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LOT 2
86-92 Lewisham High Street, London, SE13 5JH
UNBROKEN FREEHOLD RETAIL & RESIDENTIAL INVESTMENT IN PRIME TOWN CENTRE LOCATION IN SOUTH EAST LONDON CURRENTLY PRODUCING £521,320 PA
Auction Date
Thursday, 29th October 2020 12:00pm
Configured as four retail units and 14 self contained flats, the property is located in an active and progressive London suburb which has been at the centre of one of the largest regeneration initiatives in south east London over the past decade and comprises an unbroken parade occupying a prime retail pitch adjacent to The Lewisham Shopping Centre. Lewisham Overground and DLR station is a short walk to the north with excellent connections into Central London and Docklands. The opportunity comprises an unbroken terrace of buildings located at the northern end of Lewisham High Street immediately adjacent to the North Square pedestrian entrance into The Lewisham Centre. Local occupiers in this section of the High Street include Boots the Chemist, Marks & Spencer, Greggs, Pure Gym, NatWest, Subway & Lloyds Bank with the Lewisham Centre itself accommodating a far wider range of multiple high street stores. The retail element is let to Paddy Power, CeX, VPZ & Family Leisure with a WAULT to lease expiry of 6.5 years (and WAULT to expiry/next break of 4.1 years) at a current rent of £309,500 per annum. The residential element is fully let on subject to AST’s at a current rent of £211,820.04 per annum. The total rents reserved of £521,320.04 per annum
Tenure
The site is owned freehold under single Title Number
LN172790
Accommodation
The property comprises four retail units at ground floor level arranged over ground / ground & basement levels.
The upper floors were comprehensively re-modelled and
refurbished eight years ago to create 14 self contained flats (configured as 5 x studio, 2 x 1-Bed, 6 x 2-Bed & 1 x 3-Bed flats) accessed via a communal entrance from the front of the property.
All units benefit from recently fitted kitchens with built in appliances, bath/shower rooms and wood flooring.
Lease Details
Power Leisure Bookmakers Ltd is a wholly owned subsidiary of Flutter Entertainment PLC, operating 348 betting shops in the UK. Turnover for y/e December 2019 was £818,780,000 with pre tax profits of £102,577,000 and net assets of £217,800,000 (£127,289,500 y/e Dec 2018)
Established in 1992, CeX has grown to be the one of the largest second hand electrical goods chains operating over 380 stores in the UK, and 600 globally. Turnover for CEX (Franchising) Ltd y/e December 2018 was £29,318,787 with pre-tax profits of £2,068,057 (£1,964,182 y/e Dec 2017) and net assets of £11,564,638
VPZ is the trading name for CCHG Ltd and is the UK’s largest vaping and accessories retailer trading from over 150 stores. Turnover for y/e December 2018 was £26,397,173 with pre tax profits of £1,441,487 and net assets of £4,781,750
City Slots forms one of a number of brands operated by Game Nation the third largest slots club in the UK with 35 stores nationally. Family Leisure Euston Ltd is a wholly owned subsidiary of Family Leisure Holdings Ltd turnover for which y/e March 2019 was £6,206,474 with pre-tax profits of £1,870,546 and net assets of £6,598,457
Note
The property is elected for VAT and it is anticipated the sale will be treated as a TOGC.
Status
Retail Element
Unit | Use | Floor | Net Internal Area | Tenant | Lease Start | Break | Next Rent Review | Lease Expiry | Rent |
---|---|---|---|---|---|---|---|---|---|
No. 86 | Sui generis | Ground | 253.0sq M (2,723sq Ft) | Power Leisure Bookmakers Ltd | 12/10/09 | - | - | 11/10/24 | £88,000 |
No. 88 | Class E / retail | Ground | 136.0sq M (1,464sq Ft) | CEX (Franchising) Limited | 31/07/12 | - | - | 30/07/22 | £69,000 |
No. 90 | Class E / retail | Ground Basement |
92,0sq M (990sq Ft) 56.0sq M (603sq Ft) |
CCHG Limited | 24/04/17 | 23/04/22 | 24/04/22 | 23/04/27 | £62,500 |
No. 92 | Sui generis | Ground Basement |
104.0sq M (1,119sq Ft) 57.0sq M (613sq Ft) |
Family Leisure Euston Limited | 11/09/18 | 10/09/28 | 11/09/23 | 10/09/33 | £90,000 |
Total | 698.0sq M (7,512sq Ft) | Total Rents Reserved | £309,500 |
Residential Element
Unit | Unit Type | Gross Internal Area | Tenant | Lease Start | Lease Expiry | Rent (pcm) | Rent (per annum) |
---|---|---|---|---|---|---|---|
Flat 1 | 3B | 83.50sq M (899sq Ft) | Private individual | 30 Aug 19 | 29 Aug 21 | £1,928.33 | £23,139.96 |
Flat 2 | 1B | 45.00sq M (484sq Ft) | Private individual | 20 Jun 20 | 19 Jun 21 | £1,040.00 | £12,480.00 |
Flat 3 | Studio | 38.00sq M (409sq Ft) | Private individual | 07 Sep 20 | 06 Sep 21 | £975.00 | £11,700.00 |
Flat 4 | Studio | 39.50sq M (425sq Ft) | Private individual | 02 Sep 20 | 01 Sep 21 | £866.67 | £10,400.04 |
Flat 5 | Studio | 44.50sq M (479sq Ft) | Private individual | 31 Jul 17 | 30 Jul 21 | £1,018.33 | £12,219.96 |
Flat 6 | Studio | 43.00sq M (463sq Ft) | Private individual | 18 Apr 19 | 17 Apr 21 | £1,018.33 | £12,219.96 |
Flat 7 | 1B | 55.50sq M (597sq Ft) | Private individual | 17 Sep 19 | 16 Sep 21 | £1,126.67 | £13,520.04 |
Flat 8 | 2B | 76.50sq M (823sq Ft) | Private individual | 01 Jul 17 | 30 Jun 21 | £1,490.00 | £17,880.00 |
Flat 9 | 2B | 84.00sq M (904sq Ft) | Private individual | 18 May 18 | 17 May 21 | £1,450.00 | £17,400.00 |
Flat 10 | 2B | 75.50sq M (813sq Ft) | Private individual | 16 Aug 18 | 15 Aug 21 | £1,386.67 | £16,640.04 |
Flat 11 | 2B | 73.50sq M (791sq Ft) | Private individual | 29 Jul 17 | 28 Jan 21 | £1,451.67 | £17,420.04 |
Flat 12 | Studio | 46.50sq M (501sq Ft) | Private individual | 03 Jan 20 | 02 Jan 21 | £996.67 | £11,960.04 |
Flat 13 | 2B | 76.50sq M (823sq Ft) | Private individual | 18 Apr 19 | 17 Apr 21 | £1,473.33 | £17,679.96 |
Flat 14 | 2B | 87.50sq M (942sq Ft) | Private individual | 28 Jul 17 | 27 Jul 21 | £1,430.00 | £17,160.00 |
Total | 869.00sq M (9,354sq Ft) | Total Rents Reserved | £211,820.04 | ||||
Combined Retail & Residential Total | 1,567sq M (16,866sq Ft) | Combined Total Rents Reserved | £521,320.04 |
* The Notice to Bidders, which can also be seen on the inside front cover of the hard copy catalogue, includes a definition of Guide Price [section #17] Note that in addition to the purchase price there is a buyer’s administration fee [section #13] and there may be additional non-optional fixed or variable fees and costs [section #8]. To establish the full cost of purchasing a property, please inspect the legal documentation/special conditions. Please also check strettons.co.uk for updates.
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Viewings
3D video tours are available for a number of the flats and access arrangements will be at the co-operation of the tenants. Auction Surveyor: Andrew Brown Contact 0208 509 4470
Purchase Legal pack summary from our partners at AUCSPACE