LOT 1

123-125 City Road, London, EC1V 1JB

PROMINENTLY LOCATED FREEHOLD MIXED RETAIL/RESIDENTIAL INVESTMENT PROPERTY EXTENDING TO CIRCA 2,958 SQ FT (275 SQ M). PRODUCING £232,320 PA

Guide price: £1,450,000 plus*

Auction Date

Wednesday, 27th May 2020 12:00pm

BY ORDER OF B TOBIN & P JOSEPH AS LPA RECEIVERS

The property comprises a double fronted, mid terraced building arranged over ground floor, basement and two upper floors. The ground floor has been divided into two separate A3/A5 retail units arranged over ground floor and basement. The residential upper parts have a communal entrance to the side of 123 City Road leading to the flats above. The properties each also benefit from rear yards. The property is situated on City Road (A501) just to the north of Old Street roundabout, within the London Borough of Hackney. Old Street roundabout is within 0.1 of a mile and Moorfield Eye Hospital is to the north. The property forms part of a secondary parade of shops, comprising in the main local traders. On the opposite side of the road is another parade but this comprises some national traders including Starbucks. Old Street/Shoreditch is an established mixed use residential, retail and office location just on the north-east fringe of the City and has grown significantly in popularity in recent years proving particularly popular with technological businesses but also hosts numerous professional services firms and media companies.

Accommodation

Retail Units 123-125 City Road
The units are laid out as separate, self contained shops. They have not been internally inspected by Strettons, but they are both understood to extend over ground floor and a basement and are arranged as a hot food takeaways, each comprising a main customer dining and servery area, commercial kitchens, basement storage, office and toilet.

First and Second Floors 123-125 City Road
The residential upper parts share a communal entrance and hallway on the ground floor with direct access onto City Road to the side of 123 City Road. There are communal stairs leading to the upper floors.
There are four self contained flats on the first and second floors, the flats are spread across both 123 and 125 City Road. Each flat has separate services.
Flat 1 is situated on the second floor and comprises; a bedroom, a kitchen and reception room and a bathroom.
Flat 2 is situated on the second floor and comprises; a bedroom, a kitchen and reception room and a bathroom.
Flat 3 is situated on the first floor and comprises; three bedrooms, a kitchen, a reception room and a bathroom.
Flat 4 is situated on the first floor and comprises; a small studio room with kitchenette and an en suite shower room.

Lease Details

Retail unit 123 City Rd Let for a term of 10 years from October 2018 on a FRI lease with 4 yearly rent reviews at a rent of £70,000 per annum to KNY Catering Ltd

Retail unit 125 City Rd Let for a term of 10 years from November 2018 on a FRI lease with 4 yearly rent reviews at a rent of £69,500 per annum to Mr. Ahmed Zia

Flat 1: Let by way of a 12 month Assured Shorthold Tenancy from 25-1-2019 at a rent of £1,711.66 PCM (£20,540 per annum) (Holding over)
Flat 2: Let by way of a 12 month Assured Shorthold Tenancy from 25-1-2019 at a rent of £1,711.66 PCM (£20,540 per annum) (Holding over)
Flat 3: Let by way of a 12 month Assured Shorthold Tenancy from 25-1-2019 at a rent of £3,011.66 PCM (£36,140 per annum) (Holding over)
Flat 4: Let by way of a 12 month Assured Shorthold Tenancy from 25-1-2019 at a rent of £1,300 PCM (£15,600 per annum) (Holding over)

Auction Surveyor: Andrew Brown
Contact: 020 8509 4470

Status

Sold for £2,750,000

* 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.