Property marketed by:
Investment for Sale
Size:
859 Sq Ft.
Date Available:
December 2015
Location
The property is located on the east side of North End Road and a quarter of a mile between Olympia Exhibition centre and West Kensington Tube station. The multi-billion pound redevelopment of Earls Court is located less than a mile away. The immediate area is surrounded by a mixture of retail and residential on the beginning of a busy and populated road. Other properties near to the property are national occupiers such as Sainsbury’s as well as local café’s and restaurants.
Description
The property is a newly renovated corner shop premises with full glass frontage and a luxury internal finish benefiting from good footfall along the busy North End Road with convenient side street parking access.
Tenure
The property is held on a long lease hold basis expiring in 2091. The lessors should be open to extending.The ground rent is £150 per annum, rising to £200 in December 2020. The ground rent is to then increase £100 every 10 years there after.
Accommodation
Ground Floor: 547 sq ft
Lower Ground Floor 312 sq ft
Total 859 sq ft
Tenancy
The property is let Arthur Rai Medical Services Limited for a term of 10 years from March 2009. The current rent it £43,750 per annum.
The rent for the tenth/final year of the existing lease will increase to £54,113 per annum.
Company accounts are available upon request.
Business Rates
Our client has advised us the rateable value of the property is £8,900. Rates payable for this financial year are £3,622.30.
VAT
VAT may be applicable on this property.
Planning Use
A1/A2/B1
Price
Seeking offers in excess of £595,000 (Five Hundred and Ninety Five Thousand Pounds), subject to contract.
A purchase at this level would reflect a Net Initial Yield of 6.94%, with a reversion of 9.09% allowing for purchaser’s costs of 5.80%