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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

Result: Withdrawn Prior Guide price: £7,000,000 plus*
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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

Withdrawn Prior

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.