News
Highgate High Street Investment Sold
Acting on behalf of Doonfiny Investment, Gilmartin Ley sold the freehold interest in 62-64 Highgate High Street to a private family property company for £5.25m.
Gilmartin Ley have been advising Doonfiny for several years in respect of lettings, rent reviews and valuation matters and this is the first time the property has changed hands for over 50 years.
The property comprises office space, two retail shops, and three flats and is producing a current income of £348,359 p.a.. The average unexpired term of the commercial accommodation (80% of the current income) is c. 4 years. Two of the units are vacant: an office of 1,467 sq ft and a workshop with development potential of 486 sq ft.
The purchase completed in May 2010.
Southgate investment with development potential sold for £2 million
Acting on behalf of a Coffey Construction Limited, Gilmartin Ley sold the freehold interest in 141 High Street, Southgate N14. The property comprises:
- a 1,834 sq ft ground floor retail / banking unit let to Barclays until June 2011 at £29,000 p.a.
- a 422 sq ft ground floor estate agents let until November 2023 at a passing rent of £14,000
- two upper floors of vacant offices with a total net area of 5,507 sq ft
The property was sold with the benefit of a planning consent to add two floors and for the resulting 2nd - 4th floors to provide 18 flats, with the first floor remaining as offices.
The property was sold in May 2010 to a private individual for £2 million.
Mollison Avenue 2.18 acre site acquired for private property company
Gilmartin Ley acted for a private property in the acquisition of the freehold interest in 1050 Mollison Avenue in Brimsdown, Enfield EN3 from the administrators. The property comrpises a detached and recently constructed prominent warehouse / industrial building of 21,000 sq ft on a site of 2.18 acres. The transaction exchanged and completed in January 2010 for £2.55 million.
70,000 sq ft industrial freehold acquired for clients in N11
Gilmartin Ley advised a consortium of private clients on the acquisition of 70,000 sq ft of modern freehold industrial B1/B2/B8 space for occupational and investment purposes. The purchase completed in February 2010.
Barnet school site sold for residential development
Acting on behalf of the owners, Gilmartin Ley sold the freehold interest in this 0.83 acre site on Union Street in the centre of Barnet, Herts. The property was sold to Hanover Housing in March 2010 for £1.7 million. This sale provides further evidence that the residential development market is continuing on its recovery path.
Extend Now takes off
We have created a new company with a dedicated focus: Extend Now providing expert valuation advice for residential lease extensions and collective enfranchisement (buying the freehold).
Tesco opens new store in Southgate N14
Gilmartin Ley secured anchor tenant Tesco in a new 4,000 sq ft retail development in Southgate N14 in March 2009. Tesco signed up to a 15 year lease with no breaks at a starting rent of £73,000 per annum.
Gilmartin Ley advise the joint venture developers, Chaseside Developments.
Prior to the construction of the new building, Gilmartin Ley advised one of the joint venture partners, who are private individuals, in respect of the development agreement.
Edgware site sale shows real signs of recovery in the residential development market
In a clear signal of increasing optimisim in the property development market in North London, Jaysam Developments Ltd bought 108-110 Edgwarebury Lane, Edgware for £1 million. The property comprises a pair of dilapidated semi-detached houses on a site of 0.3 acres with planning permission for 12 flats to provide a total saleable area of 9,050 sq ft. There was intense competition for the site which Gilmartin Ley sold on behalf of BDO Stoy Hayward acting as administrators in May 2009.
Upper Street restaurant lease renewal agreed at £75,000 per annum
Gilmartin Ley advised the private property company who owns Youngs Restaurant on Upper Street, Islington in the renewal of the lease to the restaurant tenant. A rent of £75,000 per annum was agreed in December 2008.
Bethnal Green investment with development potential sold for £2.25 million
5 Hollybush Place, Bethnal Green is a builders merchants on a site of 0.5 acres. The property is let to Travis Perkins at £62,100 per annum on a 25 year Lease from March 1999 with a tenant's option to break in 2014. Gilmartin Ley acted for a private property company in the sale of the investment for £2.25 million in March 2008 to Bluecroft Properties Limited & Rock Investmet Holdings plc. This shows a gross initial yield of 2.8%.
