576 - 580 (including 580A & 580B) Harrow Road, London, W10 4NJ

Lot Image

Auction sale - Monday 11th December 2017

Result:

Withdrawn Prior to Auction

  • Freehold commercial investment/development opportunity
  • Prominent corner building
  • Development potential (subject to consents)
  • Asset management opportunities
  • £24,400 per annum (2) (plus four vacant retail units)

Addendum

1. The sq ft floor areas in the printed catalogue for shops 580A & 580B are incorrect & should read 142 sq ft & 202 sq ft respectively.
2. In the printed catalogue the date of the Court Order should read 16/08/2017
3. The rent for the proposed new lease to All Stars Youth Club has been determined by the appointed Independent Expert at £45,000 per annum but this rent has not yet been agreed. Buyers are asked to note this amendment to the legal pack which incorrectly states the rent of £45,000 has been agreed.

Viewings

Block viewing of the ground floor retail units only at 3:00pm on Wednesday 6 December

Details

Location

Summary: The building commands a prominent corner position within a busy west London shopping thoroughfare
Miles: Central London 4 miles, Hammersmith 3.5 miles
Rail: Paddington Station 2 miles, Westbourne Park Underground Station
Nearby Occupiers: A wide variety of independent traders

Description

A prominent Grade II Listed corner building of traditional construction beneath a pitched roof including a spire. The building is arranged as five ground floor retail units, four of which could be combined to provide a larger single retail premises subject to obtaining the necessary consents. Excluding the four retail units at the front and side of the building, the remainder of the ground floor and upper floors are arranged as a boxing gym and recreational area but could offer future development potential, possibly for residential, again subject to obtaining the necessary consents. The upper floors and some ancillary/storage area at basement level and a section of the ground floor, including a rear yard area are at present subject to a Lease. There is secondary access to the upper floors from the side accessed from First Avenue. Externally there is a rear yard.

Note - the building is subject to ongoing litigation with the tenant regarding outstanding repairs and a full summary of the current position is contained within the legal pack.

Tenure

Freehold

Planning

Westminster City Council (020 7641 6500) www.westminster.gov.uk. The property may offer future development potential subject to obtaining the necessary consents.

VAT

Refer to the legal documentation

Energy Performance Certificate

No EPC required (Listed Building)

Address Tenant Floor Use Sq M Sq Ft Lease Terms Rent £ pa
TOTAL 670.27 7,215 £24,400 (2)
576 All Stars Youth Club Ltd Ground First Second Basement D2 527.67 5,680 30 years from 21/05/1981 (holding over) (1) £24,400 (2)
578 Vacant Ground Retail Ancillary 76.64 825 Vacant
580 Vacant Ground Retail 34.00 366 Vacant
580A Vacant Ground Retail 13.19 142 Vacant
580B Vacant Ground Retail 18.77 202 Vacant
(1) Under the direction of a Court Order dated 16/08/2017 a new 15 year lease has been awarded to the tenant (refer to legal pack).
(2) An Independent Expert has been appointed to determine the rent for the new lease (refer to legal pack).
The auctioneers have not measured the property. All areas have been provided by the vendor, on a GIA basis and are for guidance purposes only. They should not be relied upon. The site plan is for identification purposes only and may not represent the exact boundaries. Prospective purchasers are advised to refer to the title plan in the legal pack.

Contact

Seller's solicitor

Shuttari Paul & Co

Fawzia Shuttari

020 8574 7151

f.shuttari@shuttaripaul.org.uk

* Guide price

The guide price is an indication of the minimum price at which, or if a guide price range is given, within which, the seller is prepared to sell at the date of publication. The guide price is not an anticipated sale price or valuation. All prices quoted are subject to contract.

* Reserve price

The reserve price is the minimum price acceptable to the seller and the price below which the auctioneer cannot sell.

Both the guide and reserve may be subject to change up to and including the day of the auction. The guide price does not include either VAT which may apply to the sale or other amounts the seller may charge. The seller’s Special Conditions of Sale and addendum if any, will state whether there are other seller’s charges and whether the seller has elected to charge VAT on the sale price. On the fall of the hammer a buyer’s fee is payable of £990 inclusive of VAT.

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