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Lot 9 Click here for addendum

Gross Yield 7.14%
On behalf of Trustees

Situation

Occupying a prominent position at the junction with Station Road, in this retail parade serving this busy mixed commercial and residential area, located approximately 7 miles north of central London.
New Southgate enjoys excellent road access via the A406 (North Circular Road) and is well served by public transport with New Southgate Station (National Rail) located opposite.

Property

Forming part of a residential development built in 2015 comprising a Ground Floor Supermarket with a prominent window frontage.

Accommodation

Ground Floor Supermarket
Gross Frontage 80'0”
Internal Width 79'0”
Shop Depth 36'9”
Built Depth 81'2”
Sales Area Approx. 2,580 sq ft
Rear Ancillary Area
(incl. WC, Offices, Freezer & Fridge
Stores, Bakery and Plant Room) Approx. 1,355 sq ft
Total Area Approx. 3,935 sq ft

VAT is applicable to this Lot

Tenure
Full repairing and insuring leasehold for a term of 999 years from 21st April 2015 at a peppercorn ground rent.

Tenancy

The property is let to Co-operative Group Food Limited as a Supermarket (see Tenant Profile) on a full repairing and insuring lease by way of service charge (capped at £2,000 per annum with annual RPI reviews) for a term of 15 years from 20th April 2015 at a current rent of £75,000 per annum exclusive.

Rent Reviews 2020 and 2025

Tenant's Break 2025

Tenant Profile

Co-operative Group Food Limited is a wholly owned subsidiary of Co-operative Group Limited which has 3,750 outlets.

Note 1: The property may be of interest to SIPPS.

Note 2: 6 Week Completion

*Please note:

RESERVE

The 'Reserve' is the minimum figure for which a property can be sold as agreed between the Seller and the Auctioneer. The 'Reserve' is not disclosed and remains confidential between the Seller and the Auctioneer.

GUIDE

Where a 'Guide' is stated, it is an indication of the Seller's current minimum acceptable price ('Reserve') at auction. A 'Guide' is published to assist prospective buyers in deciding whether or not to pursue a purchase.

A 'Guide' does not represent an anticipated sale price or a valuation and the eventual sale price may be higher or lower. The sale price is determined at auction and as such cannot be predicted in advance.

The 'Guide' can be published as follows:

a. 'Reserve below' which means the 'Reserve' will be below the shown amount.
b. A single price figure where the 'Reserve' is not to exceed it.
c. A single price figure with a + symbol where the 'Reserve' is not to exceed that figure by more than 10%.
d. A minimum and maximum price range where the 'Reserve' is to be within that range.

The Seller's expectation as to the sale price may change during the marketing period as a result of interest received from prospective Buyers. Therefore, the Seller may increase or decrease the 'Reserve' at any time up to just before bidding commences. If the 'Reserve' becomes fixed at a level that makes the 'Guide' misleading, the Auctioneers will subsequently issue a revised 'Guide' as soon as is practicable. Accordingly, prospective bidders should monitor the 'Guide' with the Auctioneers prior to the Auction taking place via this website.

In addition to the purchase price the Successful Buyer or Successful Bidder will be liable to pay Barnett Ross Ltd a non-refundable administration fee of £1,500 including VAT or as specified on the Particulars of Sale and there may also be additional non-optional fixed or variable fees and costs. To establish the full cost of purchasing a property please inspect the special conditions of sale and all other documentation in the legal pack. Please also refer to any addendum that may be displayed on this page.

43 Friern Barnet Road, New Southgate, London N11 1ND