• By Order of Joint Fixed Charge Receivers

• Serviced Apartments let to SACO Cannon St Ltd (with guarantee) 108 years unexpired

• Shop let on a new lease at £40,000 pa

• Prominent Corner Position in the heart of the City of London

• Total Gross Passing Rent of £140,000 pa rising to £153,141 pa in 2026.

• To be offered for sale via Knight Frank Auction on Thursday 19th September

Property Description

TENURE

The entire property is held on a lease from Trust for London Trustee for a term expiring on 28th October 2132 (thus having approx. 108 years unexpired). The ground rent payable under the terms of the lease is based on 10% of rents received and is subject to a minimum payment of £8,924pa.

DESCRIPTION

Ground & Basement

The ground floor and basement comprise a self-contained retail/cafe unit with basement kitchens and is currently trading as Thurners Modern European Cuisine.

Lease - Let to Thurner's Cuisine Ltd for a term of 10 years from 13 June 2024 at a current rent of £40,000 pa. The tenant has a rent free period ending 13 December 2024 and the rent is reviewed every 5 years. There is a Tenant option to break in year 5.

"Thurner's Cuisine is fine dining for a fast and modern world" (Source: www.thurners.co.uk)

Floors 1st, 2nd, 3rd & 4th

The four upper floors have a C1 use (hotels, boarding & guest houses) and are fitted out as one bedroom serviced apartments per floor (4 x 1 bedroom accommodation). These floors form part of a larger serviced apartment business, Cove – Cannon St, that is operated by SACO, who are owned by Brookfield. These floors are accessed via the adjoining building which has entrances from Cannon Street and does not form part of this sale. (https://www.staycove.com/en/london/cannon-street-apartments)

Lease - Let to SACO Cannon St Ltd (guarantee SACO Group Holdings Ltd) for a term of 116 year from 29 July 2016 expiring 26 October 2132 (thus approximately 108 years unexpired) at a current rent of £100,000 pa. The rent is subject to review every 5 years calculated at 2.5% per annum compounded. The next review is in July 2026 and has been calculated at £113,141 pa.
There are tenant break options in 2051, 2066, 2091 and 2116.

"SACO is The Serviced Apartment Company, one of the UK’s leading providers of serviced apartments with.....80,000 apartments Worldwide" (Source: www.sacoapartments.com)

Total Current Gross Rent Reserved - £140,000 pa exclusive

FLOOR AREAS

Ground - 33 sq m (356 sq ft)
Basement - 30 sq m (323 sq ft)
1st - 33.50 sq m (360 sq ft)
2nd - 33.50 sq m (360 sq ft)
3rd - 33.50 sq m (360 sq ft)
4th - 31.50 sq m (330 sq ft)

Total - 195 sq m (2,089 sq ft)

VAT
VAT is applicable to this lot. The property will be offered as a TOGC. See Special Conditions of Sale for further information.

Location

• 0.04 miles from Mansion House • 0.15 miles from Cannon Street • 0.22 miles from Bank • 0.28 miles from St.Paul's • 0.36 miles from Monument • 0.44 miles from City Thameslink • 0.45 miles from Blackfriars • 0.48 miles from Moorgate

Occupancy

Tenanted

Tenure

Leasehold

EPC Rating

D

Auction Details: The sale of this property will take place on the stated date by way of Auction and is being sold as on an Unconditional basis. Binding contracts of sale will be exchanged at the point of sale. All sales are subject to the Common Auction Conditions and Extra General Conditions. Auctioneer Fees and Deposit. The following deposits and non-refundable auctioneer fees apply: • 10% deposit of the purchase price, subject to a minimum of £5,000. The deposit contributes to the purchase price. • Buyer’s Fee- is £1950 including VAT. This is only payable by the successful purchaser. There are no costs to bidding for the property. The Buyer’s Fee does not contribute to the purchase price and will be considered as part of the chargeable consideration for the property in the calculation of stamp duty liability. There may be additional fees contained within the Special Conditions of Sale, which can be viewed within the Legal Pack. You are strongly advised to read the Legal Pack carefully and take professional advice before bidding. Additional Information: For full details about all auction methods and sale types please refer to the Auction Conduct Guide which can be viewed on the Knight Frank Auctions’ website. This guide includes details on the auction registration process, your payment obligations and how to view the Legal Pack. Each property sold is subject to a Reserve Price. The Reserve Price will be within + or – 10% of the Guide Price. The Guide Price is issued solely as a guide so that a buyer can consider whether or not to pursue their interest. A full definition can be found within the Auction Conduct Guide.