Freehold Retail Investment with Vacant Upper Floors
Highly affluent and fashionable location
Neighbouring occupiers include Hampstead Bazaar, Boots the Chemist, Foxtons and Hamptons International
Residential redevelopment potential, subject to consents
Six Week Completion Period Available
Lot 2
Auction 14th February 2013
Rent £23,716 per Annum Exclusive
Status Sold
Price £1,040,000
Sector High Street Retail
Auction Venue Millennium Hotel 44 Grosvenor Square London W1K 2HP
In the same ownership for over 50 years
Property Information
Location
Miles
1.8 miles north of Regents Park, 3 miles north of the West End of London
Roads
A502, A406 (North Circular Road), A40, M1
Rail
Hampstead London Underground Station (Northern Line)
Air
London Heathrow, London City
Situation
The property is situated on the west side of Heath Street in the heart of the highly affluent Hampstead Village, some 150 metres south of Hampstead Underground Station (Northern Line) and Hampstead High Street with occupiers including French Connection, Kurt Geiger Shoes, Nicole Farhi, Cafe Rouge and Cote Brassarie. Hampstead Heath is approximately 700 metres to the north.
Tenure
Freehold.
Location
Miles
1.8 miles north of Regents Park, 3 miles north of the West End of London
Roads
A502, A406 (North Circular Road), A40, M1
Rail
Hampstead London Underground Station (Northern Line)
Air
London Heathrow, London City
Situation
The property is situated on the west side of Heath Street in the heart of the highly affluent Hampstead Village, some 150 metres south of Hampstead Underground Station (Northern Line) and Hampstead High Street with occupiers including French Connection, Kurt Geiger Shoes, Nicole Farhi, Cafe Rouge and Cote Brassarie. Hampstead Heath is approximately 700 metres to the north.
Tenure
Freehold.
Description
The property comprises a ground floor retail accommodation with basement ancillary storage. The upper 3 floors were formerly used as a beauty salon and could be suitable for residential redevelopment (subject to consents).
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 a ground floor retail accommodation with basement ancillary storage. The upper 3 floors were formerly used as a beauty salon and could be suitable for residential redevelopment (subject to consents).
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
Reversion
Ground Basement
Retail Ancillary
31.03 sq m 39.67 sq m
(334 sq ft) (427 sq ft)
JEEVES OF BELGRAVIA LTD (1)
10 years from 06/10/2000 on a full repairing an insuring lease (2)
£23,716
Holding over
First Second Third
Office (B1) Office (B1) Office (B1)
31.40 sq m 27.83 sq m 26.33 sq m
(338 sq ft) (300 sq ft) (283 sq ft)
VACANT POSSESSION
(3)
Total
156.26 sq m
(1,682 sq ft)
£23,716
(1) Jeeves of Belgravia Ltd are a subsidiary company of Johnson Service Group plc and operate from 13 outlets, 12 of which are in Central London. For the year ending 31st December 2011, Jeeves of Belgravia Ltd reported a turnover of £3,764,000, a pre tax profit of £132,000 and a total net worth of £329,000. (Source www.riskdisk.com 03/01/2013) (2)The tenant is holding over. (3)The upper parts are let to Micromode Medical Limited who is currently holding over on a 10 year lease but has served notice to quit the lease. Therefore the upper parts are being offered with Vacant Possession.
