Investment Consideration:
Gross Initial Yield: 6.25%
Rental Income: £75,000 p.a.
VAT is NOT applicable to this property
Let until 2038. No breaks. Rent review every 5th year linked to RPI
Comprises retail marketplace arranged over ground floor and basement
The property hosts retailers such as street food takeaways, café, massage parlour, souvenir shop and more
The residential upper parts have been sold off on a 999 year lease at a peppercorn ground rent
Occupiers close by include Poundstretcher, Peacocks, Tesco Express and McDonald’s, amongst others
Description:
Comprises large corner retail premises arrange over ground floor and basement. The property trades as retail marketplace and hosts occupiers such as street food takeaways, café, massage parlour, souvenir shop and more. The upper parts comprises of 12 residential flats which have been sold-off on long leasehold (999 years).
The property provides the following accommodation and dimensions:
Ground Floor: 170 sq m (1,829 sq ft)
10 retail units, storage, amazon locker, outdoor space,
Basement: 124 sq m (1,334 sq ft)
4 retail units, management office, storage
Total area size: 294 sq m (3,163 sq ft)
Tenancy:
The retail property is at present let to Hansali Corporate Limited t/a The Junction for a term of 20 years from the 19th February 2018 at a current rent of £75,000 per annum and the lease contains full repairing and insuring covenants. No break clause. Rent review every fifth year linked to RPI (4% cap and 2% collar)
Location:
The property occupies a predominant position on the corner of Seven Sisters Road (A503) and Hornsey Road (A103), less than 0.4 km (0.25 miles) east of the A1 (Holloway Road), within a densely populated residential and commercial area. Nag's Head Shopping Centre is 0.27 km (0.17 miles) away. The Nag's Head area is one of two major retailing centres in London Borough of Islington with over 225 shops, leisure facilities, bars and restaurants. The property is situated within a short walking distance to the Sobell Leisure Centre and Emirates Stadium with the North Campus of London Metropolitan University also close by. The area is well served for transport communications: Finsbury Park (Main Line Rail, Victoria and Piccadilly London Underground Lines) is 0.88 km (0.55 miles) to the north east and Arsenal Underground Station (Piccadilly Line) is 0.64 km (0.4 miles) to the east. Seven Sisters Road and Hornsey Road are major bus routes along which there are numerous services running at frequent intervals.
