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Withdrawn Prior to Auction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

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.

Contact us now

National auctions

Tel: +44 (0) 207 198 2000
Email: auctions@lsh.co.uk

Online auctions

Tel: +44 (0) 207 198 2000
Email: onlineauctions@lsh.co.uk

Register for updates

Sign up today to receive these benefits:
  • Receive new property notifications
  • Register for a catalogue
  • Receive market updates
  • Receive auction results