The property comprises a 1950s residential building arranged over basement, ground and five upper floors.
The ground floor provides retail units which have been sold separately with 25 residential flats above.
Of the 25 flats, the long leasehold interest of 15 flats along with the building's headlease is included in the sale. The head lease does not include the retail units. The freehold interest is held in separate ownership.
The 15 flats comprise 10x 1 beds and 5x 2 beds.
The common areas could benefit from some refurbishment.
The condition of the flats is mixed with some having benefited from recent refurbishment and others requiring some capital investment.
The property benefits from a right to use the large communal rear garden.
12 parking spaces in the basement (potential additional income).
Location
The location benefits from a wide and varied offering including hotels, serviced apartments, traditional/serviced offices, retail and residential accommodation, amongst the various museums and tourist attractions.
The property is positioned prominently on the west side of Southampton Row close to its junction with Russell Square and links Holborn in the south to Euston and St Pancras to the north.
Holborn Underground Station (Central and Piccadilly lines) and Russell Square (Piccadilly line) are both located within a 5-minute walk of the property.
Covent Garden, Oxford Circus, Soho and the majority of central London’s key landmarks are within a short walk of the property.
Holborn is a vibrant, mixed-use destination within the Midtown district, offering exceptional access to both the West End and City.
Accommodation
Approximate lettable/saleable area of 843 sq m (9,076 sq ft).
For a detailed view of the accommodation, please view attached brochure (Page 9)
Terms
Asking Price
Offers in excess of £7,000,000 (Seven Million Pounds) invited for the Head Lease and Long Leasehold interests.
Legal Costs
Each party is to be responsible for their own legal costs incurred throughout the transaction.
Specification
- 15 one and two bedroom flats held on long leases
- Head lease for the entire block (excluding ground floor retail units)
- Current gross occupational lease income of £29,379 pcm (£352,544 pa)
- Asset management opportunities including refurbishment and break up
- Control of the service charge
- Strong rental demand
- Vacan 12 space car park
- Potential Freehold enfranchisement
- Offers in excess of £7,000,000 (Seven Million Pounds) are invited