The property forms the ground floor retail unit of a larger
mixed use development. The development consists of a five
storey building with residential accommodation on the upper
four floors, basement car parking below and is of brick
construction set beneath a sheet clad roof.
The property comprises a large ground floor ‘L-shaped’retail
unit with basement ancillary accommodation. The property
also benefits from car parking for 18 cars with 12 surface
spaces around the perimeter of the building, and a further 6
paces demised within the basement car parking area.
We have instructions to seek offers in excess of £1,500,000 (One Million Five Hundred Thousand Pounds) subject to contract and exclusive of VAT for our client’s freehold interest. A purchase at this price would show an investor an approximate net initial yield of 8%, assuming normal purchasers costs of 5.8%.
We devalue the current rent passing of £120,800 per annum for the retail accommodation to an overall rate of
£25.88 per sq ft, applying a rate of £3.00 to the ancillary accommodation.
The ground floor retail unit is let to F. W. Evans Cycles (UK) Ltd on a 15 year effective full repairing and insuring lease from 4th May 2007 (approximately 7.5 years unexpired) at a current rent of £120,800 per annum.
The lease is subject to five yearly upward only rent reviews with the next review due on 4th May 2017.
In addition, the tenant is required to pay a further £6,000 per annum for the 6 spaces that are demised in the basement.
The total current income is £126,800 per annum.
The property is elected for VAT.
Hendon is a popular north west London suburb situated in the
Borough of Barnet approximately 7.5 miles north of central
London and in close proximity to Edgware, Brent Cross and