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Lot 11 Click here for addendum

Retail Investment - Gross Yield 9.1%
In same family ownership for approx. 18 years
6 Week Completion

Situation

Located close to the junction with Stoke Newington Church Street on this busy retail thoroughfare, nearby such multiple retailers as Pret A Manger, Costa, Savers, Iceland, Sports Direct, NatWest and KFC as well as a host of independent retailers.
There is a public car park to the rear of the property.
Stoke Newington is a highly sought after commercial and residential area situated midway between Stamford Hill and Dalston and approx. 3½ miles north of the City of London.

Property

Forming part of an end of terrace building comprising a Ground Floor Shop with trap door access to Ancillary Storage in the Basement.
In addition, the property includes rear access from Wilmer Place.

Accommodation

Ground Floor Shop
Gross Frontage	28'6"
Internal Width	25'8"
Shop & Built Depth	77'8"
Built Depth	58'9"
Sales / Office Area	Approx. 1,454 sq ft
Basement
Area	Approx. 1,918 sq ft

Total Area	Approx. 3,372 sq ft

VAT is applicable to this Lot

Tenure

Leasehold for a term of 999 years from 1st April 2005 at a peppercorn ground rent.

Tenancy

The property is let on a full repairing and insuring lease (subject to a schedule of condition and a capped service charge linked to annual RPI increases currently at approx. £3,448 p.a.) to East Kent Leasing Limited as an adult gaming centre (see Tenant Profile) for a term of 15 years from 8th March 2021 at a current rent of £50,000 per annum exclusive.

Rent Reviews March 2026 (still outstanding) and March 2031.

Tenant's Break March 2031.

Note 1: The tenant did not operate their March 2026 Break Clause.

Note 2: There is a £15,000 + VAT Rent Deposit held.

Tenant Profile

East Kent Leasing Limited is owned by The Godden Gaming Organisation Limited who currently trade from 17 Palace Amusement Arcades and 3 Seaside Amusement Arcades - visit: www.goddengaming.org

The lease to East Kent Leasing Limited benefits from an AGA with the original lessee, Merkur Slots UK Limited, who for the Y/E 31.12.25 reported a T/O of £213.7m, Pre-Tax Profits of £13.38m and Shareholders' Funds of £18.78m.

*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.

181 Stoke Newington High Street, Stoke Newington, London N16 0LH