Investment Consideration:
Gross Initial Yield: 6.73%
Rental Income: £66,960 p.a.
VAT is NOT applicable to this property
Comprises retail shop at ground floor with 5-Bed HMO at first and second floor
Future development potential. Planning previously approved for single storey extension at rear
Occupiers close by include Post Office and Costcutter, amongst other local retailers.
Property Description:
Comprises ground floor retail shop t/a tattoo parlour and 5-Bed HMO at first and second floor, providing the following accommodation and dimensions:
Ground Floor: Retail Shop 65 sq m (700 sq ft)
Reception, Retail Area, Storage, WC
First/Second Floor: 5-Bed HMO 80 sq m (860 sq ft)
5 studios with kitchenette and 2 shared bathrooms
Future development potential. Planning previously approved for single storey extension at rear to provide larger retail premises.
Tenancy:
The ground floor shop is at present let to Tatntoo Ltd for a term of 15 years from 28th June 2022 at a current rent of £21,000 per annum and the lease contains full repairing and insuring covenants. Rent review linked to RPI in June 2027 and 2032. Tenant option to determine in June 2027 with min 6 months notice. Deposit held of £10,500.
Studio 1 is at present let to on AST to an Individual for a term of 12 months from 13th March 2023 at a current rent of £9,960 p.a. Deposit held of £865.
Studio 2 is at present let to on AST to an Individual for a term of 12 months from 6th October 2022 at a current rent of £9,600 p.a. Deposit held of £720.
Studio 3 is at present let to on AST to an Individual for a term of 12 months from 18th September 2022 at a current rent of £7,860 p.a. Deposit held of £750.
Studio 4 is at present let to on AST to an Individual for a term of 12 months from 31st January 2021 at a current rent of £9,600 p.a. Deposit held of £802.
Studio 5 is at present let to on AST to an Individual for a term of 12 months from 18th September 2021 at a current rent of £7,500 p.a. Deposit held of £720.
Location:
Harrow is a large town in Greater London, England, and serves as the principal settlement of the London Borough of Harrow. The property is situated along the busy Watford Road, close to the junction with East Lane. Occupiers close by include Post Office and Costcutter, amongst other local retailers.
