JP Elliott Tel:

Transcription

1 A Convenience Highly Reversionary Store and Mixed Petrol Commercial Filling Station Let to and The Residential Co-Operative Investment Group Ltd in FOR the SALE heart of Marylebone Street and Place Marylebone, London W1H 1JY JP Elliott Tel:

2 Investment Summary A corner building comprising 4 Commercial units and 8 long leasehold Flats situated in London s West End. Freehold. Occupied by four commercial tenants with the potential to renegotiate and renew leases and implement an outstanding rent review. Total income of 107,900p.a.x. Considered highly reversionary ERV atleast 160,000pax Potential for short term rental improvement and partial redevelopment of the roof space over the Place frontage. Offers sought in region of 3,000,000 subject to contract Location & Situation The property is situated in the heart of London s West End being part of Marylebone, a vibrant areas blending high quality residential accommodation with fashionable retail and food offerings. The area has seen continued improvement in recent years benefitting from sizeable regeneration and investment initiatives by the two largest landowners, Portman and Howard De Walden Estates and other owners. A raft of upmarket eateries and retailers including Chiltern Fire House, Ivy restaurant, Waitrose, Matches J Crew and many improved office developments have added to its cache. The area is bordered by Mayfair and Marylebone and Fitzrovia. Description The property comprises a corner site fronting onto Street and Place The ground floor and basements are currently configured as commercial comprising, a café, drycleaners (collection only) and two Office showroom users with retail consent. There are two Flats accessed from place below a flat roof and 6 accessed from Street. A service charge regime is in place. All these properties are full repairing and insuring. Areas We are informed the areas are : Areas Sq. m./(sq ft) ITZA 94/96 Pl 94a Pl G f (626) B ment 79.05(851) G fl (280) B ment (346 ) Gf (544) B ment ( 866) G f.25.73(277) B ment 49.2(530 )

3 Planning We are advised that the property is not listed nor in a conservation area and enjoys uses A1,A2, A3, B1 and B2 Rental Income The property is let on four commercial agreements with a total rental of 106,500 pax and 8 residential Long leases in accordance with the following tenancy schedules. Total income is therefore 107,900 pax This rent is reversionary a recent independent valuation has concluded the ERV should be. At least 160,000pax Commercial Tenancies Unit Tenant Lease Details Rent PA Comments 94/96 Place 94a Place, 48 Street 49 Street Total Cidacrown Limited J Dirwan T/A Regent Dry Cleaners Parkzone Ltd T/A Mayfair Recruitment N &M Hondus T/A L'Anglo Bianco Café 20 year lease from 25/12/16 Rent reviews every 5 years to higher of OMR and 2% pa compounded. 20 year lease from 1989 holding over. 20 Years from Years from ,000 Agreed rent Lease in soliciters hands 16,000 This rental is reversionary and affords the opportunity to renew or re-let. 28, rent review outstanding. 22,500 2 years to next rent review/lease renewal 106,500 Residential Leases Unit Lease Details Rent PA Flat 1 94/ Year lease 0 Pl from 25/3/1978 Flat 2 94/ years from 200 * from29/9/2007 Flat 1, years from 200 * Flat 2, years from 200 *+ Flat 3, years from 200 * 25/3/1990 Flat 4, years from 200 * Flat 5, years from 200 * Flat 6, years from 200 * Total 1, *Rent Doubles every 25 years + Rent becomes a peppercorn in 3014

4 EPCs Available on request. VAT The property has not been elected for VAT and therefore this will not be payable on the purchase price. Tenure Freehold. Held in two interests to be consolidated on sale. Proposal Our client is seeking offers in the region of 3,000,000 (three million pounds) subject to contract and exclusive of VAT.

5 Contact Details For further information or to arrange an inspection, please contact: JP Elliott 11 Mason s Arms Mews London W1S 1NX Jon Elliott jon@jpelliott.co.uk Tel: Ramy Riad r.riad@sentram.co.uk Tel: / Tel: 44 (0) / / +44 (0) Disclaimer JP ELLIOTT and Sentram for themselves and for the Vendor of this property whose Agents they are, give notice that: The particulars are set out as a general outline for the guidance of intending purchasers and do not constitute nor constitute part of an offer or contract.all descriptions, dimensions, references to condition and necessary permissions for use and occupation and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each item. (iii)no personal employee of JP Elliott has any authority to make or give any representation or warranty whatever in relation to these properties. Unless otherwise stated, all prices and rents are quoted exclusive of Value Added Tax (VAT).JP Elliott will not be liable, in negligence or otherwise, for any loss arising from the use of these particulars. These particulars were prepared as at May 2017