LOT 34 - London

Princess Hotel, Adolphus Hotel, Patrick's Lodge and Herder House, Gloucester Drive, Finsbury Park, London, N4 2LE

INVESTMENT - Four Freehold Buildings

Sold Prior

Key Features
  • Providing a Total of 45 Letting Rooms, plus Two Generous Car Parking Areas
  • 117 Bed Spaces in Total
  • Total GIA approximately 1,331 sq m (14,330 sq ft)
  • Off-street Car Parking for up to 14 Cars
  • 43 Rooms subject to a Block Booking Arrangement (holding over) in favour of Westminster City Council
  • Possible Development Potential for Conversion to self-contained Apartments and/or Development of the Two Car Parking Areas, subject to consents
  • Total Gross Rents Received for 2021 - £766,192 inclusive of VAT

Tenure

Freehold


Location
  • The four buildings are located at or near the apex of Adolphus Road and Gloucester Drive. The immediate area is predominantly residential
  • There are local shops and pubs available along Seven Sisters Road, with further facilities being available in Crouch End, Wood Green and Camden Town
  • Finsbury Park Station (Victoria and Piccadilly Underground Lines and Network Rail) is 0.4 miles away (approximately eight minutes’ walk)
  • The properties are located immediately east of Seven Sisters Road (A505) and around 1.3 miles west of Stamford Hill (A10). Marble Arch is around 6.1 miles drive to the south
  • Finsbury Park is around seven minutes' walk away to the west
Additional Information
  • The properties comprise four individual buildings, all in close proximity, and arranged to provide hostel accommodation.
  • There are 45 rooms in total, each with lockable doors, cooking facilities, shower and WC.
  • The sizes of the rooms vary and can accommodate between one and four people.
  • The buildings provide 117 bed spaces in total.
  • Patrick’s Lodge is arranged over basement, ground and three upper floors, with the remaining three buildings each being arranged over basement, ground and two upper floors.
  • There is a hard standing area between Herder House and Princess Hotel with space for off-street parking for up to eight cars. A further area adjacent to Patrick’s Lodge provides parking for up to six cars. These two areas may offer potential for additional development, or for the extension of adjacent buildings, subject to obtaining all necessary consents.
Note on Tenancies
  • The sole shareholder in the vendor company also controls a separate management company which currently receives the rent. This management company will be dissolved on, or before completion.
  • The vendor company and the management company entered into a block booking arrangement with Westminster City Council for a period of Two Years from 13th June 2019. Westminster City Council is currently holding over. A copy of the block booking agreement is available to download as part of the legal pack.
Planning
Local Authority: London Borough of Hackney
Website: https://hackney.gov.uk/

There is a hard standing area between Herder House and Princess Hotel with space for off-street parking for up to eight cars. A further area adjacent to Patrick’s Lodge provides parking for up to six cars. These two areas may offer potential for additional development, or for the extension of adjacent buildings, subject to obtaining all necessary consents.
Viewings

The property will be open for viewing every Thursday between 10.30am - 12.00pm. These are open viewing times with no need to register. Please note the first viewings for the catalogue will commence on the 3rd March. Please meet the viewing agent outside Patrick's Lodge. It is strongly encouraged that all viewers have appropriate PPE (mask and gloves) when viewing the property. If you are showing any Coronavirus symptoms then you will not be allowed to view the property. If you cannot attend the viewing you are advised to view the images and any available virtual tour on our website before bidding.

Additional Charges
  • Additional charges and fees might be charged by the seller and/or other third parties. You are strongly advised to read the Special Conditions of Sale for the Lot prior to bidding to check for any additional charges and fees and to check the addendum which might also (but does not always) contain details of such amounts.
Contacts
My NoteslockPrivate
Add Note

Important notice - Pre-registration approval to bid, guide prices, reserves, additional charges and other matters

Pre-registration approval to bid Allsop now require all bidders who wish to bid at our Auctions to register beforehand. All checks required by current anti-money laundering legislation must be satisfactorily completed as part of this process before prior approval to bid will be given. Please use the links on our website to pre-register. Following approval to bid, the buyer named in your registration cannot be changed without consent (for which a charge might be made). Guide Prices 1. A guide price (to include a range of prices), is not an indication of the anticipated eventual selling price or a valuation; it is an indication of the minimum price ( “the Reserve” ) at which (or range of prices within which) the seller might be prepared to sell. The eventual sale price can and frequently does, exceed the guide price. 2. Where a range is given, the Reserve will sit within that range and will not exceed the top end of the range. Where a single figure Guide Price is given, the Reserve will be within 10%, upwards or downwards, of that figure. 3. The guide price may be subject to change up to and including the day of the auction. The latest published guide price (or range of prices) is displayed on our website and you should check the website regularly for updates and on the day of the auction. 4. All guide prices are quoted "subject to contract". 5. Please note the guide price for the Lot does not include: - any Buyers' Fee charged by the auctioneers; - VAT on the sale price; - SDLT or any other Government taxes; - additional costs and fees charged by the seller or third parties that might apply to some Lots and/or some buyers. 6. If a guide price is listed as "TBA", it means no guide price has been set at present. Please do not call our office about this - the guide price, or range of prices, will be published online immediately it becomes available and you should check the auction website regularly for updates and on the day of the auction. Reserve Prices 7. The reserve price is the minimum price at which the Lot can be sold. 8. Whilst every effort is made to ensure that the advertised guide prices are up-to-date. it is possible that the reserve price set for any Lot may exceed the previously quoted guide price. This is because the seller may fix the final reserve price just before the Lot is offered for sale and you should check the website regularly for updates and on the day of the auction. Buyers' fees, Seller's fees and additional charges 9. For each Lot, a Buyers' Fee is payable on the fall of the hammer to Allsop LLP as follows: Residential Auctions - Lots sold for £10,000 or more: Buyers' Fee of £1,500 inclusive of VAT - Lots sold for less than £10,000: Buyers' Fee of £300 inclusive of VAT Commercial Auctions - All Lots: Buyers Fee £1,000 inclusive of VAT 10. Additional charges and fees might be charged by the seller and/or other third parties . You are strongly advised to read the Special Conditions of Sale for the Lot prior to bidding to check for any additional charges and fees and to check the addendum which might also (but does not always) contain details of such amounts. 11. VAT may be chargeable in addition to the sale price for the Lot. The Lot Particulars and/or the Special Conditions of Sale will indicate whether VAT applies. Other Matters 12. Please note that Lots may be sold or withdrawn at any time prior to auction. 13. Please note that the amount of Bidder Security (payable on application to bid at the auction) and the Buyer's Fee may each be varied from the standard amounts quoted. Please refer to the addendum, the Particulars and/or the conditions of sale. 14. Street trader plans are reproduced with the consent of Experian Goad Limited. Experian Goad Digital Plans include mapping data licensed from Ordnance Survey with the permission of the Controller of Her Majesty's Stationery Office. © Crown Copyright and Experian Copyright. All rights reserved. Licence number PU 100017316. Location plans are reproduced from the Ordnance Survey mapping with the permission of Ordnance Survey on behalf of the Controller of Her Majesty's Stationery Office, © Crown copyright and Database Rights 2018 OS 100060020 15. The plans and photographs shown in the catalogue are included in order to assist you in locating the Lot in question. They are not to be taken as drawn to scale and any arrows on plans or photographs are merely to assist you in finding the Lot, not for the purpose of indicating legal boundaries or which direction the lot is facing. The Auctioneers do not warrant or represent that any plans or photographs show the up to date position with regard to occupiers either for the Lot or for any other properties shown in such plans or photographs.