10 Bedrooms Terraced house for sale in Princess Hotel, 1 Gloucester Drive, Finsbury Park N4 | £ 4,750,000
Overview
| Price: | £ 4,750,000 |
|---|---|
| Contract type: | For Sale |
| Type: | Terraced house |
| County: | London |
| Town: | London |
| Postcode: | N4 |
| Address: | Princess Hotel, 1 Gloucester Drive, Finsbury Park N4 |
| Bathrooms: | 0 |
| Bedrooms: | 10 |
Property Description
Lot 32 - This lot is for sale by auction as lot 32 on Thursday 14th February 2019.
Four Freehold Buildings
- Comprising a Total of 45 Rooms
- Each Room having En-Suite Shower, WC and Kitchenette
- 115 Bed Spaces in Total
- Total gia Approximately 1,331 sq m (14,330 sq ft)
- Off-Street Car Parking for up to 14 Cars
- Currently let to Kimblecrete Ltd, a Hostel Operating Company on Four Tenancies at Will
- 42 Rooms subject to a Block Booking Arrangement in favour of the City of Westminster, remainder to Camden Council and City of London
- Kimblecrete Ltd had a Gross Revenue of £659,800 in the year to 31st May 2017
- Potential for Profit Enhancement
- Longer Term Development potential, subject to all necessary consents
- To be offered either Individually or Collectively
- Total Current Gross Rents Reserved
£180,000 per annum (equivalent) from Lots 30-33
By order of the fixed charge receiver
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. Finsbury Park Station (Victoria and Piccadilly Underground Lines and Network Rail) is 0.4 miles away (approximately eight minutes’ walk). There are local shops and pubs along Seven Sisters Road, with further facilities at Crouch End, Wood Green and Camden Town.
Description
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. Sizes of rooms vary and can accommodate between one and four people. The buildings provide 115 bed spaces in total. Patrick’s Lodge is arranged over basement, ground and three upper floors, with the remaining three buildings being over basement, ground and two upper floors. There is a hardstanding 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 6 cars.
Description
The properties were not inspected or measured by Allsop. We are informed that the properties provide the approximate gross internal floor areas set out in the schedule below. The buildings provide the following composition of rooms:
Tenancies
Each building is subject to a separate Tenancy at Will to Kimblecrete Limited (an operating company). Each agreement is dated 16th September 2005 and provides for a rent of £3,750 per month (excluding VAT). The total rent is £180,000 per annum.Kimblecrete has entered into a block booking agreement in respect of 42 rooms with the City of Westminster (dated 20th February 2012), under which Westminster may nominate in writing from time to time a person or persons required by them to be accommodated in the premises. This agreement commenced on 1st January 2012 and is determinable by either party on six months’ notice.The remaining three units are the subject of similar agreements, two in favour of the City of London Council and one in favour of Camden Council.Kimblecrete Ltd had a gross revenue of £659,800 in the year to 31st May 2017.
To View
Please contact Allsop by sending an email to sarah.Bathurstbrown@allsop.Co.Uk with the subject heading ‘Viewing – Lots 30-33’.
Seller’s Solicitor
Messrs Brightstone Law llp (Ref: Emma Gray).Tel: Email: Eg@brightstonelaw.Co.Uk
Guide Prices. Where a guide price (or range of prices) is given, that guide is the minimum price at which, or range of prices within which, the seller might be prepared to sell on the date on which the guide price, or range of prices, is published. The reserve price is the minimum price at which the property can be sold. Both the guide price and the reserve price may be subject to change up to and including the day of the auction. All guide prices are quoted 'subject to contract'. The latest published guide price, or range of prices, are displayed on our website. The latest published guide, or range of prices, will normally be at or above any reserve price. Whilst every effort is made to ensure that these guides are not misleading, it is possible that the reserve price set for any lot may exceed the previously quoted guide price - as the seller may fix the final reserve price just before bidding commences. If a guide price is listed as 'tba', it means that there is no guide price at present - please do not call our office. The guide price, or range of prices, will be published online immediately it becomes available at: Please check regularly for updates. Lots may be sold or withdrawn prior to auction.
Property Location
Property Marketed by Allsop LLP
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Address: 33 Wigmore Street, West End, London
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