Location Miles: 1 mile east ofWestminster 3 miles south of London’sWest End
Roads: A23, A3, A202
Position The property is located on Kennington Lane close to its junctin with Glyn Street in a popular residential and commercial area close to Vauxhall Cross and the River Thames.
Nearby: Vauxhall Underground (Victoria Line) and mainline rail stations as well as the Oval Underground (Northern Line), Lilian Bayliss Technology School, the Oval Cricket Ground and Tesco
Present Accommodation (approximate areas) Floor
Accommodation
Ground Basement
First/ Second
Sales/Ancillary Ancillary
Residential – comprising 3 Bedrooms, Lounge/Kitchen, Bathroom/WC, Shower/WC and Terrace
Total Commercial Area
52.95 sq m 38.55 sq m
– Net Internal AreasTenant
(570 sq ft) (415 sq ft)
(–)
PAYLESS GROUP LIMITED (1)
THREE INDIVIDUALS 91.50 sq m (985 sq ft) Term
10 years from 29th September 2011 (lease renewal) with a rent review in 2016
Assured Shorthold Tenancy from 12th August 2011 (3)
Total Rent
Rent £ p.a. £14,000 (2)
£23,400 (4)
Description SHOP arranged on the ground floor and basement and a SELF-CONTAINED MAISONETTE on the first and second floors.
Tenure Freehold.
VAT is not applicable to this lot.
For identification purposes only – please see title documentation.
Freehold Retail and Residential Investment • Shop let to Payless Group Limited
• 3 bedroom maisonette let on an Assured Shorthold Tenancy (probable possession imminent)
£37,000 (4)
(1) Trading as SuperWay Express. Payless Group Ltd, for the year to 10/09, reported a turnover of £3.5 million, pre-tax profits of £300,000 and a net worth of £2.2 million. (Source: One Source One-Stop Report)
(2) Under the terms of the lease renewal, the new lease is subject to a rent free period which expires on 24th December 2011. The Vendors have agreed to ‘top up’ the rent from completion until the end of the rent free period – please see Special Conditions of Sale.
(3) We understand that the tenants have served notice to vacate on 11th November 2011 – please see legal documentation. (4) Annual equivalent rent.
The Special Conditions of Sale and a legal pack are available from the Seller’s Solicitors and are available online at www.cbre.co.uk/auctions. Seller’s Solicitor Davies Murray-White. t: 01789 295544. e: jdavies@daviesmurraywhite.co.uk Ref: J Davies Esq. Joint Auctioneers Chapman Petrie. t: 0207 518 9118. e: abromfield@chapman-petrie.co.uk Ref: A Bromfield Esq.
• Within walking distance of Vauxhall stations and Oval Cricket Ground
• VAT- free investment and 30 Working Day Completion available