Let to FARA Enterprises Limited until 2023 (subject to option)
Affluent and highly fashionable Central London suburb
Neighbouring occupiers include HSBC, JD Wetherspoon, Starbucks, Santander, Pret A Manger and Boots
Six Week Completion
Lot 29
Auction 27th March 2014
Rent £65,000 per Annum Exclusive
Status Sold Post
Price
Sector High Street Retail
Auction Venue The Millennium Hotel 44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
Zone 1 Central London location
1 mile north of the City of London
Roads
Upper Street (A1), A501 (Inner Ring Road)
Rail
Angel Underground Station (Northern Line), 1 mile east of London Kings Cross (Mainline)
Air
London City Airport, London Heathrow Airport, London Stanstead Airport, London Luton Airport
Situation
Islington is an affluent and highly fashionable Central London Borough. The property is prominently situated on the north side of the busy Pentonville Road close to its junction with Islington High Street/Upper Street (A1). Neighbouring occupiers include HSBC, JD Wetherspoon, Starbucks, Santander, Pret A Manger and Boots.
Tenure
Long Leasehold. Long Leasehold. Held for a term of 125 years from 25th December 1988 until 2113 at £50 per annum exclusive until 24th December 2014 and then increasing by £50 p.a. every 25 years.
Location
Miles
Zone 1 Central London location
1 mile north of the City of London
Roads
Upper Street (A1), A501 (Inner Ring Road)
Rail
Angel Underground Station (Northern Line), 1 mile east of London Kings Cross (Mainline)
Air
London City Airport, London Heathrow Airport, London Stanstead Airport, London Luton Airport
Situation
Islington is an affluent and highly fashionable Central London Borough. The property is prominently situated on the north side of the busy Pentonville Road close to its junction with Islington High Street/Upper Street (A1). Neighbouring occupiers include HSBC, JD Wetherspoon, Starbucks, Santander, Pret A Manger and Boots.
Tenure
Long Leasehold. Long Leasehold. Held for a term of 125 years from 25th December 1988 until 2113 at £50 per annum exclusive until 24th December 2014 and then increasing by £50 p.a. every 25 years.
Description
The property comprises ground floor retail accommodation and forms part of an attractive larger building with significant frontage to Pentonville Road.
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises ground floor retail accommodation and forms part of an attractive larger building with significant frontage to Pentonville Road.
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review
Ground
Retail
357.67 sq m
(3,850 sq ft)
FARA ENTERPRISES LIMITED (1)
10 years from 13/09/2013 until 2023 on a full repairing and insuring lease (2)
£65,000 (3)
13/09/2018
Totals
357.67 sq m
(3,850 sq ft)
£65,000
(1) The FARA Foundation (the Charity) registered charity no. 1139349 has been working with orphaned and abandoned children in Romania since 1991. FARA has 50 charity shops situated in Central and South West London. (Source: www.faracharityshops.org 25/02/2014). (2)The lease provides for a tenant option to determine the lease on 13th September 2018. (3)The tenant is currently benefiting from a rent concession of half rent until 14th June 2014. The seller will pay the buyer a sum equivalent to the rent that would have been payable in the absence of the rent concession. Therefore the property will produce £65,000 per annum exclusive from completion of the sale.
