FOR SALE BY AUCTION - LOT 9
INCOME PRODUCING INDUSTRIAL PROPERTY INVESTMENT
(Ideal for First Time/SIPP Buyers)
- Gross Income £18,000 pa
- Freehold investment opportunity in Park Royal
- Lease with no breaks until 2023
- Rent review May 2018
- Lease in personal name of tenant
- Potential 8% initial yield
- Ideal for first time/SIPP buyer
The property comprises a mid-terraced warehouse/industrial unit constructed of brick elevations to the pitched roof. Access to the warehouse is via a roller shutter door. Permitted loading and parking area is situated to the front of the property.
EPC Rating: D
Vendor’s Solicitor: Mr Peter Augustine, Hubbard Pegman & Whitney LLP, Tel: 020 8735 9770, Email: pa@hpwsolicitors.co.uk
Location
Park Royal is London’s landmark industrial park occupying approximately 650 hectares (1,200 acres). The park contains over 1,900 businesses employing over 60,000 workers. Park Royal is seen by occupiers as London’s key industrial location due to its strategic location and ability to serve Central, Northand West London. Occupiers within Park Royal include DHL, Carphone Warehouse, John Lewis, McVitie’s, Asda, Bakkavor Foods and Renault Trucks. Park Royal benefits from excellent road communication being prominently situated on two of London’s major arterial roads – the A406 North Circular Road and the A40 Western Avenue, both of which are within 1 mile of the subject property. The subject property is conveniently located on Johnsons Way which is accessed off the well-known Coronation Road, a main thoroughfare into the Park Royal Industrial District.
Accommodation
Warehouse 1,757 sq ft (163.23 sq m)
Tenancy in place to Mr M Zaroud (t/a City Used Cars Ltd) for a term of 20 years from 6th June 2005, expiring 5th June 2025
Current Rent - £18,000 pa
Rent Review - 6th June 2020
Total Gross Income - £18,000 pa
Specification
Additional Information
*Guide Price: This is an indication of the seller's current minimum acceptable price at Auction. The guide price is given to assist prospective buyers in deciding whether or not to pursue a purchase. It is usual, but not always the case, that a provisional reserve range is agreed between the seller and the Auctioneer at the start of marketing. As the reserve is not fixed at this stage and can be adjusted by the seller at any time up to the day of the Auction in the light of interest shown during the marketing period, a guide price is issued. This guide price can be shown in the form of a minimum and maximum price range within which an acceptable sale price (reserve) would fall, or as a single price figure within 10% of which the minimum acceptable price (reserve) would fall. A guide price is different to a reserve price (see separate definition). Both the guide price and the reserve price can be subject to change up to and including the day of the Auction.
*Reserve Price: The seller's minimum acceptable price at Auction and the figure below which the Auctioneer cannot sell. The reserve price is not disclosed and remains confidential between the seller and the Auctioneer. Both the guide price and the reserve price can be subject to change up to and including the day of the Auction.
*Please note that the following additional fees will apply to the purchase of your property:
1. A successful purchaser will have to pay a buyer's premium of £750 plus VAT directly to the Auctioneer
2. Other fees as listed within the Special Conditions of Sale that form part of the legal pack which is made available to prospective buyers prior to Auction. Buyers will be will be expected to sign this document as well as the Sales Memorandum at the time of purchase.
3. Stamp Duty will have to be paid in addition to the sale price. Stamp Duty rates are available online
4. Prospective buyers must factor in solicitor fees and any survey fees
5. Insurance - it is the responsibility of the buyer to insure the property purchased from the date of exchange.