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Lot 11
122/122a & 124/124a Wembley Park Drive, Wembley, Middlesex HA9 8HT

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* Reserve below

£250,000

IN SAME OWNERSHIP FOR over 50 YEARS
4 Week completion

SITUATION

Occupying a prominent position close to the junction with Empire Way with nearby multiples such as McDonald's, Curry's, Lidl, JD Sports, Maplin and being approx. ½ a mile from Wembley Stadium, Wembley Retail Park and approx. 350 yards from Wembley Park Station (Jubilee and Metropolitan Lines).
Wembley lies some 7 miles north-west of central London and benefits from good road links via the North Circular A406 and M1 (J1).

PROPERTY

A terraced building comprising a Ground Floor Double Unit Banking Hall (interconnected with and accessed via No. 126 which is not included in the sale) with separate front access to a Self-Contained Flat (No. 122A) at first floor level and a separate rear open staircase access to a Self-Contained Flat (No. 124A).
In addition, the property benefits from a rear service road giving access to private gated car park for approx. 7 cars.

ACCOMMODATION

Ground Floor Banking Hall
Gross Frontage 39'8"
Internal Width 37'2"
Bank Depth 42'8" (max)
Built Depth 48'0"
Approx. 2⁄3 of Book Room 8'6" × 11'7" (at present only accessed from No. 126)

No. 122A - First Floor Flat (with uPVC windows)
3 Rooms, Kitchen, Bathroom/WC

No. 124A - First Floor Flat
3 Rooms, Kitchen, Bathroom/WC

Plus Part of 2 Ladies WCs and part of store room (at present only accessed from No. 126)

VAT is NOT applicable to this Lot

TENURE

Leasehold held on 2 FRI leases from HSBC for a term of 99 years from 25th March 1933 at a fixed total combined ground rent of £70 p.a. (thus having 14¾ years unexpired).

TENANCY

The entire property is let on a full repairing and insuring lease to HSBC Bank Plc (T/O for Y/E 31/12/2015 £18.63bn, Pre-Tax Profit £2.97bn and Shareholders' Funds £37bn) for a term of 5 years from 24th June 2012 at a current rent of £38,380 per annum exclusive.

Note 1: A Section 27(1) Notice dated 21/3/17 under the L & T Act 1954 has been served by CBRE on behalf of HSBC which confirms that the lessees determine their tenancy as at 23rd June 2017 and will not renew and will provide vacant possession.

Note 2: The Freeholders are HSBC and the potential exists of the Head Lessees being able to enfranchise the freehold interest of both properties. Please take your own legal advice in this respect. The Vendor will serve Section 9 Notices on the Freeholders at the request of the Purchaser prior to completion without any warranties and at the expense of the contractual Purchaser.

Note 3: The 2 flats are currently sublet on AST's at £11,040 p.a. and £9,600 p.a. and no warranty is given that these will be offered with vacant possession by the lessees (HSBC).

Note 4: No schedule of dilapidation has been served on HSBC.

Note 5

The lessees also trade from the adjoining shop (No. 126) which is not included in this sale.

Note 6:

No action has been taken with HSBC regarding reinstatement to the original layout as per the Licence for Alterations dated 7/9/66 and reinstatement of internal walls, services, front entrance access etc.

Note 7:

HSBC have written in to request an extension of their under-lease in order to carry out reinstatement works but this will be left to the contractual Purchaser to deal with.

*Please note:

RESERVE:The 'Reserve' is the minimum figure for which a property can be sold as agreed between the Seller and the Auctioneer. The 'Reserve' is not disclosed and remains confidential between the Seller and the Auctioneer.

GUIDE: Where a 'Guide' is stated, it is an indication of the Seller's current minimum acceptable price ('Reserve') at auction. A 'Guide' is published to assist prospective buyers in deciding whether or not to pursue a purchase.

A 'Guide' does not represent an anticipated sale price or a valuation and the eventual sale price may be higher or lower. The sale price is determined at auction and as such cannot be predicted in advance.

The 'Guide' can be published as follows:

  • a. 'Reserve below' which means the 'Reserve' will be below the shown amount.
  • b. A single price figure where the 'Reserve' is not to exceed it.
  • c. A single price figure with a + symbol where the 'Reserve' is not to exceed that figure by more than 10%.
  • d. A minimum and maximum price range where the 'Reserve' is to be within that range.

The Seller's expectation as to the sale price may change during the marketing period as a result of interest received from prospective Buyers. Therefore, the Seller may increase or decrease the 'Reserve' at any time up to just before bidding commences. If the 'Reserve' becomes fixed at a level that makes the 'Guide' misleading, the Auctioneers will subsequently issue a revised 'Guide' as soon as is practicable. Accordingly, prospective bidders should monitor the 'Guide' with the Auctioneers prior to the Auction taking place via this website.