Investment Consideration:
Gross Initial Yield: 5.63%
Rental Income: £90,000 p.a.
VAT is applicable to this property
Rent reviews lined to RPI in 2028, 2032 and 2038
Let to a large nursery operator with 72 locations across UK
Comprises purpose build children`s nursery arranged over ground and first floor
Situated on quiet residential street within 8 min walk from West Drayton High Street
Property Description:
Comprises purpose build children`s nursery which forms part of a new-build residential block. The property benefits from gated vehicular access with parking and outdoor space and provides the following accommodation and dimensions:
Ground Floor: 161 sq m (1,733 sq ft)
Reception, Play Rooms, Office, WCs
First Floor: 183 sq m (1,970 sq ft)
Kitchen, Office, Staff Room, Storage
Total area size: 344 sq m (3,703 sq ft)
Tenancy:
The property is at present let to The Childcare Corporation Ltd* for a term of 20 Years from 5th April 2023 at a current rent of £90,000 p.a. and the lease contains full repairing and insuring covenants. Rent review linked to RPI on 5th April 2028 and every 5th year after. Tenant option to determine on 5th April 2033 with min 6 month`s notice.
Tenure:
Long Leasehold. Held on a 125 year lease from 24th December 2006 at a ground rent of £1,200 p.a. Fixed rental increase to £2,400 p.a. in 2031, £4,800 p.a. in 2056 and £19,200 p.a. in 2081 until the remainder of the term. Reversion 2131.
Location:
West Drayton is a suburban town in the London Borough of Hillingdon. West Drayton has rapid connectivity to the M4 and thereafter to the M25 and motorways north-west and south-west. The M4 spur and the A408 Stockley Road by-pass links to Heathrow Airport and to the Stockley Business Park, respectively. The property is situated on quiet residential street within 8 min walk from West Drayton High Street and Train Station.
