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Lot 1

Freehold – Double Shop & 2 Flats all let to Tesco Stores Limited – Gross Yield 9.6%
In the same ownership for 25 years
6 Week Completion

Situation

Located at the junction with Moatfield Road and directly opposite Little Reddings Primary School in this established, fully occupied shopping parade serving the surrounding residential area.
Bushey is an affluent North London suburb situated approximately 15 miles north-west of central London and only 3 miles from Watford. The property is easily accessed being only 2 miles from the M1 (Junction 5) and under a mile from the A41.

Property

An end of terrace building comprising a Ground Floor Double Shop with separate rear access via a side entrance and communal balcony to 2 Self-Contained Flats on first and seconds floors. The property includes a Garage and includes a Rear Service Road.

Accommodation

Ground Floor Double Shop
Gross Frontage 36'10"
Internal Width 34'8"
Shop Depth 53'3"
Built Depth 74'3"
Sales Area Approx. 1,846 sq ft
Store Area Approx. 773 sq ft
WC _______________

Total Area Approx. 2,619 sq ft

First & Second Floor Flats¹
No. 17a - 4 Rooms, Kitchen, Bathroom/WC
(Area Approx. 882 sq ft)
No. 19a - 4 Rooms, Kitchen, Bathroom/WC
(Area Approx. 893 sq ft)

Plus Garage

¹Not inspected by Barnett Ross. Areas taken from EPCs.

VAT is NOT applicable to this Lot

FREEHOLD

Tenancy

The entire property is let on a full repairing and insuring lease to Tesco Stores Limited (T/O for Y/E 25/02/2023 £47.48bn, Pre-Tax Profit £565m and Shareholders' Funds £4.38bn) for a term of 15 years from 29th September 2013 at a current rent of £48,000 per annum exclusive.

Rent Review September 2023 (Not yet actioned)

Note 1: The Tenant did not operate their September 2023 Break Clause.

Note 2: We are informed by the tenant that both flats are sublet on ASTs.

Note 3: The freehold is also subject to an electricity substation lease for a term of 99 years from 25th March 1962 at a ground rent of £0.05 p.a.

*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.

17/19 Harcourt Road, Bushey, Hertfordshire WD23 3PP