Home > Auctions > 12 February 2025 12 February 2025 - 9:00am > Lot 16

12 February 2025: Wednesday 12 February 2025 - 9:00am
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    Key features

    • Of interest to investors and developers
    • A long head leasehold (250 years) reversionary investment secured upon part of the ground floor and basement portions of this landmark building
    • Currently arranged as community and ancillary accommodation
    • Single sub-lease expiring 2027 (but subject to any rights to renew under the Landlord and Tenant Act 1954)
    • Reversion to open market rental value on expiry of sub lease in 2027 ~ currently estimated to be in excess of £130,000 pa
    • Arranged in five parts, the majority sub-under-leased to charities in occupation
    • Total approximate gross internal floor area (GIA) 598 sq m (6,427 sq ft)
    • Potential upon reversion for conversion to residential apartments (subject to possession and requisite consents) or to receive occupational income from existing accommodation


    Description

    The Beaux Arts Building is a handsome former office building which was completed in 1911 and built to house the GPO Money Order Office. The building was converted to flats in the 1990’s and a penthouse storey added.


    The property comprises part of the ground floor of the building at its eastern extremity along with a lower ground floor conference room. Internally the accommodation has been divided into separately occupied spaces, some of which have in turn been sub-divided to provide consulting rooms, offices and reception areas. Windows from the eastern elevation overlook a courtyard.


    The main entrance to the subject property is at the eastern end of the building directly from Manor Gardens. There is disabled ramp access from the street.


    There is a separate main entrance from Manor Gardens exclusively serving the apartments which leads to an impressive entrance lobby.

    Additional information

    Tenure

    The property is held on a lease for a term of 250 years from 10 June 2016 at a ground rent of a peppercorn (if demanded)

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        All viewings at this property have now taken place prior to the auction. For further information on the property please download the legal pack or email the property contact.

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        Accommodation / Tenancy Schedule

        Local information

        Manor Gardens is located off the east side of Holloway Road to the south of Archway Road and to the north of Seven Sisters Road. The area offers an excellent range of amenities including supermarkets, restaurants, pubs and bars. Open spaces are provided by Whittington Park, Tufnell Park Fields and Highbury Fields. Hampstead Heath and Highgate Woods are also easily accessible. The Emirates Stadium (home to Arsenal FC) is around a mile to the south.

        Transport

        The location has excellent connectivity with nearby Underground Stations including Holloway Road (Piccadilly Line) and Finsbury Park (Piccadilly and Victoria Lines), as well as National Rail services from Finsbury Park and Upper Holloway Overground.

        Legal documents

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        EPC rating

        If no EPC rating appears please refer to the legal pack.

        Guide prices and common auction conditions

        •Guide prices given are indications within 10% upwards or downwards of where the reserve price may be set at the time of going to print. Please note they are not an indication of the anticipated sale price or a valuation.

        •The reserve price is the minimum price at which the property can be sold.

        •Both the guide price and reserve price may be subject to change up to and including the day of the auction.

        •For unsold properties after an auction an Available price may be listed. This is the price that the seller(s) are looking for post auction, subject to contract and no higher offers, and has no relation to the guide prices listed prior to the auction sale.

        Please note that all prices listed, whether prior to or post auction, are subject to contract.

        The Auctioneers and sellers accept no responsibility for any loss, cost or damage that a buyer may incur as a result of relying on any guide price. It is the buyer's responsibility to decide how much they should bid for any lot. Please check with us for regular updates as guide prices are subject to change prior to the auction.

        The guide price does not include the buyer's fee charged by the auctioneer or VAT which may apply to the sale or other amounts the seller may charge. The seller's Special Conditions of Sale will state whether there are other seller's charges and whether the seller has elected to charge VAT on the sale price.

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