Metropolitan House 38/40 High Street & 47/48 Surrey Street Croydon London CR0 1YB

  • Metropolitan House<br>38/40 High Street & 47/48 Surrey Street<br>Croydon<br>London<br>CR0 1YB

Metropolitan House
38/40 High Street & 47/48 Surrey Street
Croydon
London
CR0 1YB

Substantial Freehold Retail and Office Investment

  • Substantial 5 storey building with frontages onto High Street and Surrey Street
  • Comprising shop, restaurant and 8 office suites on the upper floors
  • All Occupational Leases Outside the Security of Tenure Provisions of the Landlord and Tenant Act 1954
  • Approximately 1,862.61 sq. m. (20,049 sq. ft.)
  • Immediate asset management opportunities
  • Central Croydon location close to the Whitgift Centre
  • Directly opposite Queen's Square development
  • Nearby occupiers include Five Guys, Nando's, Sainsburys, Primark and Pure Gym
  • Lot
    10
  • Auction
    25th September 2024
  • Rent
    £302,132 per Annum Exclusive
  • Status
    Available
  • Guide*
    Contact Us
  • Auction Venue
    Live Streamed Auction
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Substantial Freehold Retail and Office Investment

  • Substantial 5 storey building with frontages onto High Street and Surrey Street
  • Comprising shop, restaurant and 8 office suites on the upper floors
  • All Occupational Leases Outside the Security of Tenure Provisions of the Landlord and Tenant Act 1954
  • Approximately 1,862.61 sq. m. (20,049 sq. ft.)
  • Immediate asset management opportunities
  • Central Croydon location close to the Whitgift Centre
  • Directly opposite Queen's Square development
  • Nearby occupiers include Five Guys, Nando's, Sainsburys, Primark and Pure Gym
  • Lot 10
  • Auction 25th September 2024
  • Rent £302,132 per Annum Exclusive
  • Status Available
  • Guide* Contact Us
  • Sector
    High Street Retail
  • Auction Venue
    Live Streamed Auction

Property Information

Location
Miles
9 miles south of Central London, 9 miles south east of Canary Wharf,
Roads
A23, A232, M25
Rail
East Croydon Railway Station, West Croydon Railway Station
Air
London Heathrow Airport, London City Airport
Situation

The property is prominently located in Central Croydon, benefitting from frontages onto the busy High Street and Surrey Street. Surrey Street offers high levels of footfall with the daily Surrey Street Market. Immediately opposite the property is the Queen's Square development, converting the former St George's Walk Shopping Centre and the Nestle Tower to 290 new homes and provision of a new town square with shopping and leisure to the High Street frontage. Nearby occupiers include Five Guys, Nandos, Sainsburys, Primark, Pure Gym, the Whitgift Shopping Centre and Holiday Inn Express Croydon,

Tenure

Freehold.

Location
Miles
9 miles south of Central London, 9 miles south east of Canary Wharf,
Roads
A23, A232, M25
Rail
East Croydon Railway Station, West Croydon Railway Station
Air
London Heathrow Airport, London City Airport
Situation

The property is prominently located in Central Croydon, benefitting from frontages onto the busy High Street and Surrey Street. Surrey Street offers high levels of footfall with the daily Surrey Street Market. Immediately opposite the property is the Queen's Square development, converting the former St George's Walk Shopping Centre and the Nestle Tower to 290 new homes and provision of a new town square with shopping and leisure to the High Street frontage. Nearby occupiers include Five Guys, Nandos, Sainsburys, Primark, Pure Gym, the Whitgift Shopping Centre and Holiday Inn Express Croydon,

Tenure

Freehold.

Description

The property comprises a substantial 5 storey building with frontages onto High Street and Surrey Street. The property currently provides a shop, a restaurant with 8 separately accessed office suites, ranging from 1,033 sq. ft. - 1,483 sq. ft. (96.00 sq. m. - 138.00 sq. m.) on the upper four floors. The office accommodation benefits from self-contained access onto High Street with an attractive lobby and unique internal Japanese garden.

The upper floors may be suitable for future residential conversion subject to obtaining the necessary consents. All enquiries should be made to Croydon Council (www.croydon.gov.uk).

VAT

VAT is applicable to this lot.

Note

All Occupational Leases Outside the Security of Tenure Provisions of the Landlord and Tenant Act 1954.

Completion Period

Six week completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

The property comprises a substantial 5 storey building with frontages onto High Street and Surrey Street. The property currently provides a shop, a restaurant with 8 separately accessed office suites, ranging from 1,033 sq. ft. - 1,483 sq. ft. (96.00 sq. m. - 138.00 sq. m.) on the upper four floors. The office accommodation benefits from self-contained access onto High Street with an attractive lobby and unique internal Japanese garden.

The upper floors may be suitable for future residential conversion subject to obtaining the necessary consents. All enquiries should be made to Croydon Council (www.croydon.gov.uk).

VAT

VAT is applicable to this lot.

Note

All Occupational Leases Outside the Security of Tenure Provisions of the Landlord and Tenant Act 1954.

Completion Period

Six week completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Address/Unit Floor Use Floor Areas
Approx sq m		 Floor Areas
Approx sq ft		 Tenant Term Rent p.a.x. Rent Review
38/40 High Street Ground
Basement		 Restaurant
292.18
118.07
(3,145)
(1,271)
 CROYDON CD HOLDINGS LIMITED, to trade as CRISPY DOSA
(6)		 25 years from 26/07/2024
£52,000
26/07/2029 and 5 yearly
47/48 Surrey Street Ground Supermarket
299.42
(3,223)
 POLSKI SUPERMARKET LONDON LIMITED with a personal guarantee
(1)		 15 years from 25/12/2022
£37,000
24/12/2027
24/12/2032
47/48 Surrey Street First Ancillary
140.65
(1,514)
 VACANT POSSESSION      
Suite 1 First Office
137.77
(1,483)
 EVERDAY LOANS LIMITED
(2)		 10 year from 29/09/2016
£28,177
  
Suite 2 First Office
135.63
(1,460)
 PIT STOP PRODUCTIONS LIMITED
(3)		 5 years from 20/11/2020
£31,000
  
Suite 3 Second Office
139.07
(1,497)
 MDA TRAINING LIMITED
(4)		 5 years from 25/03/2022
(7)
£32,000
  
Suite 4 Second Office
133.68
(1,439)
 PIT STOP PRODUCTIONS LIMITED
(2)		 5 years from 24/06/2024
(8)
£32,000
  
Suite 5 Third Office
139.16
(1,498)
 ICUK COMPUTING SRVICES LIMITED and CIX ON LINE LIMITED 5 years from 24/06/2021
£30,000
  
Suite 6 Third Office
113.71
(1,224)
 DISAUTHORITY LIMITED 5 years from 01/09/2024
(9)
£27,990
  
Suite 7 Fourth Office
114.27
(1,230)
 PMJ RISK SOLUTIONS LIMITED
(5)		 5 years from 01/04/2024
(10)
£31,960
01/04/2026
(11)
Suite 8 Fourth Office
97.08
(1,045)
 VACANT POSSESSION      
Substation    
-
-
 SEABOARD 999 years from 25/03/1971
£5
  
Total    
1,862.61
(20,049)
    
£302,132
  

(1) A rent deposit of £18,000 is held by the Seller.
(2) Everyday Loans Limited was established in 2006, now with over 75 branches nationwide (www.everyday-loans.co.uk).
(3) Pitstop Productions are a multi-award-winning provider of audio services, established in 1997, having worked with many of the world’s leading developers and publishers (www.pitstopproductions.co.uk).
(4) MDA Training was established in 1988 and provide experiential learning solutions that maximise learner engagement (www.mdatraining.com).
(5) PMJ Risk Solutions Ltd is a leading Independent Insurance Brokerage (www.pmjlimited.com).
(6) A rent deposit of £15,000 is held by the Seller. Crispy Dosa offer "100% Pure Indian Vegetarian" eat in and take away restaurants and currently trade from Greenford, Harrow, Hounslow, Reading, Watford, Windsor, Wood Green, Milton Keynes, Bristol and Sutton (www.crispydosa.com)
(7) The lease provides for a Tenant option to determine the lease on 24/03/2025 upon serving 6 months written notice.
(8) The lease provides for a Tenant option to determine the lease on 23/06/2027 upon serving 6 months written notice and the payment of £7,562.50 to the Landlord.
(9) The lease provides for a Tenant option to determine the lease on 31/08/2026 upon serving 6 months written notice. A rent deposit of £16,749 is held by the Seller.
(10) The lease provides for a Tenant option to determine the lease on 31/03/2027 upon serving 6 months written notices. A rent deposit of £9,594 is held by the Seller.
(11) The rent review is linked to RPI.

If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.

Contacts

Acuitus
Jon SkerryJon Skerry +44 (0)20 7034 4863 +44 (0)7736 300 594jon.skerry@acuitus.co.uk
Alexander AuteracAlexander Auterac +44 (0)20 7034 4859 +44 (0)7713 135 034alexander.auterac@acuitus.co.uk
Seller's Solicitors
Boodle Hatfield 240 Blackfriars Road
London
SE1 8NW
Katherine Worrall 0207 629 7411kworrall@boodlehatfield.com

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk
Property InsuranceBrown & BrownNatasha WardBroking Director+44 7545 208 759bbrown.com

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Guide

The guide is an indication of the minimum price at which the seller may be prepared to sell at the date the guide is published.  If a guide range is provided, it represents a price bracket within which the seller may consider selling.  The guide may be subject to change up to the time of the auction.

The guide does not include either VAT which may apply to the sale or other amounts the seller may charge. The seller’s Special Conditions of Sale and addendum if any, will state whether there are other seller’s charges and whether the seller has elected to charge VAT on the sale price.

Reserve

The reserve is the minimum price acceptable to the seller and the price below which the auctioneer cannot sell. The reserve may be subject to change up to the time of the auction.

Price

This is the price at which the property is sold.

Yield

Guide yield – The rent reserved divided by the guide.

Sale price yield – The rent reserved divided by the sale price plus standard purchaser’s costs including stamp duty.

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