Retail Property (high street) for sale

248 Upper Street, London, N1 1RU

Under Offer 756 sq. ft. | £735,000

Property Description

Commercial information

  • 756 sq ft (70 sq m)
  • Use class orders: A1 Shops and C3 Dwelling Houses

Key features

  • Freehold retail Investment let to Subway Reality Limited, with ground rent income
  • Circa 80 metres from Highbury and Islington Station
  • Potential lease enfranchisement on the first floor flat which has 73 years remaining on the lease
  • Nearby retailers include: McDonalds, Starbucks, Nationwide and Costa Coffee

Full description

Location:

Upper Street (A1) is located between Angel Station in the south and Highbury and Islington Station in the north. The street hosts a number of multi-national operators including various bars, restaurants and shops.

248 Upper Street is situated at the northern end of the street, approximately 20 metres from the roundabout that connects upper street with Highbury Corner, St Pauls Road and Cannonbury Road. Local occupiers include Macdonalds, Starbucks, JD Weatherspoon, Snappy Snaps, Costa Coffee and Nationwide.

Transport links for the property are excellent, with various bus routes running north and south along Upper Street (A1), as well as Highbury and Islington Station being located approximately 80 metres from the property.

Accommodation:

756 sq ft shop plus an additional 3 x 1 bedroom apartments above.

Description:

The property is mid-terraced mixed use property, with retail (A1) on the ground floor and residential apartments on the upper floors.

The residential upper parts have been sold off on long leases .

Investment Summary:

Freehold retail Investment let to Subway Reality Limited, with ground rent income.
Current passing rent of £42,600 per annum exclusive.
Circa 80 metres from Highbury and Islington Station.
Nearby retailers include: McDonalds, Starbucks, Nationwide and Costa Coffee.
Potential lease enfranchisement on the first floor flat which has 73 years remaining on the lease.
Price: Offers in excess of £725,000, reflecting a Net Initial Yield of 5.55%, after assuming purchaserís costs of 5.8%.

Lease Enfranchisement:

The first floor flat has approximately 73 years remaining, so there would be a possibility for the leasehold interest to be extended.

Retail Rent:

The ITZA of the shop equates to 375.5 sq ft, which equates to a Zone A rate of £113.18. There may be an element of reversion to the current rent, based on these figures.

Covenant Strength:

Subway Reality Limited (SLR) is a UK corporation dedicated to leasing properties for Subway franchisees. The company had a turnover of £27.9 million and a net profit of £1.125 million in the year ending 31/12/2013.

More information from this agent

Nearest stations

  • Highbury & Islington (0.1 mi)
  • Essex Road (0.4 mi)
  • Caledonian Road & Barnsbury (0.5 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Goodsir Commercial Limited, London

9-10 Domingo Street, London, EC1Y 0TA

020 8012 4644 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Map & Street View

Nearest stations

  • Highbury & Islington (0.1 mi)
  • Essex Road (0.4 mi)
  • Caledonian Road & Barnsbury (0.5 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Goodsir Commercial Limited, London

9-10 Domingo Street, London, EC1Y 0TA

020 8012 4644 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

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