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Auction
Property
1818
Features and description
- To be offered by Knight Frank Auctions on 14th December 2023, unless sold prior
- Freehold in Bloomsbury close to Oxford Street
- Specialist Bike Shop let at £40,000 pa until 2032 (1) & Residential Ground Investment.
- Close to Holborn & Tottenham Court Rd stations (Central, Elizabeth & Northern Lines).
- Total Rent £42,800 pa exclusive
Interested parties should contact Knight Frank Auctions for further information.
Description
Freehold in Bloomsbury close to Oxford Street
Close to Holborn & Tottenham Court Rd stations (Central, Elizabeth & Northern Lines)
Specialist Bike Shop let at £40,000 pa on a lease expiring in 2032 (1)
Includes 7 flats (Sold Off)
Total Rent £42,800 pa exclusive
The property comprises a 5-storey building arranged as a ground floor shop with basement studio accommodation. The self-contained uppers floors are let on long leases. There is an element of flying freehold from the adjoining property 236 Shaftesbury Avenue (Bloomsbury Tavern).
TENURE
Freehold
TENANCY
Shop & Basement let to Cyclefit Limited (2) for a Term of 10 years from 25/03/2022 at £40,000 per annum on a Full Repairing & Insuring lease, subject to a schedule of condition. A Deposit of £12,000 is held. Rent Review on 25 March 2027 (5th anniversary) RPI Linked rent review subject to a cap of 104% and collar of 102.5%. Tenant only break on 25 March 2027 (fifth anniversary), on at least 6 month's prior notice. (1)
Upper Floors:
7 Flats let to Individuals each for a Term of 125 years from 25/12/2006 at £400 per annum. Rising in 2031 to £600 per annum & Rent Reviews every 25 years thereafter
Total Rent £42,800 per annum exclusive
(2) Specialist bike fitting, high-end components and servicing"
NOTICES
Notices have been served in accordance with Section 5 & 5B of the Landlord and Tenant Act 1987. The notices were served on the 10th August 2023. The tenants have responded to the notices and should the property sell at auction are able to exercise the right of pre-emption on this sale. Please see legal pack for further details.
VAT
VAT is not applicable
EPC RATING (Ground & Basement)
C
Location
The property is located on West Central Street close to its junction with Oxford Street, New Oxford Street & Bloomsbury Way (A40)
Located in the heart of London with Tottenham Court Road & Holborn underground stations, British Museum, Covent Garden, Lincolns Inn Fields & Soho all within 500 metres.
Occupancy
Tenanted
Tenure
Freehold
Buyers Fee
The buyers fee is £1500 including VAT. This is only payable by the successful purchaser. There are no costs to bidding for the property.
Auction Details
The sale of this property will take place on the stated date by way of and is being sold as Unconditional.
Binding contracts of sale will be exchanged at the point of sale.
All sales are subject to the Common Auction Conditions and Extra General Conditions.
Auctioneer Fees and Deposit
The following deposits and non-refundable auctioneer fees apply:
• 10% deposit, subject to a minimum of £5,000. The deposit contributes to the purchase price.
• Buyer’s Fee- the value of this fee will be listed against the property details, inclusive of VAT.
The Buyer’s Fee does not contribute to the purchase price and will be considered as part of the chargeable consideration for the property in the calculation of stamp duty liability.
There may be additional fees contained within the Special Conditions of Sale, which can be viewed within the Legal Pack. You are strongly advised to read the Legal Pack carefully before bidding.
Additional Information:
For full details about all auction methods and sale types please refer to the Auction Conduct Guide which can be viewed on the SDL Property Auctions’ home page.
This guide includes details on the auction registration process, your payment obligations and how to view the Legal Pack.
Each property sold is subject to a Reserve Price. The Reserve Price will be within + or – 10% of the Guide Price. The Guide Price is issued solely as a guide so that a buyer can consider whether or not to pursue their interest. A full definition can be found within the Buyers Terms.
Description
Freehold in Bloomsbury close to Oxford Street
Close to Holborn & Tottenham Court Rd stations (Central, Elizabeth & Northern Lines)
Specialist Bike Shop let at £40,000 pa on a lease expiring in 2032 (1)
Includes 7 flats (Sold Off)
Total Rent £42,800 pa exclusive
The property comprises a 5-storey building arranged as a ground floor shop with basement studio accommodation. The self-contained uppers floors are let on long leases. There is an element of flying freehold from the adjoining property 236 Shaftesbury Avenue (Bloomsbury Tavern).
TENURE
Freehold
TENANCY
Shop & Basement let to Cyclefit Limited (2) for a Term of 10 years from 25/03/2022 at £40,000 per annum on a Full Repairing & Insuring lease, subject to a schedule of condition. A Deposit of £12,000 is held. Rent Review on 25 March 2027 (5th anniversary) RPI Linked rent review subject to a cap of 104% and collar of 102.5%. Tenant only break on 25 March 2027 (fifth anniversary), on at least 6 month's prior notice. (1)
Upper Floors:
7 Flats let to Individuals each for a Term of 125 years from 25/12/2006 at £400 per annum. Rising in 2031 to £600 per annum & Rent Reviews every 25 years thereafter
Total Rent £42,800 per annum exclusive
(2) Specialist bike fitting, high-end components and servicing"
NOTICES
Notices have been served in accordance with Section 5 & 5B of the Landlord and Tenant Act 1987. The notices were served on the 10th August 2023. The tenants have responded to the notices and should the property sell at auction are able to exercise the right of pre-emption on this sale. Please see legal pack for further details.
VAT
VAT is not applicable
EPC RATING (Ground & Basement)
C
Location
The property is located on West Central Street close to its junction with Oxford Street, New Oxford Street & Bloomsbury Way (A40)
Located in the heart of London with Tottenham Court Road & Holborn underground stations, British Museum, Covent Garden, Lincolns Inn Fields & Soho all within 500 metres.
Occupancy
Tenanted
Tenure
Freehold
Buyers Fee
The buyers fee is £1500 including VAT. This is only payable by the successful purchaser. There are no costs to bidding for the property.
Auction Details
The sale of this property will take place on the stated date by way of and is being sold as Unconditional.
Binding contracts of sale will be exchanged at the point of sale.
All sales are subject to the Common Auction Conditions and Extra General Conditions.
Auctioneer Fees and Deposit
The following deposits and non-refundable auctioneer fees apply:
• 10% deposit, subject to a minimum of £5,000. The deposit contributes to the purchase price.
• Buyer’s Fee- the value of this fee will be listed against the property details, inclusive of VAT.
The Buyer’s Fee does not contribute to the purchase price and will be considered as part of the chargeable consideration for the property in the calculation of stamp duty liability.
There may be additional fees contained within the Special Conditions of Sale, which can be viewed within the Legal Pack. You are strongly advised to read the Legal Pack carefully before bidding.
Additional Information:
For full details about all auction methods and sale types please refer to the Auction Conduct Guide which can be viewed on the SDL Property Auctions’ home page.
This guide includes details on the auction registration process, your payment obligations and how to view the Legal Pack.
Each property sold is subject to a Reserve Price. The Reserve Price will be within + or – 10% of the Guide Price. The Guide Price is issued solely as a guide so that a buyer can consider whether or not to pursue their interest. A full definition can be found within the Buyers Terms.
About this agent
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