Freehold London Retail and Residential Investment with Development Potential
Comprises a Café, Indian Take-Away and a Flat
Commercial leases expire in 2038 and 2029 (no breaks)
Café tenant in occupation since 2006
Lapsed Planning Permission to add further x2 bed flat on second floor
Prominent Corner Location with nearby occupiers including Co-op, Costa, Aldi and numerous independent retailers and restaurants
Lot 2
Auction 12th July 2022
Rent £45,050 per Annum Exclusive
Status Sold
Price £715,000
Sector High Street Retail, Residential
Auction Venue Live Streamed Auction
Property Information
Location
Miles
2 miles south-west of Cockfosters, 3 miles north of Finchley Central
Roads
A100, A406, M1, M25
Rail
New Barnet Rail, High Barnet Tube (Northern Line)
Air
Heathrow Airport
Situation
The property is situated on East Barnet Road at its junction with Barons Gate and close to its junction with Cat Hill and Church Hill Road in a mixed commercial and residential area. Nearby occupiers include Co-op, Costa, Aldi and numerous independent retailers and restaurants.
Tenure
Freehold.
Location
Miles
2 miles south-west of Cockfosters, 3 miles north of Finchley Central
Roads
A100, A406, M1, M25
Rail
New Barnet Rail, High Barnet Tube (Northern Line)
Air
Heathrow Airport
Situation
The property is situated on East Barnet Road at its junction with Barons Gate and close to its junction with Cat Hill and Church Hill Road in a mixed commercial and residential area. Nearby occupiers include Co-op, Costa, Aldi and numerous independent retailers and restaurants.
Tenure
Freehold.
Description
The property comprises a café and Indian take-away restaurant arranged on the ground floor and a separately accessed 2/3 bed flat on the first floor, accessed from Barons Gate.
VAT
VAT is not applicable to this lot.
Planning
Planning Consent was obtained in 2015 to add a second floor 2 bed flat (Ref: 15/07699/FUL) Please contact: London Borough of Barnet - www.barnet.gov.uk - t: 020 8359 3000
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a café and Indian take-away restaurant arranged on the ground floor and a separately accessed 2/3 bed flat on the first floor, accessed from Barons Gate.
VAT
VAT is not applicable to this lot.
Planning
Planning Consent was obtained in 2015 to add a second floor 2 bed flat (Ref: 15/07699/FUL) Please contact: London Borough of Barnet - www.barnet.gov.uk - t: 020 8359 3000
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Address
Floor
Use
Floor Areas Approx sq m
Floor Areas Approx sq ft
Tenant
Term
Rent p.a.x.
Rent Review
251 East Barnet Road
Ground
Café
62.99
(678)
M.DEGIRMAN (t/a Barnet Pride Café) (1)
Term of years from 25/12/1988 expiring on 24/12/2038
£18,000
25/12/2024 and at 4 yearly thereafter
251b East Barnet Road
Ground
Take-Away
29.45
(317)
S.RASHID (t/a Anuraag Tandoori Restaurant) (2)
10 years from 08/06/2019
£9,500 (3)
08/06/2024
251a East Barnet Road
First
2/3 bed flat
-
-
AN INDIVIDUAL (4)
Assured Tenancy at £1,350 pcm
£17,550
-
Total Commercial Area
92.44
(995)
£45,050
(1) A Rent Deposit of £7,580 is held (2) A Rent Deposit of £5,051.45 is held (3) The contractual rent under the terms of the lease is £10,000 per annum. The tenant benefits from a small rent concession of £9,500 per annum whilst the tenant remains in occupation or until the rent review date in June 2024, whichever is earlier. (4) Occupied within the same family since 1950
If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
