SoldFreehold Shop and Upper Parts Investment For Sale - Stroud Green, London N4

Highly reversionary investment opportunity

119 Stroud Green Road,  Finsbury Park, LONDON N4 3PX

Features

  • Shop and upper parts investment - let on a single fully repairing and insuring lease
  • Passing rent £30,000 pa
  • December 2014 rent review not activated
  • Next rent review December 2019
  • Finsbury Park Station (Piccadilly & Victoria London Underground Lines and Mainline Rail) only 650 metres
  • Crouch Hill Rail Station (Overground Line) only 350 metres

Location

The property is located on the vibrant and bustling Stroud Green Road. The area provides an abundance of leisure, shopping, entertainment, bars and restaurants.

The subject property is located on the west side of Stroud Green Road just north of it's junction with Tollington Park/Upper Tollington Park (B150).

The location has superb transport and communication links. Finsbury Park Railway and London Underground Station (Great Northern, Victoria and Piccadilly Lines) is 0.65 kilometres (0.40 miles) to the south-east of the property and provides frequent services into the City of London (Moorgate Station) with a journey time of 12 minutes and into the West End (Oxford Circus Station) with a journey time of 9 minutes. In addition, Crouch Hill Station (Overground Line) is 0.35 kilometres (0.21 miles) to the north-west of the property and number of bus services with popular destinations operate from Finsbury Park including the No 29 to Trafalgar Square, the No 19 to Knightsbridge and Sloane Square, the No 4 to Waterloo, the 153 to Moorgate, and the 236 to Dalston & Hackney Wick.

Finsbury Park is being linked to the Thameslink network in 2018, which will provide services to London Bridge and the south coast.

 

Gross internal area 318.69 sq.m. /3430 sq.ft. 

Ground floor172.51 sq.m. / 1856 sq.ft.
First floor53.78 sq.m. / 578 sq.ft.
Second floor53.78 sq.m. / 578 sq.ft.
Third floor38.62 sq.m. / 415 sq.ft.

Description

This four storey mid terrace property comprises a ground floor restaurant and two self-contained flats arranged over first, second & third floor levels.

The property has been let on a single 20 year fully repairing and insuring lease, with a commencement date of 25th December 2004. There are five yearly upward only rent reviews.

The Tenant sublets the ground floor restaurant on a 10 year lease expiring in 2021, with a rent passing of £30,000 per annum. We understand that the Tenant also sublets the residential upper parts on two separate Assured Shorthold Tenancies generating an income of circa £28,000 per annum, albeit we are unable to verify this amount. It is worth noting that the residential upper parts are arranged as three self-contained one bedroom flats.

Terms

Freehold for sale subject to: 20 years fully repairing and insuring lease commencing 25th December 2004 at an initial rent of £30,000 per annum. The lease provided for upward only rent reviews at the 5th, 10th and 15th anniversaries of the term. The tenant has underlet the ground floor commercial space at a rent of £30,000 per annum for a term of 10 years expiring in 2021.

Rateable value: £21,500

Estimated Rates Payable: £10,320 per annum

Service charge: TBC

Local authority: London Borough of Islington


Property reference: 24989 Updated: 28 Jan 2019