Substantial Retail and Residential Ground Rent Investment with Historic Planning Consent for 9 Flats
Prominent position on the busy Finchley Road (A41)
18 retail units entirely let until 2133
Benefits from 22 residential ground rents
Rent reviews geared to 1/3 of ERV
8 residential ground rents expiring between 15 and 76 years
Planning permission was previously granted for 7 x two bedroom and 2 x three bedroom flats
Six Week Completion Period Available
Lot 11
Auction 14th February 2013
Rent £91,414 per Annum Exclusive
Status Sold Prior
Price
Sector Ground Rent
Auction Venue Millennium Hotel 44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
1.3 miles north of Regents Park, 3 miles north of London West End
Roads
A41, A5, M1 (Junction 1)
Rail
Finchley Road Underground Station (Jubilee & Metropolitan lines), Frognal Road and Frognal Overground Station
Air
London City Airport, London Heathrow
Situation
The property is situated in a prominent position on the busy Finchley Road (A41) which connects with the North Circular (A406) and M1 motorway (Junction 1) to the north and Central London to the south. The property is located diagonally opposite the O2 Centre which houses Sainsbury’s, Vue Cinema, Nando’s, Habitat, Esporta Health Club and Waterstones.
Tenure
Virtual Freehold. Held for a term of 999 years from 29th November 2001 until 25th November 3000 at a peppercorn rent.
Location
Miles
1.3 miles north of Regents Park, 3 miles north of London West End
Roads
A41, A5, M1 (Junction 1)
Rail
Finchley Road Underground Station (Jubilee & Metropolitan lines), Frognal Road and Frognal Overground Station
Air
London City Airport, London Heathrow
Situation
The property is situated in a prominent position on the busy Finchley Road (A41) which connects with the North Circular (A406) and M1 motorway (Junction 1) to the north and Central London to the south. The property is located diagonally opposite the O2 Centre which houses Sainsbury’s, Vue Cinema, Nando’s, Habitat, Esporta Health Club and Waterstones.
Tenure
Virtual Freehold. Held for a term of 999 years from 29th November 2001 until 25th November 3000 at a peppercorn rent.
Description
The property comprises eighteen self-contained retail units and commercial workshop/garages, together with 6 x two bedroom flats, 13 x three bedroom flats and 3 x four bedroom flats. (Flat 160d Finchley Road is not part of the sale).
Residential Planning Permission
Planning permission was granted in March 2008 (now lapsed) for the erection of a fourth floor mansard roof extension to provide 5 flats and a third floor plus fourth floor mansard roof extension over Midland Court to provide 4 flats together with 3 new lift towers and external staircase. For further information please refer to the legal documents.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises eighteen self-contained retail units and commercial workshop/garages, together with 6 x two bedroom flats, 13 x three bedroom flats and 3 x four bedroom flats. (Flat 160d Finchley Road is not part of the sale).
Residential Planning Permission
Planning permission was granted in March 2008 (now lapsed) for the erection of a fourth floor mansard roof extension to provide 5 flats and a third floor plus fourth floor mansard roof extension over Midland Court to provide 4 flats together with 3 new lift towers and external staircase. For further information please refer to the legal documents.
VAT
VAT is 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
Ground Rent p.a.x
Reviews
Ground/Basement Basement
Retail/Ancillary Garages/Workshops
581.25 sq m 309.83 sq m
(6,257 sq ft) (3,335 sq ft)
FROGNAL LTD (2)
125 years from 24/06/2008 until 2133 on a full repairing and insuring lease
(1) A total ITZA of 4,993.67 sq ft for 1-16 Frognal Parade and 160b & 160c Finchley Road and 3,335 sq ft for the workshop/garages was agreed between parties at the previous review. For further information please refer to the 19th May 2009 Arbitration Award within the legal documents. The combined areas in the tenancy schedule for the retail units have been provided by the Valuation Office. (2) The tenant has sub-let the retail units which are currently producing a rent of £242,568.07. A copy of the subtenancy schedule is available from the Auctioneers. (3) Under the terms of the lease the rent is reviewed to one third of estimated rental value. (4) A schedule of the ground rents is available within the legal pack. (5) Section 5B notices have been served under the Landlord and Tenant Act 1987.
