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Commercial Property for sale
Church Lane, Kingsbury, NW9
Tenure: FreeholdFreehold office investment/development opportunity.
The property is in a prominent position to the northern end and eastern end of Church Lane near the junction with Kingsbury Road. The surrounding area has been developed to a relatively high density and comprises a mix of residential and commercial properties. There is a good road access to the area providing direct access to Central London to the south and the M1 motorway to the north. The area itself is a well established sector of the Borough with the growing pressure on major nearby centre's for commercial growth.
The property is a substantial 'L' shape, the base of which forms the entrance area to the left, looking towards the property from the road frontage. The property is a three storey office building of frame construction. The site is accessed via a shared driveway leading off Church Lane. Ample parking of approximately 8000sq ft is available to the front of the property. The building has a new lift accessing all three floors. The standard of accommodation is good and benefits from gas central heating and double glazed windows.
The ground floor was let to Autopoint UK Ltd at an income of £60,000 per annum on a 7 year lease commencing on the 23rd of December 2008 with no break option but is now vacant.
The first floor is let to Lifeline services Ltd and generates an income of £70,000 per annum, again on a 7 year lease commencing on the 23rd December 2008 with a 5 year rent rewview with no break option. Lifeline Services Ltd have good equity of approximately £8 - 10 million in the company and have been a very good tenant, they own and operate a group of nursing homes.
The second floor is currently let on a license agreement to both BC College of NW London at £40,000 per mannum and Medicina Limited at £26,000 per annum, Both have occupied for approximately 2 years.
The car wash is let on a 15 year lease with a rent review at an income of £26,000 per annum. The car wash has been there for approximately 4 years previously on a licence agreement.
The property is held in an SPV and is offered freehold.
A planning application has been prepared ready for submission to add another foot of approximately 3300 sq ft to creat four self contained units of approximately 1500 - 1700 sq ft in the car park over the 2nd/3rd floor, hence the car parking will not be affected. This will create an additional 11,000 sq ft.
Offers invited in the region of £2,250,000.
Please contact the office for further details.