Location Underground: Goodge Street (Northern Line), Warren Street (Northern and Victoria Lines), Tottenham Court Road (Northern and Central Lines)
Position The property is located in Fitzrovia, a popular commercial and fashionable Central London district to the north of Oxford Street and to the south of Euston Road. Public transport links are excellent with bothWarren Street, Goodge Street and Tottenham Court Road Stations nearby. The property is located on the east side of Tottenham Court Road at its junction with Torrington Place. The major £1 billion investment into Tottenham Court Road’s transport facilities, including a new Crossrail Station and a rebuilt tube station, will further improve the accessibility of the area as well as providing a link with Heathrow Airport, the City of London and Canary Wharf (www.crossrail.co.uk)
Nearby: University of London, University College London, Habitat, Heals, Marks & Spencer Simply Food, Next Home, Boots the Chemist,Waitrose, Odeon Cinema, Sainsbury’s Central, Café Rouge, Dominion Theatre and a new Primark Store which is due to open in summer 2012.
Present Accommodation (approximate areas) Floor
Accommodation
Ground Basement
Coffee Shop/Ancillary Ancillary
Total Commercial Area
Description COFFEE SHOP arranged on the ground floor and basement. The property benefits from a return frontage along Torrington Place.
Tenure Leasehold for a term of 107 years and 305 days from 8th February 1957 (expiring 10th December 2064) at a fixed ground rent of £3,887.10s per annum.
Tenant COSTA LIMITED (1)
Lease Term: 10 years from 25th March 2011 Basis: FRI Rent: £165,000 per annum Review: 2016 (RPI based) (2) Expiry: March 2021
VAT is applicable to this lot – please see Special Conditions of Sale.
Gross Rent £165,000 pa
Prime Central London Retail Investment in Popular and Fashionable Location
• Let to Costa Limited (wholly owned subsidiary of Whitbread plc)
• New 10 year lease from March 2011 (no breaks)
Net Internal Areas
177.90 sq m 104.98 sq m
282.88 sq m
(1,915 sq ft) (1,130 sq ft)
(3,045 sq ft)
(1) Costa is the UK’s largest and fastest growing coffee brand and a wholly owned subsidiary of Whitbread plc. The company now trades from more than 1,300 coffee shops in the UK. For the year to 03/11, Costa Limited reported a total turnover of £377.3 million, pre-tax profits of £49.5 million and a net worth of £127.2 million. (Source: www.costa.co.uk and One Source One-Stop Report)
(2) The rent is reviewed in March 2016 in line with the Retail Price Index subject to a minimum rent of £173,417 per annum (an increase of 1% per annum compound) and a maximum rent of £191,280 per annum (an increase of 3% per annum compound).
NB: The sale is conditional on the parties receiving the Superior Landlords consents and the Buyer must promptly provide references and other relevant information to comply with Superior Landlords requirements – please see Special Conditions of Sale.
• RPI rent review in 2016 (subject to a minimum increase to £173,417 pa and maximum increase to £191,280 pa)
• Excellent Central London location close to Goodge Street and Tottenham Court Road Stations, Centrepoint and University College London
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 Eversheds LLP. t: 0845 497 1393. e: catherinedockerill@eversheds.com Ref: Ms C. Dockerill