palace
0.4 miles from Victoria
0.6 miles from Westminster
Roads
B323, A302
Rail
St James Park Underground Station (District and Circle Lines), Victoria Railway Station and Underground Station (Victoria, District and Circle Lines)
Air
London City Airport
Situation
The property is situated in a prominent location on the northern side of Petty France, near its junction with Buckingham Gate. The property is situated within walking distance of Buckingham Palace, Green Park, Victoria Railway Station and Westminster in a prime Central London location.
Tenure
Freehold. and Leasehold. The freehold title is subject to three 125 year leases which individually relate to the first, second and third floor flats. The leases are for terms of 125 years from 31st March 2006 at nominal ground rents.
The three long leasehold interests can be merged with the freehold
interest on expiry of the Assured Shorthold Tenancies.
Location
Miles
0.3 miles from Buckingham Palace
0.4 miles from Victoria
0.6 miles from Westminster
Roads
B323, A302
Rail
St James Park Underground Station (District and Circle Lines), Victoria Railway Station and Underground Station (Victoria, District and Circle Lines)
Air
London City Airport
Situation
The property is situated in a prominent location on the northern side of Petty France, near its junction with Buckingham Gate. The property is situated within walking distance of Buckingham Palace, Green Park, Victoria Railway Station and Westminster in a prime Central London location.
Tenure
Freehold. and Leasehold. The freehold title is subject to three 125 year leases which individually relate to the first, second and third floor flats. The leases are for terms of 125 years from 31st March 2006 at nominal ground rents.
The three long leasehold interests can be merged with the freehold
interest on expiry of the Assured Shorthold Tenancies.
Description
The property comprises a ground floor retail unit with basement ancillary accommodation. The property also benefits from three self-contained residential flats on first, second and third floors, accessed via Petty France which have been subject to a refurbishment programme.
Note
This property is being marketed for sale on behalf of Joint Law of Property Act Receivers and therefore no warranties or guarantees in any respect can be given. The LPA Receivers are not bound to accept the highest or any offer and are acting without personal liability.
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a ground floor retail unit with basement ancillary accommodation. The property also benefits from three self-contained residential flats on first, second and third floors, accessed via Petty France which have been subject to a refurbishment programme.
Note
This property is being marketed for sale on behalf of Joint Law of Property Act Receivers and therefore no warranties or guarantees in any respect can be given. The LPA Receivers are not bound to accept the highest or any offer and are acting without personal liability.
VAT
VAT is not applicable to this lot.
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
Ground Basement
Retail Ancillary
37.99 sq m 54.75 sq m
(409 sq ft) (589 sq ft)
COLLAGE GIFTS LTD (1)
10 years from 24/06/2010 until 23/06/2020
£35,000
24/06/2015
First
Residential – 1 Bedroom
40.19 sq m
(433 sq ft)
INDIVIDUAL
Assured Shorthold Tenancy from 15th April 2013 until 14th April 2014 (2)
£18,720
Second
Residential – Studio
40.81 sq m
(439 sq ft)
INDIVIDUAL
Assured Shorthold Tenancy from 19th January 2013 until 18th January 2014 (3)
£20,540
Third
Residential – 1 Bedroom
39.61 sq m
(426 sq ft)
INDIVIDUAL
Assured Shorthold Tenancy from 22nd June 2013 until 21st June 2014 (4)
£19,240
Totals
213.35 sq m
(2,296 sq ft)
£93,500 (5)
(1) Collage Gifts Ltd has traditionally been a trading company as well as importers of gift items, specialising in London souvenirs. They also trade from another retail unit near Leicester Square. (Source: www.collagegifts.co.uk 15/04/2013) (2)There is a tenant only option to determine on 14th October 2013 by written notice on or before 14th August 2013. (3)There is a mutual option to determine at any time before the expiry of the term by giving no less than 2 months written notice, not to expire within 6 months of the commencement date. (4)There is a tenant only option to determine on 21st December 2013 by giving notice on or before 21st October 2013. (5)The rent from the residential AST’s has been annualised.
