Property description
LOCATION
Hendon is a popular Greater London centre, just 21 minutes from Central London by train and only a 4 minute drive to the renowned Brent Cross Shopping Centre. It is also only 10 minutes from the infamous Wembley Stadium. Hendon is serviced by the London Underground, London buses (including night buses) and main-line rail services, and all of the other attractions within Greater and Central London are within easy reach. The M1 can be accessed within 1 mile, and leads to the M25 London Orbital. Hendon also benefits from its own range of good local facilities including banks, restaurants, bars and shops, all within walking distance from the property. Hendon Park is a 2 minute walk away and there is a large Virgin Active Health Club across the road.
DESCRIPTION
Popular location in Hendon, a well-positioned area of Greater London
12 minutes to central London by underground, 4 minute drive to Brent Cross Shopping Centre
Ground floor let to a Dominos Franchisee on FRI terms
Virtual freehold (998 year-long leasehold)
Extensive range of local services in Hendon itself, Hendon Park is a 2 minute walk
Unique investment opportunity
10 year lease to a Dominos Franchisee, all rent is up to date, 5 years unexpired term
Dominos unit is 781 sq ft
Dominos rent £23,000 pax with a review activated, expected increase to £27,000 pax
Refurbished studios (x5) and 1 bed flats (x2), pre-let / guaranteed for 3 years at £1,038 pcm to £1,150 pcm per flat
Virtual freehold, 998 years long leasehold
OIEO £1,650,000 (company purchase possible, clean, with no other assets held, tax efficient)
Guaranteed total income £115,000 pa (minimum) producing 6.97% gross / 6.59% NIY
ACCOMMODATION
A ground floor retail unit occupied by Dominos Pizza. The upper parts contain 7 apartments over three floors ranging in size from 155 sq ft to 241 sq ft, and are of studio or 1 bedroom apartment configuration. The ground floor of the property is currently in use as a takeaway under use class A5 of the Town & Country Use Classes Order 1987 (as amended).
Virtual freehold available by way of a 998 year lease, subject to the existing tenancy, let to a Dominos Franchisee. The lease expires in approximately 5 years time and is subject to a 5 year rent review, which is currently under negotiation. It is anticipated that the revised rent will be £27,000 pax. The annual rent passing is £23,000 pax. The rental income from the flats will be paid by the vendor on a quarterly basis for 3 years, and fully managed during this time without cost. They would also be available with vacant possession, or, if preferred by an investor, a rental guarantee with management passed to the investor.
SERVICES
Mains water, electricity and drainage are available and are believed to be connected. EPCs available on request.
TERMS
Available subject to the ground floor occupational lease at a figure in excess of £1,650,000. The property is held as the only asset within a company and the company can be acquired as part of the sale for various tax efficiency savings.
OUTGOINGS
According to the Valuation Office Agency the charging authority is Barnet and the premises are described as shop and premises. The rateable value (RV) is £13,500 for the period 2015-16. By multiplying the RV by the standard UBR (2015/16 rate is 0.493), this gives the annual rates payable. For further information and clarification please contact the charging authority.
VIEWING
To view the premises or for any further information please call Sue Lamarque on 020 8432 1505