Freehold Retail Investment with Significant Residential Development Opportunity Above
Comprises two shops with vacant self-contained residential accommodation on the first and second floors
Significant refurbishment or redevelopment opportunity on upper parts
Shop leases expire in July 2029 and March 2031 (by way of recently extended lease) - no breaks in either lease
VAT-free London property with significant asset management opportunities
Popular and vibrant North West London suburb
Lot 3
Auction 24th October 2019
Rent
Status Sold
Price £750,000
Sector High Street Retail
Auction Venue The Montcalm Hotel 2 Wallenberg Place London W1H 7TN
Property Information
Location
Miles
9 miles north-west of Central London
Roads
North Circular (A406), A40
Rail
N or th Wembley (Bakerloo and Overground Lines) Wembley Park (Jubilee Line)
Preston Road (Metropolitan Line)
Air
London Heathrow
Situation
The property is located in Wembley, 9 miles north-west of Central London. The property is on a prominent corner position forming part of a parade, on the northern side of The Broadway, a small parade at the intersection of Preston Road and Forty Avenue (A4088). The property is equidistant between North Wembley and Wembley Park tube stations.
Tenure
Freehold.
Location
Miles
9 miles north-west of Central London
Roads
North Circular (A406), A40
Rail
N or th Wembley (Bakerloo and Overground Lines) Wembley Park (Jubilee Line)
Preston Road (Metropolitan Line)
Air
London Heathrow
Situation
The property is located in Wembley, 9 miles north-west of Central London. The property is on a prominent corner position forming part of a parade, on the northern side of The Broadway, a small parade at the intersection of Preston Road and Forty Avenue (A4088). The property is equidistant between North Wembley and Wembley Park tube stations.
Tenure
Freehold.
Description
The property comprises two ground floor shops, with residential accommodation on the first and second floors, separately accessed from the front. The upper parts are together arranged as 12 rooms, with six rooms on both the first and second floors and a WC/shower room on each floor. The first and second floors of the property have potential to be converted into two large maisonettes.
VAT
VAT is not applicable to this lot.
Planning
For further information contact Brent Council:
w: www.brent.gov.uk/
t: 44 (0)20 8937 5210
EPC
Available from the legal pack at acuitus.co.uk
Description
The property comprises two ground floor shops, with residential accommodation on the first and second floors, separately accessed from the front. The upper parts are together arranged as 12 rooms, with six rooms on both the first and second floors and a WC/shower room on each floor. The first and second floors of the property have potential to be converted into two large maisonettes.
VAT
VAT is not applicable to this lot.
Planning
For further information contact Brent Council:
w: www.brent.gov.uk/
t: 44 (0)20 8937 5210
EPC
Available from the legal pack at acuitus.co.uk
Tenancy & Accommodation
Unit
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
4 The Broadway
Ground
Retail/Office
36.90 sq m
(397 sq ft)
GLOBAL IRONING LIMITED t/a Global Ironing
10 years from 25/07/2019 until 24/07/2029
£10,000 (1)
25/07/2024
4a The Broadway
First
Second
Residential (3 rooms) Residential (3 rooms)
27.10 sq m
28.40 sq m
(292 sq ft)
(306 sq ft)
VACANT (1)
-
-
-
5 The Broadway
Ground
Retail
35.80 sq m
(386 sq ft)
K. S. LIMBANI t/a Kutting Professionals
20 years from 25/03/2011 until 24/03/2031 (2)
£10,000
25/03/2021 25/03/2026
5a The Broadway
First
Second
Residential (3 rooms) Residential (3 rooms)
24.23 sq m
27.71 sq m
(261 sq ft)
(298 sq ft)
VACANT
-
-
-
Total
180.14 sq m
(1,940 sq ft)
£20,000
(1) The Landlord holds a 6 month rent deposit. (2) 5 The Broadway was originally let for a term of 10 years, without breaks, from 25th March 2011, but by way of a reversionary lease dated 19th August 2019, the lease was extended for a further term of 10 years from 25/03/2021, thereby expiring on 24/03/2031. This lease is drawn outside the Security of Tenure provisions of the Landlord and Tenant Act 1954.