Lot 3
Auction
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265-267 Old Kent Road, Southwark, London, SE1 5LU

Auction
United Kingdom
Mixed Use
Commercial

*GUIDE PRICE £1,000,000

Bidding deposit £20,000 *fully refundable if unsuccessful bidder

Extension period added...

Auction Date 15 December
Closing Time 11:08:00 (GMT)

Property Viewings

Viewings have not yet been scheduled for this property.

Property Summary

  • By order of the Joint Fixed Charge Receivers
  • Freehold mixed use investment
  • Two ground floor retail units with lease expiries in 2030 & 2038
  • Self-contained first and second floor residential accommodation
  • Asset management and extension/refurbishment opportunity, subject to consents
  • Currently producing £109,820 per annum

Contact Us

Joel Ferree
Joel Ferree
Property Agent, here to help.
Stephanie Kerr
Vendor's Solicitor

Contact Us

Joel Ferree
Joel Ferree
Property Agent, here to help.
Stephanie Kerr
Vendor's Solicitor

Downloads

Property description

The property comprises a prominent three storey mixed use building forming part of a busy retail parade and arranged as two adjoining retail units with separate self-contained first and second floor residential accommodation accessed from a street entrance at the front of the property.

There may be potential to reconfigure the first and second floors and extend into the roof space, subject to posession and obtaning the necessary consents.

Location

The property is located within the London Borough of Southwark, approximately one mile to the east of Elephant & Castle, 1.5 miles south-east of Borough and its' famous market and one mile west of Bermondsey.  The Old Kent Road (A2) is a busy thoroughfare passing through south-east London connecting it to the A202, A20 and South Circular Road (A205).

The property is situated on the north side of Old Kent Road (A2), almost opposite the junction of Madron Street, forming part of a busy parade of shops within a mixed use area.  Nearby occupiers include Tesco, BetFred and a wide range of independent local businesses.

Elephant & Castle Overground and Underground Tube Stations (Northern and Bakerloo lines) are both located just over one mile to the north-west of the property.

Planning

For further information contact Southwark Borough Council (020 7525 5000) www.southwark.gov.uk.

Tenure

Freehold

Additional Details

UnitFloorAccommodationTenantTermRent (£pa)
No.265Ground/basement124.00 (1,335 sq ft)ASOS Holding Ltd assigned to Naveen Kumar and Kalinder Nath Babla (t/a Mobile Point)20 years from 16/04/2018 (lease expiry 2038) (1)£26,000
No.267Ground/basement150.24 sq m (1,617 sq ft)Riad Chenaf assigned to Raffik Fellah (t/a Boulangerie Patisserie)20 years from 09/07/2010 (lease expiry 2030) (1)£27,000
Nos.265/267First/secondResidential (2)IndividualsAST's (3)£56,820
TOTALS    £109,820

The floor areas have been taken from the VOA.

(1) The receivers are collecting the commercial rent.  Please refer to the legal pack for recent payment history.

(2) The first and second floor residential accommodation has not been inspected and therefore we are unable to confirm how it is arranged. Interested parties should make and rely upon their own further enquiries.

(3) The receivers are not collecting the rent for the residential accommodation.  Where rent is being paid the Landlord has been collecting it.  For copy tenancy agreements and some payment history refer to the legal documentation.

VAT

Please refer to Legal Documents


*Terms & 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 £1,295 (inclusive of VAT) for all properties up to £49,999, and £2,000 (inclusive of VAT)for all properties £50,000 and above 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 £4,795 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. All lots sold “Subject to Vendor Confirmation” will be subject to the acceptance and confirmation by the Vendor. The highest bid will be presented to Vendor, the vendor will have to either accept, decline or make a counter offer the highest bid within the confirmation period. Should the Vendor decide to make a counteroffer, then a private link will be sent to the Highest Bidder advising the offer the Vendor is willing to accept. The Highest Bidder will have to either accept or reject the Vendor’s counteroffer. The Vendor reserves the ultimate right, apart from the auctioneer, to accept and to decline to sell to the highest or any bidder, without giving any reasons.
  8. 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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