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Virtual Freehold Investment For Sale in Finchley Central - London N3

  • For sale
  • For sale
  • For sale

Location

The property is located on the north side of Ballards Lane in the parade of shops between Falkland Avenue and Cornwall Avenue, just 385 metres north of the intersection between Ballards Lane, Nether Street and Regents Park Road.

Being one of the most sought-after locations in suburban North London, Finchley Central is a popular area to live in and also is targeted by many professional occupiers such as solicitors and accountants. The location also provides an abundance of leisure, shopping and entertainment facilities as well as pubs and bars. Occupiers in the immediate vicinity include; Barclays, HSBC, Morrisons, Subway, Nationwide, KFC, Costa Coffee, Sharpes, Tesco, Dreams and Greggs, as well as many independently run shops, pubs, cafes and restaurants.

The property has superb communications links with Finchley Central Underground Station (Northern Line) being circa 415m south east of the property. This provides frequent southbound services to Bank Station with a travel time 27 minutes and Charing Cross Station with a travel time 23 minutes. There are regular northbound services to High Barnet Station with a travel time 10 minutes and Mill Hill East Station with a travel time 3 minutes. Additionally, Ballards Lane is a major bus route along which there are numerous services running at frequent intervals. There is easy access to main road communications including the North Circular Road (A406), M1 motorway, A1 and A41.



Property reference:27684    Updated: 06 Mar 2020


Ground Floor (Superdrug Unit), 105 Ballards Lane,  Finchley Central, 
LONDON N3 1XY

Offers in excess of £1,000,000 subject to contract


Features

  • Virtual freehold (new 999 year long lease) investment in the Heart of Finchley Central
  • Highly reversionary rent of £55,000 per annum
  • Affluent and highly desirable North London location
  • Vibrant shopping thoroughfare
  • Next rent review: 29th September 2023
  • Excellent public transport links
  • 435 metres to Finchley Central London Underground Station

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The property comprises a ground floor mid-terrace retail unit (A1 Use) which is currently let to Superdrug PLC at a rent of £55,000 pa on an effectively full repairing and insuring lease for a term of 10 years from 29th September 2018, with provision for a tenant only option to determine and rent review on 29th September 2023.

The rent passing was heavily discounted by the landlord on the renewal of the Lease in 2018 to reflect reconfiguration changes to the property to enable the significant redevelopment works being carried out to the remainder of the ground floor, upper parts and rear of the property.

The tenant has an excellent covenant strength, with Superdrug Stores PLC having a Dun and Bradstreet rating of 5A1. Superdrug is now the UK’s second-largest beauty and health retailer currently operating over 800 stores in England, Scotland, Wales, Northern Ireland and the Republic of Ireland. In addition, the company currently has circa 220 in-store pharmacies.

A copy of the Lease is available to download from our website.

Viewings

By prior appointment with Gilmartin Ley, telephone 020 8882 0111.

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Accommodation

Superdrug Unit 387.66 sq.m. / 4172 sq.ft.
Gross Internal Area
Gross internal area 387.66 sq.m. /4172 sq.ft. 

Terms: Virtual freehold (new 999 year long lease)at a peppercorn ground rent for sale subject to to the 10 year lease to Superdrug Stores PLC dated 28th September 2018, with a current passing rent of £55,000 per annum. This property is elected for VAT and therefore VAT is payable in respect of the price.

Service charge: Service charge commentary is available to download from our website.

Local authority: London Borough of Barnet