The retail accommodation is provided at ground floor with self-contained residential accommodation over the upper parts accessed from the rear.
The property is of brick construction arranged on ground and two upper floors with a 3rd floor mansard.
The upper part residential has been sold off on a long occupational lease.
Location
St John’s Wood High Street is located in the heart of St John’s Wood, providing the area’s main fashion, restaurant and convenience offering. Surrounded by the affluent suburbs of Primrose Hill, Regents Park, Marylebone and Little Venice, St John’s Wood joins these areas as one of north west London’s most desirable residential locations. St John’s Wood is both home and nearby to a number of world-famous tourist attractions including Lord’s Cricket Ground, TFL London Zoo and Abbey Road Studios.
The premises benefits from a prime position on St John’s Wood High Street retail pitch, surrounded by a mix of uses including retail, leisure and residential. Nearby occupiers of note include Boots, Face Gym, Gap, Holland & Barrett, Space NK, The Ivy Café and Whistles. The property is just a 2 minute walk to St John’s Wood Underground Station (Jubilee Line).
Accommodation
94 St John’s Wood High Street Ground floor - Fashion Shop:
Shop Overall - 87.05 sq m (937 sq ft)
Rear store/kitchen - 17.09 sq m (184 sq ft)
94A St John’s Wood High Street Upper parts - Residential - Reception, kitchen 5 rooms,bathroom, garage
Terms
COVENANT - The tenant ZV UK Limited posted a turnover in 2022 of £11.34 million with a pretax profit of £467,000 and shareholders funds of £6.728 million.
TENURE - Freehold.
VAT - The property is not elected for VAT.
EPC - The commercial element has an EPC rating of C54.
PROPOSAL - We are instructed to seek offers in excess of £1,195,000 (One Million, One Hundred and Ninety Five Thousand Pounds), subject to contract . A purchase at this level reflects an attractive Net Initial Yield of 7.5%.
LEGAL COSTS - Each party to be responsible for their own legal costs incurred in this transaction.
TENANCIES - See the attached brochure for information
Specification
- Superbly positioned within the prime High Street pitch
- St John’s Wood is a highly affluent Northwest London Suburb
- New 10 year lease (tenant option to determine at the 5th year)
- Rent £95,075 pa
- Freehold
- Let to a substantial covenant with guarantor
- Residential upper part sold on long lease
- Offers sought in excess of £1,195,000 stc
- Net Initial Yield 7.5%