Home > Auctions > February 2023 07 February 2023 - 9:00am > Lot 63

February 2023: Tuesday 07 February 2023 - 9:00am
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    Key features

    • To be offered at a later date
    • Investment let at £260,000 p.a.
    • Let for 7 years less a day from 28/10/2021
    • Feasibility study created with potential for a mixed use scheme of 76 flats and 1,305 sq m (14,040 sq ft) of commercial space (subject to the requisite consents)
    • An approx. 0.66 acres
    • Faces on to Kingsbury Green
    • 10 week completion
    • We have been advised that there is potential for vacant possession - however this would need to be agreed prior to the auction (please refer to the auctioneer)

    Description

    The site was formerly occupied by ‘Express Dairy’ as a distribution depot. There are two former retail units and a former café premises (E-Class) fronting Church Lane. The ground floor provides largely open plan storage a distribution space (B8). The first floor provides a mixture of office (B1) accommodation as well as residential accommodation (C3).

    The site is currently be used for storage - please refer to tenancy.

    Additional information

    Tenure

    Freehold.

    Accommodation

    We have been advised that the approximate gross internal floor areas are:-


    Ground Floor Approx. 2,673 sq m (28,777 sq ft)

    First Floor Approx. 431 sq m ( 4,644 sq ft)


    Total - Approx. 3,104 sq m (33,421 sq ft)


    We have been advised that additional eves storage area has not been measured.


    Tenancy

    496 Church Lane

    • Let to '2 logs limited'
    • 7 years less a day from 28/10/2021 with an automatic right to extend the lease by similar period (please refer to the legal pack)
    • Landlords option to terminate the lease subject to a penalty (Please refer to the legal pack)
    • Investment let at £260,000 p.a.
    • Deposit of £65,000 held on account
    • Please refer to the legal pack for further details

    Planning

    A feasibility study has been undertaken showing that the site may have development prospects to create three new blocks comprising 76 flats together with 1,305 sq m (14,040 sq ft) of flexible commercial space. Please find attached indicative sketches and draft schedule of accommodation. A copy of the feasibility study is available upon request.


    Please note that the above is subject to the requisite consents


    Rent

    £260,000 P.a.

    Notes

    Joint Auctioneers


    Panayiotis Themistocli

    panayiotis.themistocli@agg.uk.com

    M: 07973 856 232


    Kalel Leaman 

    Red Cape Capital

    kalel@redcapecapital.co.uk

    M:07734206339



    Please note the site areas provided are approximate. The photos and yellow line drawings are for illustrative purposes only and may not reflect the exact boundary of the site. The property has not been internally inspected by Savills. Prospective purchasers must rely upon their own enquiries in this regard.

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        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.

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        Local information

        The site lies within an area administered by the London Borough of Brent, just off Kingsbury Road (A4006) and is situated within close proximity to the amenities of Kingsbury town centre which is a short walk to the north west.

        Located less than 1,500 metres from Junction 1 of M1 and A406 (Staples Corner).

        Faces onto Kingsbury Green, surrounded by a mixture of commercial and residential accommodation.

        Transport

        Underground - Kingsbury (Jubilee Line)

        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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