Highly Secure Retail Investment

Unit 1 | High Street | London | W1U 3ER

Contact us for more details about this property
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Summary

 

  • Central London residential investment opportunity
  • Prime retailing pitch
  • Secure income – Net Assets £39.5 million
  • Vacant self-contained upper parts with planning consent
  • Freehold
  • Fully furnished
  • Net Yield of 8.41%
  • £875,000, subject to contract
  • Discount to the vacant possession value

Location

This historic market town is a vibrant location for sightseeing, shopping and museums. The town benefits from being a tourist location, enjoying a rich history dating back to the Iron Age.

The area boasts excellent connectivity, making it one of London’s most accessible and desirable districts. The area’s transport links are designed to offer residents and businesses seamless access to central London and beyond, ensuring ease of travel for work, leisure, and daily commutes.

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Situation

The property occupies a highly prominent position in the heart of the town centre on the pedestrianised Market Place, at its junction with Church Street.

The property is in a 100% prime retailing pitch, directly opposite the main entrance to Rugby Central Shopping Centre. Nearby occupiers include Caffe Nero, WHSmith, Vision Express, Greggs and McDonalds.

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Description

The subject property is situated within The Modern building at Embassy Gardens. The Modern features 21 floors of light-filled contemporary apartments in a building positioned to maximise views over the river, the city and the greenery of Linear Park.

A spacious and excellently furnished two-bedroom apartment totalling 64.5 sq m (694 sq ft) with private balcony, the property comprises an open plan kitchen, dining and living area, two double bedrooms (one with en-suite bathroom) plus a separate bathroom. Designed to the highest specification, the apartment boasts wood flooring and abundant natural light.

Key Features:

  • 4th Floor
  • En-suite to master bedroom
  • Integrated kitchen
  • Second bedroom currently used as a home office
  • Private balcony with views of The Shard
  • Fully Furnished
  • EPC rating of B
  • Council Tax Band E
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Accommodation

We understand that the property provides the following accommodation:

Kitchen / Dining Area & Living Room

25.13 ft x 12.49 ft

Bedroom 1

10.74 ft x 9.49 ft

Bedroom 2

9.85 ft x 7.54 ft

Balcony

 

72 sq ft
   

Internal Area

694 sq ft (64.5 sq m)


A floor plan is available to download.

 

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Tenure

Leasehold for a term of 999 years from 1st January 2011.

Tenancy

The property is let on an Assured Shorthold Tenancy (AST) for a term of 24 months from 27th July 2023, expiring on 26th July 2025 at a current rent of £45,600 per annum (£3,800 per month).

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Service Charge

The service charge payable by the Landlord is as follows: 

1st January 2024 to 1st June 2024

£3,254.05

1st July 2024 to 31st December 2024

£3,254.05

 

The service charge information is available to download via the data room.

Proposal

We are instructed to seek a figure of £635,000 (Six Hundred and Thirty Five Thousand Pounds), subject to contract, reflecting a net initial yield of 9.0%, assuming purchasers’ costs of 5.15%.

Please note that a purchaser will be re-charged the costs of the measured survey (£810+ VAT) and searches (£1,033.29+VAT) which are provided in the data room.

Please note that a purchaser will be charged a Transaction Fee of 1.0% of the Purchase Price plus VAT.

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Investment Considerations

  1. An opportunity to acquire a high yielding high street retail investment;

  2. The property occupies a prime retailing pitch in the heart of the town centre, forming part of the Cannock Shopping Centre;

  3. Secure income with recent lease events;

  4. 27 Market Hall Street is let to Kenmare Estates Ltd (t/a Co-operative Travel), part of the The Midcounties Co-operative (Net Assets £106m);

  5. 29 Market Hall Street is let to an established pharmacy, providing in excess of 12 years unexpired lease term;

  6. Attractive net initial yield;

  7. Attractive lot size to an investor;

Contact us for more details about this property
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Note:  All prices quoted are Subject to Contact and Exclusive of VAT

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