Location Estimated District Population: 87,500 Miles: 5 miles east of Lewisham 8 miles west of the M25 (Junction 2) 15 miles south-east of Central London
Roads: A2, A20, A210, A205, M25
Position The property is located in a prominent roadside position to the north of the junction of Bexley Road (A210) and CrownWoodsWay in a densely populated residential area, a short distance south of the A2.
Nearby: Greenwich University (Avery Hill Campus) and Eltham Palace.
Description PETROL STATION and a Marks & Spencer Simply Food CONVENIENCE STORE and car wash arranged on the ground floor only. The property has a site area of approximately 0.28 hectares (0.70 acres).
Tenure Leasehold for a term of 96 years from 10th October 1957 at a current ground rent of £20,000 per annum with a rent review in September 2013 and 5 yearly thereafter to RPI – please see legal documentation (1).
Tenant BP OIL UK LIMITED (2)
Lease Term: 25 years from 4th May 2010 Basis: FRI Rent: £175,000 per annum (Base Rent) plus 0.5% of the annual convenience store sales (Turnover Rent) (3)
Reviews: Base Rent – 2013 and every 3 years thereafter (4) Expiry: May 2035 (5)
VAT is applicable to this lot – please see Special Conditions of Sale.
Net Internal Areas
260.12 sq m 260.12 sq m
(2,800 sq ft) (2,800 sq ft)
(1) The ground rent is paid to the superior landlord by BP Oil UK Ltd, whilst the occupational lease is vested in BP Oil UK Limited – please see legal documentation.
(2) For the year to 12/09, BP Oil UK Ltd reported a turnover of £6.8 billion, pre-tax profits of £33.6 million and a net worth of £534.5 million. (Source: One Source One-Stop Report)
(3) The amount of turnover rent payable from shop sales in the first year of the lease was £11,691.75. (4) The base rent is geared and is reviewed to 80% of the market value – please see lease. (5) Please note the lease incorporates a tenant’s option to break in May 2020 – please see legal documentation.
Gross Rent
£186,691.75 pa Prominent Leasehold Petrol Filling Station/ Convenience Store Investment • Entirely let to BP Oil UK Limited
• BP Lease expires May 2035 (subject to option)
• 3 yearly rent reviews
• Base Rent plus Additional Turnover Rent (payable in relation to convenience store)
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 Sprecher Grier Halberstam LLP. t: 0207 264 4475. e: chandni.ruparelia@sghlaw.com Ref: Ms C Ruparelia.