Investment Consideration:
Gross Initial Yield: 6.25%
Rental Income: £75,000 p.a.*
VAT is NOT applicable to this property.
The property comprises retail marketplace arranged over ground floor and basement
Property Let on 20 year lease, no breaks until 2038
Rent review every 5th year linked to RPI
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:
The property is arranged on basement and ground floor mixed retail with A1 and A3 use. The residential upper parts sold off on a 999 year lease at a peppercorn ground rent. The property benefits from a prominent corner position in a thriving residential and commercial area.
Tenancy:
The entire 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 £65,000 per annum. The lease contains full repairing and insuring covenants. No break clause. The property has A1 and A3 usage. Rent review every fifth year linked to RPI. Given the RPI linked rent review on 19/02/2023, the rent will rise to a minimum of £75,000 p.a. at the review. The Vendor will top-up rent to equivalent of £75,000 p.a. upon completion.
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.
