222, Portobello Road, LONDON, London, W11 1LJ
starts 08:30 AM at Grand Connaught Rooms
Tenure: Leasehold. Lease Information awaited. Please check the Legal Pack for further details.
Multi Located and established Tenant
Investment with Rent Reserved at £50,000 pa
THERE IS AN ANNOUNCEMENT RELATING TO THIS LOT (AS BELOW) THIS HAS ALSO BEEN ADDED TO THE LEGAL PACK.
IF YOU ARE BIDDING YOU ARE DEEMED TO HAVE KNOWLEDGE OF THIS ANNOUNCEMENT TOGETHER WITH ALL OTHER LEGAL DOCUMENTS AND SPECIAL CONDITIONS OF SALE.
The property is being offered as Freehold.
Home to one of the UK’s most famous markets, Portobello Road runs almost the entire length of Notting Hill roughly parallel to Ladbroke Grove. Whilst the main market day is held on a Saturday, stalls are generally open throughout the entire week and, with the recent relaxation of trading restrictions, the market is now permitted to open as part of the Covid 19 restriction easing. Since August 1996 Portobello Road and the surrounding streets has been home to the Portobello Film Festival. The road is home to an eclectic range of retailers, cafes and restaurants and is one of London’s most notable markets streets drawing thousands of tourist visitors every year. The property itself forms part of this mid terrace building located in a prime position within Portobello Road adjoining Tesco Metro store.
Forming part of this mid terrace building the property is arranged over ground and lower ground floors. In total the accommodation extends to some 106 sq m (1,140 sq ft). Internally it is arranged to provide restaurant seating and kitchen servery space at ground floor level with further seating, kitchens, stores and wc facilities within the basement lower ground floor.
Restaurant/Retail area Zone A 12.9 sq m ( 138.8 sq ft)
Restaurant/Retail area Zone B 14.8 sq m ( 159.3 sq ft)
Kitchen Area 19.6 sq m ( 210.9 sq ft)
Storage 2.4 sq m ( 25.8 sq ft)
Lower Ground / Basement:
Restaurant Area 32.3 sq m ( 347 sq ft)
Storage Areas 19.5 sq m ( 209.8 sq ft)
Public WC Facilities 4.7 sq m ( 50.5 sq ft)
Total Internal Area 106.2 sq m ( 1,104 sq ft )
The property is let to Grovemoor Trading Limited on assignment and a renewed lease( original lease from September 1995 ) for 10 years from 29th September 2015 on effective full repairing and insuring terms at a current rent of £50,000 per annum with a rent review due December 2020.
By agreement the tenant is currently paying a reduced rent equivalent to £25,000 per annum until the Covid 19 lockdown ends.
Current Rent Reserved:
£50,000 per annum (see note) – Rent Review Due December 2020.
The property will be sold on a new lease following which , the seller will serve the requisite notices under the landlord and tenant act providing the opportunity to acquire the freehold.
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. 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.