Prominent mid terrace building located in the affluent area of Muswell Hill
Comprising of 2 x commercial units and 2 x two bed flats (one sold off on long lease)
Commercial space and approx. 1,776 sq ft and 2 bed flat an approx. 850 sq ft. Total 2,626 sq ft (sold off flat and common parts not included)
Low capital value of £285.60 per sq ft on guide price
Asset management potential to substantial increase the passing income by increasing the rent and changing the tenant/occupier profile (subject to negotiation)
Development potential to build into the loft space/ add another floor (subject to the requisite consents)
The basement tenant is currently in circa £50,000 arrears and the benefit of these arrear will be passed to the incoming purchaser (please refer to the legal pack)
Nearby occupiers include Franco Manca, J.D Wetherspoons, Pizza Express, Boots
Investment let at £18,000 p.a. (13.8% GIY on guide). Tenant holding over on an FRI lease since November 2020.
2015 rent review outstanding
An approx. 4,984 sq ft
Low capital value of £26 per sq ft
A section 25 notice has been drafted and can be served on the tenant (at the request of the successful bidder) at a new rent of £28,000 p.a. NB refer to legal pack.
It is understood the tenant wants to renew but the previous landlord has taken no action so far
Future development potential to add additional floors to the property