FOR SALE BY AUCTION - LOT 9
FREEHOLD RETAIL INVESTMENT
The property is arranged on ground, first and attic floors to provide a ground floor shop presently trading as a hot food takeaway. The self-contained residential accommodation on the upper floors has been sold off on a long lease.
Location
Kensal Green is located some 4 miles north-west of Central London, 1.5 miles north of Notting Hill and 1 mile west of Kilburn and Maida Vale. The A404 Harrow Road is a short distance to the south, which links directly with the A40 Westway approximately 1 mile to the south. The property is located on the western side of Kilburn Lane (B450), in between its junctions with Regent Street and Harrow Road (A404). The property lies less than 0.5 miles south-east of Kensal Green Station (Bakerloo Line).
The property forms part of a parade of shops in a densely populated residential area. Occupiers close by include local convenience stores, a public house and a range of local takeaways.
Accommodation
Ground Floor Retail:
Gross Frontage (inc. access) 8.25 m (27' 1")
Net Frontage 6.65 m (21' 10")
Shop and Built Depth 10.10 m (33' 2")
Ground Floor 68.85 sq m (741 sq ft)**
Tenancy in place to Zing Zing Express Ltd for a term of 10 years from 03.05.2012. Rent review every 5th year The tenant has not exercised their 2017 break clause FR & I
Current Rent - £XXX pa
Reversion - 2022
First Floor and Attic Flat
Tenancy in place to Individuals(s) for a term of 99 years from 24.06.2004
Current Rent - £XXX pa
£XXX pa payable for first 21 years
Total £XXX pa
Terms
EPC: Refer to Legal pack
No VAT
PRICE 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.
ADDITIONAL COSTS
*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 £XXX 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.
Specification
- Gross Income: £XXX pa
- Gross Yield: £XXX%
- 8 week completion
- 2017 rent review outstanding
- Retail lease expiring 2022
- 2017 break clause not exercised by tenant
- Residential reversion in c.86 years
- In close proximity to Kensal Green Underground Station (Zone 2)