The property comprises a 5 storey mid terraced property, arranged
on ground, basement and three upper floors.
The ground and basement floors are connected internally whilst the upper floors are accessed externally at the rear of the premises by an integrated staircase.
The property has the benefit of rear servicing off Hertslet Road, adjacent to the Nags Head Shopping Centre.
The property is held freehold.
The entire property is let to Iceland Foods Limited on a Full Repairing and Insuring lease for a term of 15 years from 29th September 2010 at a current rent of £220,000 pax. The property is subject to a rent review on 29th September 2015 with a fixed rental increase to £250,000 pax. The property is subject to 5 yearly upward only rent reviews to the open market rental value thereafter.
Our clients propose to top up the rent to £250,000 pax which becomes effective on 29th September 2015.
In our opinion, the fixed increase of £250,000 pax devalues to a Zone A rent of £98.82 on the basis that £3.50 per sq ft is applied to the basement area and £3.00 to half of the first floor area. We have applied no value to the second or third floors.
The estimated rental value as of today ’s date would lie in the region of £274,000 pax, which devalues to a Zone A rent of £110 per sq ft.
We are instructed to seek offers in excess of £4,700,000 (Four Million, Seven Hundred Thousand Pounds), subject to contract and exclusive of VAT for the benefit of our client ’s freehold interest. A purchase at this level reflects the following yield profile net of purchasers costs at 5.8%.
The North London suburb of Holloway is an established residential and commercial centre located within the London Borough of Islington, approximately 3 miles (4.8 km) north east of Central London.