Lot 05 240 West End Lane, West Hampstead, NW6 1LG

Bidding Closed

SOLD FOR

£498,000

Property Enquiries

Simon Bailey

simon.bailey@bidx1.com
+44 (0) 7732 681 156

Viewing/ Registration Enquiries

BidX1 Support Team

info@uk.bidx1.com
+44 (0) 20 7703 4401

Vendor Solicitor

Isobel Callaghan

isobel.callaghan@freeths.co.uk
0845 404 4175
Description
Map
Viewings

Addendum
We have been provided with a copy of a lease of the first and second floor maisonette is for a term of 999 years from 14th March 2019 at a peppercorn rent and not as in addition to what is stated in the marketing details. The special conditions of sale have been amended to reflect this change
Property Summary
  • Freehold retail/ground rent investment let to a National Charity 
  • New 10 year lease renewal (subject to break option)
  • Strong trading position in a popular north-west London suburb
  • Currently producing £30,100 per annum
  • On the instructions of the Joint Liquidators
Tenure

Freehold

Location

West Hampstead is a popular north-west London suburb lying about 3.5 miles north west of central London. It is accessed via A41 (Finchley Road) and B510, of which West End Lane forms part. The area is well served by public transport links with three stations including West Hampstead Thameslink station providing direct links to central London via Thameslink; West Hampstead tube station (jubilee Line) and Finchley Road tube station (Jubilee and Metropolitan Lines). In addition numerous bus routes serve the area.

West End Lane is the main shopping thoroughfare serving the area. The property forms part of an established retail parade on the east side of the road to the north of it's junction with Inglewood Road. Nearby occupiers include Barclays, Nandos, Sainsbury's Local, Waitrose and Oxfam.

Description

A mid terraced building of traditional construction beneath a pitched roof. The building is arranged as a retail unit over ground floor and basement totalling approximately 103.10 sq m (1,108 sq ft) with delivery access from the rear. The first and second floors provide a self contained, split level three bedroom maisonette, which is accessed from the rear of the property (sold off on a long lease - please refer to the legal pack).

Tenancy

The tenant operates numerous stores throughout the UK and for the year ending 31/03/2019 reported a turnover of £46.59 million, a net income of £10.88 million and net assets of £57,166 (source: Charity Commission).

Planning

Canden Council (0207 974 4444) www.camden.gov.uk

VAT
Please refer to Legal Documents
Property Table
FloorAccommodationTenancyRent PA
TOTAL  £30,100
Ground
Basement
Retail/ancillary 77.48 sq m (833 sq ft)
Ancillary storage 25.62 sq m (275 sq ft)
Let to Church of England Children's Society t/a The Children's Society for 10 years from 04/09/2020 (1) (2)£30,000 (2)
First/secondThree bedroom maisonetteLet for 99 years from September 1991£100

(1) There is a tenant's break option on 04/09/2025 subject to six months' prior written notice
(2) The lease is renewal further to the previous lease dated 23/12/2003
(3) Rent review on 04/09/2025

EPC

Please refer to the legal pack


*Terms and Conditions

Buyers are strongly advised to read these terms and conditions, and check the Special Conditions and any applicable Addendum, prior to bidding on a Lot. Additional costs, charges and encumbrances may apply for Buyers once they have made a successful bid in relation to a property.

  1. The reserve price is the minimum price at which the property can be sold at auction.
  2. Where a guide price (or range of prices) is given, that guide is the minimum price at which, or range of prices within which, the seller may be prepared to sell on the date on which the guide price, or range of prices, is published. The sale price, whether prior to or at the auction, can be above or below the guide price depending upon market activity. BidX1 and the seller accept no responsibility for any losses, costs or damages incurred by a buyer as a result of relying on any guide price. The buyer must decide how much they should bid for any Lot. All guide prices are quoted subject to contract. Guide prices given by BidX1 or the seller cannot be accepted by the buyer as being a professional valuation for any purpose in accordance with the requirements or guidance notes of relevant professional bodies or other authorities.
  3. Both the guide price and the reserve price may be subject to change up to and including the day of the auction. Whilst every effort is made to ensure that these guides are not misleading, it is possible that the reserve price set for any Lot may exceed the previously quoted guide price (as the seller may fix the final reserve price just before bidding commences).
  4. The guide price for the Lot does not include the administration fee of £1,250 (inclusive of VAT) charged by BidX1. In the case of a joint agent this administration fee will be £2,400 (inclusive of VAT). In addition, the guide price does not include VAT on the sale price, or any additional costs, charges or encumbrances that might apply to some Lots and/or some buyers. The Special Conditions of Sale of the seller, and any applicable Addendum, will state if there are other costs, charges or encumbrances and whether the seller has elected to charge VAT on the sale price.
  5. To participate in the sale BidX1 must hold a minimum amount from all bidders. This participation amount and administration fee is fully refundable in the event that you are not the successful purchaser. For example, a participation fee of £4,500 comprises £3,500 relating to your bidder security (partial deposit payment) and an administration fee payable directly to BidX1. A higher participation amount may be payable depending on the reserve price of the Lot.
  6. Please note that Lots may be sold or withdrawn prior to auction.
  7. No information, statement, description, quantity or measurement contained in any sales particulars or given orally or contained in any webpage, brochure, catalogue, email, letter, report, docket or hand out issued by or on behalf of BidX1 or the seller in respect of the property shall constitute a representation or a condition or a warranty on behalf of BidX1 or the seller. Any information, statement, description, quantity or measurement so given or contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the seller are for illustration purposes only and are not to be taken as matters of fact. Any mistake, omission, inaccuracy or mis-description given orally or contained in any sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the seller shall not give rise to any right of action, claim, entitlement or compensation against BidX1 or the seller. All bidders must satisfy themselves by carrying out their own independent due diligence, inspections or otherwise as to the correctness of any and all of the information, statements, descriptions, quantity or measurements contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the seller.


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