Savills Property Auctions | 18 Ballards Lane, London N3 2BH

April 2023: Tuesday 18 April 2023 - 9:00am

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Floorplan

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Key features

Freehold Mixed-Use Investment & Development
Large flat roof and roof space with development Potential (STPP)
Rent reserved £65,674.50 per annum increasing annually p.a.
Well located, in heart of busy Finchley Central approx. 200 metres from underground station
Attractive double fronted corner location
Large double fronted corner restaurant café
Large ground floor independent maisonette “Hervey House” with 2 entrances, 2 utility supplies suitable for conversion into 2 maisonettes (STPP)
VAT is not applicable to this lot

Description

The property currently comprises a ground floor restaurant plus a three bedroom, three bathroom freehold flat/house at the rear. There are also four flats above which have been sold on long leases. The property also benefits from development potential at the rear large flat roof and large roof space (see plans drawn up).

Additional information

Tenure

Freehold.

Accommodation

Please note the approximate floor areas have been provided by the seller and the property has not been inspected by Savills.

Ground - Restaurant/ancillary - 130.06 sq m (1,400 sq ft)

Ground - Hervey House - 3 bedrooms, 3 bathrooms with 2 entrances/exists 132.01 sq m (1,421 sq ft)

Total Area - 262.07 sq m (2,821 sq ft)

Tenancy

Ground Floor Restaurant - let to tenant trading as Mother Restaurant for 15 years from 25/02/2020 at a rent of £41,674.50 pa. The lease benefits from annual RPI linked rent reviews (collared at 3% and capped at 5%).

Hervey House - Let on a period AST (holding over) at a current rent of £24,000 pa (increasing annually - please see legal pack).

Flats A&B, 18 Ballards Lane - Sold on long leases of 99 years each from 23.12.1999 at a ground rent of £50 each.

Flats C&D, 18 Ballards Lane - Sold on long leases expiring 22.12.2188 at a peppercorn ground rent.

Total Rent - £65,724.50

Planning

The property may be suitable for further development potential, subject to necessary consents.

The large flat roof may be suitable for a new/additional unit.
Large roof space loft may by suitable for conversion
Hervey House is an independent maisonette with two entrances, two utility supplies so could be suitable for conversion into two units.

For further information please contact Barnet Planning Authority (www.barnet.gov.uk/planning-and-building-control/).

Rent

£65,724.50 pa

Notes

The seller has served notice pursuant to section 5B of the Landlord & Tenant Act 1987 on the residential tenants to which no responses have been received.

Please note that any yellow line drawings are indicative only and should not be relied on. Please refer to the title documents in the legal pack.

VAT-Free Investment.

Contact

The property is located in the popular area of Finchley, approximately 7 miles north of central London. The property is located on the east side of Ballards Lane, in a prominent corner position adjoining Hervey Close. Nearby occupiers include Dominos, Greggs, Costa Coffee, Tesco and a number of independent shops, cafes and restaurants.

Transport

Rail: Finchley Central (Northern Line)

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If no EPC rating appears please refer to the legal pack.

•Guide prices given are indications within 10% upwards or downwards of where the reserve price may be set at the time of going to print. Please note they are not an indication of the anticipated sale price or a valuation.

•The reserve price is the minimum price at which the property can be sold.

•Both the guide price and reserve price may be subject to change up to and including the day of the auction.

•For unsold properties after an auction an Available price may be listed. This is the price that the seller(s) are looking for post auction, subject to contract and no higher offers, and has no relation to the guide prices listed prior to the auction sale.

Please note that all prices listed, whether prior to or post auction, are subject to contract.

The Auctioneers and sellers accept no responsibility for any loss, cost or damage that a buyer may incur as a result of relying on any guide price. It is the buyer's responsibility to decide how much they should bid for any lot. Please check with us for regular updates as guide prices are subject to change prior to the auction.

The guide price does not include the buyer's fee charged by the auctioneer or VAT which may apply to the sale or other amounts the seller may charge. The seller's Special Conditions of Sale will state whether there are other seller's charges and whether the seller has elected to charge VAT on the sale price.

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