Savills Property Auctions | 50 Chalk Farm Road, Camden, London, NW1 8AN

24 January 2024: Wednesday 24 January 2024 - 9:00am

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Key features

Freehold property
Popular location
In need of refurbishment
Development potential (subject to the requisite consents)
Camden Road Station an approx. 0.6 miles from the property
Asset management potential
VAT free investment

Description

The property comprises a shop and basement with separate front access to a self-contained split-level two bedroom flat above.

The property was damaged by fire in 2022 and requires extensive works to be returned to lettable condition. There is an occupational lease in place for a term expiring 21/12/2035 and paying a rent of £41,500. The tenant is currently not in occupation and we understand that rent is not being paid since the damage was due to an insured risk.

The property represents a unique opportunity to refurbish and create a high yielding, long term, investment in an established an popular location. The property is situated opposite Morrisons and the Camden Goods Yard development near to the junction with Ferdinand Street, close by to Camden Market, and The Roundhouse.

Nearby occupiers include Nando's, Morrisons and Sainsbury's Local. Camden lies about 2 miles from Central London.

Additional information

Tenure

Freehold

Accommodation

Prior to the fire in June 2022, the property comprised:

Ground Floor: 737 sq ft (68.4 sq m)

Basement: 368 sq ft (34.1 sq m)

First & Second Floor Flat: GIA 734 sq ft (68.1 sq m) 2 bedrooms, open plan living room/kitchen, bathroom/toilet

Tenancy

Offered subject to the terms of the occupational lease. The entire property is let on a lease to a private individual for a term of 30 years from 22/12/2005 at a passing rent of £41,500 per annum.

The lease is subject to five yearly rent reviews, with the 2020 review outstanding.

The property is currently not occupied by the tenant due to damage by an insured risk, we therefore understand that rent is not being paid in accordance with the lease.

Planning

In the course of re-instating the property, there may be potential to increase massing or create additional areas/units. This could take the form of an additional floor to reflect the build height of the adjacent property, subject to obtaining the requisite consents.

Rent

£41,500 per annum - Currently Suspended

Notes

Please note the areas provided are approximate. The photos and any drawings are for illustrative purposes only and may not reflect the exact boundary of the property. The property has not been internally inspected by Savills. Prospective purchasers must rely upon their own enquiries in this regard. Please refer to the legal pack.

We understand an insurance claim with regards to the damage has been settled. Any insurance monies are not transferred with the property.

Contact

Transport

Chalk Farm underground station (Northern line). - 0.2 miles
Camden Road underground station (Northern line).- 0.6 miles

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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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