42, High Street, ILFORD, Essex, IG6 2DQ
starts 11:00 AM at Grand Connaught Rooms
investment let to Paddy Power Bookmakers
recently reviewed rent now £28,000 per annum
The property lies within the heart of the shopping area of High Street Barkingside, Ilford where a number of major retailers can be found which include Halifax, Iceland, Sainsbury’s, McDonalds, Subways, Specsavers, Ladbrookes Bookmakers and Dominos. The High Street serves a densely populated catchment and forms part of the A123 therefore benefiting from a high volume of passing vehicular traffic. Barkingside (Central Line) underground lies to the south west whilst the road links are provided by the A12 lying to the south and linking to the A406 North Circular Road to the west.
Forming part of this retail parade, the property comprises this ground floor retail premises extending to an internal area of approximately 93.25sqm (1,003.7sq. ft.). The property forms part of the three floor building with two residential flats above (not included in the sale, see note).
Retail Zone A 29.8sqm (320.7sq.ft.)
Retail Zone B 29.46sqm (317.1sq.ft.)
Retail Zone C 27.68sqm (297.9sq.ft.)
Remaining areas 6.31sqm (67.9sq.ft.)
Total internal area approximately 93.25sqm (1,003.7sq.ft.)
The property is let to Power Leisure Bookmakers Limited trading as Paddy Power Bookmakers on an effective full repairing and insuring lease for a term of 15 years from 24th July 2013. The lease provides for rent reviews every five years and break clauses in 2018 and 2023.
The rent review due July 2018 has just been completed with reviewed rent now at £28,000 per annum. The tenant did not exercise their option to break.
£28,000 per annum.
To be sold on a new lease for a term of 999 years at a peppercorn. Note the seller also owns the freehold of this building and following the sale of this investment will serve requisite notices on the purchaser and the leaseholders of the two flats above providing the opportunity to purchase the freehold.
For each Lot, a contract documentation fee of £1000 (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 makes 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. Measurements: 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.
Information about this lot will be sent to your friend.
The legal documents are not yet available, please save the Lot to be notified when they become available or when they change.