SoldShop and Upper Parts Investment For Sale - Harringay, London N15

2 x Commercial Premises & 4 x Residential Flats

602 - 604 Seven Sisters Road,  South Tottenham, LONDON N15 6HT

Features

  • Fully Let Investment - Passing rent £60,299.92 pa
  • 0.25 miles to Seven Sisters London Underground and Railway Station
  • Asset management potential to improve income through refurbishment and rent reviews
  • Rent reviews (29th June 2013) on commercial leases are yet to be activated

Location

The property is located on the east side of Seven Sisters Road within a secondary retail parade situated between Candler Street to the south and Albert Road to the north.

The property has excellent communications being circa 0.25 miles south of Seven Sisters London Underground and British Railway Station, with train times to central London of approximately 15 minutes.

Seven Sisters Road is a main bus route with services operating in close proximity to the subject property providing a circa 30 minutes travel journey to St Pancras Kings Cross.

Net internal area 500.73 sq.m. /5389 sq.ft. 

Restaurant (602)134.46 sq.m. / 1447 sq.ft.
Shop (604)185.28 sq.m. / 1994 sq.ft.
Flat 602a44.54 sq.m. / 479 sq.ft.
1 BED FLAT
Flat 602b44.59 sq.m. / 479 sq.ft.
1 BED FLAT
Flat 604a45.91 sq.m. / 494 sq.ft.
1 BED FLAT
Flat 604b45.95 sq.m. / 494 sq.ft.
1 BED FLAT

Description

The property comprises 2 x commercial premises (supermarket and a restaurant, which is at presently being used as storage for the supermarket) at ground floor level and 4 x 1 bedroom residential flats. Other occupiers in the parade include Ladbrokes, Post Office and Costcutter amongst a number of other local businesses. Summary of tenancies:

602 Seven Sisters Road (Restaurant A3 Use) - Let on a 20 year full repairing and insuring lease from 28th June 2009 (expiring 2029) at £10,000 per annum exclusive subject to four yearly rent reviews. The rent review due on 29th June 2013 has not yet been implemented.

604 Seven Sisters Road (Shop/ Retail A1 Use) - Let on a 20 year full repairing and insuring lease from 29th June 2009 (expiring 2029)at £15,000 per annum exclusive. The rent review due on 29th June 2013 has not yet been implemented.

Flat 602a - Let on a 3 year management contract from 16 March 2012 with a passing rent of £635 pcm (£7,620 pa).

Flat 602b - Let on a 12 Month Assured Shorthold Tenancy to 30th June 2014 with a passing rent of £823.33 pcm (£9,879.96 pa).

Flat 604a - Let on a 12 Month Assured Shorthold Tenancy to 30th June 2014 with a passing rent of £823.33 pcm (£9,879.96 pa).

Flat 604b - Let on a 12 Month Assured Periodic Tenancy from 30th July 2007 with a passing rent of £660 pcm (£7,920 pa).

Terms

Freehold for sale subject to the following tenancies: 602 - 20 year full repairing and insuring lease expiring 29th June 2029. Passing rent £10,000 per annum exclusive. 604 - 20 year full repairing and insuring lease expiring 29th June 2029. Passing rent £15,000 per annum exclusive. The upper parts are let on assured shorthold tenancy agreements, with a current annual rental income of £35,299.92 exclusive. The property is fully let and currently has a total rent passing £60,299.92 per annum exclusive.

Rateable value: £28,250

Estimated Rates Payable: £13,560 per annum

Service charge: tbc

Local authority: London Borough of Haringey


Property reference: 22448 Updated: 03 Mar 2015