Rare freehold retail investment - must be sold at the same terms set out in the Right of First Refusal notices sent to the long-leaseholders

Key Points

• Ground floor retail unit let on a 10 year lease term from 25th March 2022, at a rent of £16,500 per annum exclusive
• The land to the rear of the property is let on a 10 year lease term from 25th March 2022 at a peppercorn rent
• Two residential flats on first and second floor level sold off on a 125 year long leasehold interest basis
• Located in a prominent position

Description

The property comprises of a mixed-use premises set over three storeys, incorporating a self-contained retail unit on the ground floor, with 2x 3-bedroom flats on first and second floor levels which have been sold off on a 125 year long leasehold interest basis each. There is also land to the rear which has a site area of approximately 0.063 acres.

There is front and rear access (from the land to the rear) for the ground floor retail unit.

Available area

The accommodation comprises the following areas:

Location

The property is located on the busy Central Road high street in Worcester Park, which is located approximately 0.4 miles away from Worcester Park Train Station and 1.8 miles away from the A3.

Tenancy

The property is held freehold under Title No. SGL497640 and is subject to the occupational tenancies detailed below:

The property consists of a ground floor retail unit which is currently let on a 10-year lease term from 25th March 2022, at a rent of £16,500 per annum exclusive. This lease is inside the security of tenure provisions within the Landlord and Tenant Act 1954. The use is a Florist within Use Class E (a) or for such other trade of business within Use Class E (c) subject to the Landlord consent, not to be unreasonably withheld or delayed. There is an upwards only rent review and a tenant only break option at the 5th year anniversary of the lease commencement date. There is a side letter to allow the tenant to pay their rent monthly in advance.

To the rear of the retail unit there is a lease for the land in the rear of 126 Central Road, Worcester Park which is let on 10-year lease term from 25th March 2022 at a peppercorn rent. This lease is outside the security of tenure provisions within the Landlord and Tenant Act 1954. There is a landlord break at any time during the lease term, subject to giving the Tenant not less than three months’ notice in writing.

There are 2x 3-bedroom flats known as 126A and 126B Central Road, which are located on the first and second floor level, respectively. Both flats have been sold off on a 125 long leasehold interest basis.

For further information on the above, then please contact Curchod & Co directly for this.

Anti-Money Laundering

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