51-53 London Road & 1 - 6 The Parade, Mead Place, Croydon, Surrey, CR0 2RF

Lot Image

Auction sale - Monday 11th December 2017

Result:

Sold for £800,000

  • Freehold mixed use multi-let investment
  • Retail/offices with potential for alternative use (subject to possession and consents)
  • 7 separate tenants
  • In the same family ownership since 1921
  • Current rent £49,100 per annum

Addendum

51-53 London Road and 1-6 The Parade, Mead Place, Croydon
There are arrears of rent the approximate figures of which are:
51-53 London Road - Shop and 1st floor - £6,260.75
51-53 London Road - 2nd & 3rd floors - £16,689.77
1 The Parade - £1,231.73
2 & 3 The Parade - £1,498.29
4-5 The Parade - £262.47
6 The Parade - £3,952.45
The special conditions require the Buyer to pay to the Seller such arrears on completion.
The Seller has agreed, subject to contract, to accept a surrender of the existing lease of 4/5 The Parade, Mead Place, West Croydon and to simultaneously grant a new lease to August Rose Limited. The new lease will be for a term of 10 years at a rent of £7,750 per annum. The draft lease and deed of surrender has been prepared and sent to the parties for approval.

Details

Location

Miles: Central London 8 miles, Beckenham 6 miles, Mitcham 4 miles
Roads: A212, A213, A232, A236, A22, A23
Rail:West Croydon
Nearby Occupiers: Lidl, The Money Shop, Ladbrokes, Sainsbury's Local, Croydon Whitgift

Description

The property comprises a prominent and substantial corner building arranged as a ground floor double retail unit with basement. The first floor ancillary/storage and the second and third floor offices are accessed separately from side of the building along Mead Place. There are also six self-contained retail kiosk units along Mead Place known as 1-6 The Parade (some of these units are situated below the first floor ancillary/storage of 51-53 London Road).

The upper floors may offer future alternative use potential, subject to obtaining the necessary consents.

Tenure

Freehold

VAT

Refer to the legal documentation

Energy Performance Certificate

See website

Address Tenant Floor Use Sq M Sq F Lease Terms Rent £ pa Rent Review
TOTAL 344.23 3,705 £49,100
51-53 London Road Mr H Margaye (t/a butcher) Ground First Basement Retail Ancillary Ancillary/storage 34.70 82.80 47.49 374 891 511 20 years from 28/09/2009 £17,250 01/03/2016 (ongoing) & 5 yearly
51-53 London Road Mr M S Akhtar Second Third Office 34.98 40.90 377 440 12 years from 10/07/2013 £4,800 10/07/2019 & 3 yearly
1 The Parade Mrs N Barrie (t/a hairdresser) Ground Retail 26.80 288 9 years from 25/03/2011 £6,200
2 The Parade Mrs B Buahin & Mrs E Amoah-Buahin (t/a mini market) Ground Retail 15.33 165 Holding over £3,500
3 The Parade Mrs B Buahin & Mrs E Amoah-Buahin (1) (t/a Lawrence Associates) Ground Retail 15.33 165 15 years from 20/02/2004 £5,600 16/04/2017 & 3 yearly
4 & 5 The Parade Mrs Nyrez-Nerurker (t/a Liz's Fashion and dry cleaners) Ground Retail 30.60 329 3 years from 27/03/2015 £7,750
6 The Parade Mr E D Crossgell (Direct Image) Ground Retail 15.30 165 9 years from 26/03/2015 £4,000 11/12/2018 & 3 yearly
The areas have been taken from the VOA website.
(1) The rent review memorandum is outstanding.

Contact

Seller's solicitor

ASB Law Solicitors

Jan Martell

01293 603600

jan.martell@asb-law.com

* Guide price

An indication of the seller’s current minimum acceptable price at auction. The guide price or range of guide prices is given to assist consumers in deciding whether or not to pursue a purchase. It is usual, but not always the case, that a provisional reserve range is agreed between the seller and the auctioneer at the start of marketing. As the reserve is not fixed at this stage and can be adjusted by the seller at any time up to the day of the auction in the light of interest shown during the marketing period, a guide price is issued. This guide price can be shown in the form of a minimum and maximum price range within which an acceptable sale price (reserve) would fall, or as a single price figure within 10% of which the minimum acceptable price (reserve) would fall. A guide price is different to a reserve price (see separate definition). Both the guide price and the reserve price can be subject to change up to and including the day of the auction.

* Reserve price

The seller’s minimum acceptable price at auction and the figure below which the auctioneer cannot sell. The reserve price is not disclosed and remains confidential between the seller and the auctioneer. Both the guide price and the reserve price can be subject to change up to and including the day of the auction.

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