Apartment house with commercial space in London

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Apartment house with commercial space in London

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  • Total area
    4,031 m²
  • Built in 
    2006
Details
Property parameters
  • Total apartments: 50
  • 5-floor building
Financial performance
  • Annual income: 1,506,183 €
Tenants
  • Fully let
Features
  • Street retail
  • Redevelopment

It is an apartment building with commercial premises just a few minutes from Paddington.

Description

The total area of the five-storey building with basement is 4,031 m².

The house was built in 2006 and now is in excellent condition.

There are two commercial premises on the ground and basement floors and 50 apartments on the upper floors, of which 38 are serviced apartments.

Tenure: Freehold.

All areas are leased out to three tenants.

Redevelopment

It is possible to convert 38 serviced apartments to 73 self containded serviced suites. All necessary permits are obtained.

Financial performance

Absolute income is 1,265,700 £.

Tenants

The anchor tenant is a management company.

The lease agreement is signed for 5 years until 2017.

The second tenant is Tesco, one of the largest retail chains in the world with an annual turnover of more than £ 60 billion.

The lease agreement is signed for 20 years until 2026.

The third tenant is a company Fitness for Less, a subsidiary of the Big Stack Ltd.

The lease agreement is signed for 15 years until 2027.

Location and nearby infrastructure

The property is situated in the neighborhood to several complexes that undergo renovation and redevelopment.

There are shops, cafes, restaurants, bus stops, railway stations and subways in the immediate vicinity.

The City of London is 7 km away.

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