December 2021: Wednesday 15 December 2021 - 9:00am
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    Key features

    • Rent received £2,385 per annum
    • Freehold ground rent investment located on a corner site.
    • Site area approximately 0.223 acres
    • Part one and two storey industrial unit approx. 9,000 sq ft
    • Future development potential for a residential led development of the site (Subject to the requisite consents)
    • Surrounding developments have achieved 4 stories in height
    • The property is elected for VAT

    Description

    The property comprises of part single and two storey light industrial building comprising of approx. 9,000 sq ft (approx. 7,000 sq ft on the Ground and 2,000 sq ft on the 1st floor).

    The Property is surrounded by recent residential led developments.

    The development located opposite the property (Milton House) is 4 stories in height and comprises of 47 two bedroom, 18 one bedroom and 5 three bedroom flats and 11 three bedroom houses and 1,986 sq m of commercial floor space.

    Additional information

    Tenure

    Freehold

    Head lease expiring on the 23rd June 2050

    Underlease is let on 10 years occupational lease from 21 December 2017


    Accommodation

    Ground Floor - Approx. 7,000 sq ft

    First Floor - Approx. 2,000 sq ft

    Tenancy

    Head lease

    • Expiring on the 23rd June 2050
    • Base Rent of £165 per annum + 5% licence fee of the under lease rent (subject to a minimum of £1,250 pa) Please refer to the legal pack
    • Current passing rent and licence fee £2,385 per annum

    Under lease

    • let to Alliance Automotive UK LV Ltd 
    • 10 years from 21 December 2017
    • Passing rent of £47,000 per annum
    • Tenant only break option December 2022
    • Open Market Rent review December 2022

    Rent

    Total current rent £2,385 per annum

    Notes

    Please note the site areas provided and red line drawings are approximate and are for illustrative purposes only and may not reflect the exact boundary of the site. Prospective purchasers must rely upon their own enquiries in this regard.

    The site has not been internally inspected by Savills.

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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.

      Savills are not holding any viewings for this property. For further information please download the legal pack or email the relevant Savills Contact directly.

      Viewings are in the process of being finalised and will be online shortly, please click here for a notification when they go online.

      No set viewings will be available on this property prior to auction due to the tenants in situ. Please refer to the legal pack for further information.

      No set viewings will be available on this property prior to auction due to safety concerns within the property. Please refer to the legal pack for further information.

      There are no formal viewings for this property. You can visit during commercial trading hours as a customer.

      Local information

      The property is located on the northern side of Milton Avenue. Milton Avenue is a non through road located of Milton Road.

      West Croydon Station - Located approximately 0.7 miles from the site.

      Transport

      Overground - West Croydon

      National Rail - West Croydon, East Croydon

      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.

      Addendums