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Lot 7 Click here for addendum

Leasehold Commercial Investment
Gross Yield 12.5%
6 Week Completion

Situation

Located on Hare Street and close to the junction with Powis Street within this town centre retail location, adjacent to TK Maxx, opposite Primark and Boots and amongst such other multiple retailers as Sports Direct, Scope, Cash Converters and British Heart Foundation. In addition, the property is approx. 100 yards from the pedestrianised retail section of Powis Street which hosts Iceland, The Works, Shoe Zone, CEX, Holland & Barrett and many others.
The Woolwich Ferry Terminal is within close proximity and the area is well served by other transport links being less than ½ a mile from King George V Station (DLR) and Woolwich Arsenal Mainline Station.
Woolwich lies some 7 miles south of central London close to the A2 and A20 which provide direct access to the M25.

Property

Forming part of a town centre development comprising a Ground Floor Shop with use of a rear communal service area for unloading.

Accommodation

Ground Floor Shop
Gross Frontage 20'7”
Internal Width 19'1” narrowing to 18'9” at rear
Shop & Built Depth 64'6”
Area Approx. 1,220 sq ft incl. WC

VAT is applicable to this Lot

Tenure

Leasehold for a term of 999 years from 27th February 2013 at a peppercorn ground rent.

Tenancy

The property is let on a full repairing and insuring lease by way of service charge to N G Menswear Ltd for a term of 10 years from 23rd October 2015 (excl. s24-28 of the L & T Act 1954) at a current rent of £25,000 per annum exclusive. (see Note 1)

There is a £7,500 (including VAT) Rent Deposit held.

Note 1: The tenant currently has a rent concession to £12,500 p.a. until 22nd October 2022, therefore the Vendor will top-up this rent shortfall from completion.

Note 2: The tenant did not operate their October 2020 Break Clause.

Note 3: The adjoining triple retail unit (Units 2 & 3) is also being offered for sale in this Auction - See Lot 6.

*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.

In addition to the purchase price the Successful Buyer or Successful Bidder will be liable to pay Barnett Ross Ltd a non-refundable administration fee of £1,500 including VAT or as specified on the Particulars of Sale and there may also be additional non-optional fixed or variable fees and costs. To establish the full cost of purchasing a property please inspect the special conditions of sale and all other documentation in the legal pack. Please also refer to any addendum that may be displayed on this page.

Unit 4, 114 Powis Street and 7–13 Hare Street, Woolwich, London SE18 6NE