Property Auctions London, Property Auctioneers London, London Property Auctions, Property Auctions London

Lot 6

Retail investment with approx. 13 years unexpired to Co-operative Group Food (with Break in 2034)
In the same ownership for over 26 years
6 week completion

Situation

Occupying a prominent corner position on the main Godstone Road (A22) at the junction with Hayes Lane, amongst a host of independent retailers all serving the surrounding suburb of Kenley.
The A22 provides a direct road link between Purley and the M25 (Junction 6) and Kenley Station (Southern) is located just a few yards behind the property.
Kenley is situated approx. 13 miles south of Central London and approx. 3 miles south of Croydon.

Property

Forming part of a substantial purpose-built block comprising a Ground Floor Convenience Store with a Front Car Park for 5 cars. In addition, the property includes a Ground Floor Shop at 1a Station Approach, Hayes Lane.

Accommodation

Ground Floor Convenience Store
Gross Frontage	54'6''
Internal Width	51'6''
narrowing at rear to	21'8''
Shop Depth	47'5''
Built Depth	62'10''
Area	Approx. 2,500 sq ft
WC
Ground Floor Shop (1a Station Approach)
Gross Frontage	12'0''
Internal Width	10'11''
Shop Depth	27'11''
Built Depth	34’11’’
WC

VAT is applicable to this Lot

Tenure

Leasehold for a term of 125 years from 1st March 1999 (thus having approx. 98 years unexpired) at a fixed ground rent of £0.05p per annum.

Tenancy

The property is let on a full repairing and insuring lease to Co-operative Group Food Limited t/a Kenley's Co-op (T/O for Y/E 04/01/2025 £8.5bn, Pre-Tax Profit £257m and Shareholders' Funds £1.58bn) for a term of 40 years (by way of a reversionary lease) from 1st March 1999 at a current rent of £42,000 per annum exclusive (rent agreed in 2024) rising to £44,000 per annum in 2029.

Rent Review and Tenant's Break 2034

Note 1: The Co-operative Group Food Limited sublet the Shop at 1a Station Approach to a hairdresser.

Note 2: The property is also known as 58 Godstone Road, Kenley, Surrey.

*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.

60 Godstone Road & 1A Station Approach, Hayes Lane, Kenley, Surrey CR8 5AA