book viewing

73-75, Elmers End Road, LONDON, London, SE20 7UU

13th April 2021
starts 09:30 AM at Grand Connaught Rooms
sold for
£695,000

Tenure: Freehold

!
The negotiator dealing with this Lot is Callum Glenn and he can be contacted by email: callum.glenn@barnardmarcus.co.uk
Freehold Retail Investment with Two Maisonettes
One Maisonette Let on AST, One on Regulated Tenancy
Total Current Rent Reserved £42,628 per annum
Growth Potential and No Rent Arrears – see notes

Location:
The property forms part of this retail parade on the east side of Elmers End Road which forms part of the A214 linking between Elmers End and Norwood lying to the north whilst the centres of Beckenham and
Bromley lie to the east. The parade provides shopping facilities to a densely populated local catchment with the added benefit of high visibility and passing trade from traffic utilising the A214. The property itself is located opposite the pedestrian crossing which further adds to potential passing pedestrian trade. The area is well served by public transport links with bus routes linking to the surrounding area and Birkbeck Rail station within less than 0.25 mile to the south providing direct links to London Bridge station with a journey time of 33 minutes.

Description:
The property comprises this pair of mid terrace three floor buildings. The upper floors comprise two separate self-contained two floor maisonettes. These maisonettes benefit from a secure gated access which leads off Ravenscroft Road. The ground floor was originally let as a single interconnecting double retail unit. The current tenant has divided part of this and sub-let this space (please see notes). The tenants’ space is currently trading as a Costcutter convenience store and the separated and sub-let
space trading as Amazing Grace Caribbean restaurant and take-away.

Accommodation/Tenancy:
Ground Floor Shops, 73-75 Elmers End Rd - EPC: 50B
Accommodation - Main Retail Area t/a Costcutter:
Retail Zone A 39.9 sq. m (429.4sq.ft)
Retail Zone B 47.0 sq. m (505.9sq.ft)
Retail Zone C 45.0 sq. m (484.3sq.ft)
Retail remaining 34.2 sq. m (368.7sq.ft)
Staff wc
Sub Let area t/a Amazing Grace
Retail Zone A 16.6 sq. m (178.6sq.ft)
Retail Zone B 8.8 sq. m (95.1sq.ft)
Combined Total Area
191.8 sq.m(2,064 sq ft)

Tenancy: The entire ground floor is let to V. Rajakumar and S. Sivashanmugam (with personal guarantee) for 25 years from 1st December 2006 (10 years unexpired) on Full Repairing and Insuring terms
Rent £ pa: £21,500
Review/Notes: Rent reviews every 5 years, next due December 2021. Note the tenant has sub-let part without landlords consent. There are no rent arrears. There was no increase in rent as per 2016 rent review.

First and Second Floor Maisonette (No 73a) (Left hand side) - EPC: D
Two Floor Self-Contained Maisonette Comprising: Two bedrooms, reception Room , Kitchen, Bathroom/wc
Tenancy: Let on an AST for 12 Months from 1st September 2020
Rent p.a.: £12,600
Review/notes: There are no rent arrears

First and Second Floor Maisonette (No 75a) (right hand side) - EPC: D
Two Floor Self-Contained Maisonette Comprising: Two bedrooms, reception Room, Kitchen, Bathroom/wc
Tenancy: Let on a Registered Tenancy at a regulated rent with current rent effective November 2019
Rent p.a.: £8,528
Reviews/Notes: Re registration due November 2021. There are no rent arrears

Total Rent Reserved
£42,628 per annum – Rent reviews this year.

Note 1:
None of the tenants have any rent arrears.

Note 2:
The tenant of the ground floor retail space has not sought landlords consent to sub-let. The seller has not objected to this, the rent is paid on time and up to date with the tenacy supported by personal guarantor.
Rent review for shop due December this year
Rent re-registration of flat 75a due November this year

Note 3:
Plans showing the layout of the residential flats are avavilable from the auctioneers.




Important Notice:
For each Lot, a contract documentation fee of £1,150 (inclusive of VAT) is payable to Barnard Marcus Auctions by the buyer. The seller may charge additional fees payable upon completion. If applicable, such fees are detailed within the Special Conditions of Sale. Buyers are deemed to bid in full knowledge of this.

The Guide Price quoted must not be relied upon by prospective purchasers as a valuation or assessment of value of the property. It is intended to provide purchasers with an indication of the region at which the reserve may be set at the time of going to press. The guide price may be subject to variation and interested parties are advised to make regular checks for variations and should be aware that the reserve price may be either below or above the quoted guide price.

Prospective purchasers should also be aware that the eventual sale price may be above or below the guide level dependent upon competition, and should therefore not presume the guide to be indicative of the final expected sale price or the price the property is available at.

When setting the guide price, the auctioneers have given consideration to the seller’s instructions in respect of their indicated reserve price at the time of instruction. The reserve price, (the level below which the property will not be sold), remains confidential between the seller and the auctioneer. The guide price therefore, is intended to indicate the region at which the reserve price is intended to be set. The seller will confirm their final reserve price close to the auction date and if appropriate the auctioneers may adjust the guide price to reflect this.
Whilst Barnard Marcus make every effort to ensure the safety and security of viewers at properties, we have not carried out a detailed Health & Safety inspection of properties in our auctions and cannot therefore guarantee the safety and security of viewers.
Prospective purchasers and bidders attend properties entirely at their own risk. Particular care should be taken when accessing cellars, attics, exterior grounds and outbuildings and boundaries. All non-conducted inspections of vacant sites should be made in daylight hours only and entry into such sites is entirely at the viewers risk.



1. MONEY LAUNDERING REGULATIONS: Intending purchasers will be asked to produce identification documentation at a later stage and we would ask for your co-operation in order that there will be no delay in agreeing the sale.
2. General: While we endeavour to make our sales particulars fair, accurate and reliable, they are only a general guide to the property and, accordingly, if there is any point which is of particular importance to you, please contact the office and we will be pleased to check the position for you, especially if you are contemplating travelling some distance to view the property.
3. Photographs and Measurements: Some images may have been taken by a wide angled lens camera. These approximate room sizes are only intended as general guidance. You must verify the dimensions carefully before ordering carpets or any built-in furniture.
4. Services: Please note we have not tested the services or any of the equipment or appliances in this property, accordingly we strongly advise prospective buyers to commission their own survey or service reports before finalising their offer to purchase.
5. THESE PARTICULARS ARE ISSUED IN GOOD FAITH BUT DO NOT CONSTITUTE REPRESENTATIONS OF FACT OR FORM PART OF ANY OFFER OR CONTRACT. THE MATTERS REFERRED TO IN THESE PARTICULARS SHOULD BE INDEPENDENTLY VERIFIED BY PROSPECTIVE BUYERS OR TENANTS. NEITHER SEQUENCE (UK) LIMITED NOR ANY OF ITS EMPLOYEES OR AGENTS HAS ANY AUTHORITY TO MAKE OR GIVE ANY REPRESENTATION OR WARRANTY WHATEVER IN RELATION TO THIS PROPERTY.

Lot location is based upon nearest property postcode only. Actual location of property being sold may differ.

Get Directions

lot infomation last updated: 29th April 2021 at 10:38 AM
Delete.Websites.SequenceAuctions.Web.Models.ViewModels.Auctions.LotStatusInfoLinkButtonListViewModel