Industrial Development for sale

245 Eversholt Street, London, NW1 1BA

Offers in Excess of £1,500,000
4,050 sq. ft.

Property Description

Commercial information

  • 4,050 sq ft (376 sq m)

Key features

  • Freehold Property For Sale
  • First Floor Residential Vacant
  • Second & Third Floor Residential Sold Off On Long Leases
  • Situated Within Euston Regeneration Zone
  • Capital Value 370 PER SQ.FT.
  • Net Running Yield of 5.98%

Full description

Tenure: Freehold

Description
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Description
245 Eversholt Street is a period terraced property arranged over ground, lower ground and three upper floors. It comprises a self-contained restaurant unit on ground and lower ground floors and a one bedroom residential flat at first floor level.

The restaurant is designed as a vampire themed pizzeria, with a high quality, bespoke fit out, including a bar in the lower ground floor. The first floor flat is accessed via a separate entrance at the front of the building and has been recently refurbished to a modern standard.

The second and third floor flats have been sold off on long leases.

Location
245 Eversholt Street is located in the King’s Cross and Euston submarket, and runs north to south, linking Camden High Street with Euston Road. The property is situated on the western side of the north end of Eversholt Street, approximately 100 metres south of Mornington Crescent station, which sits at the northern end of the street. The property benefits from being in walking distance of the amenities of the surrounding submarkets; namely Camden Town to the north, King’s Cross and Euston to the south, and Regent’s Park to the east.

Accommodation and Tenancy
The restaurant unit is let on a fully repairing and insuring (FRI) lease to Lost Boys Pizza Limited for a lease of 20 years, expiring on 20th November 2038 at a rent of £70,000 per annum. The lease is inside the Landlord & Tenant Act 1954 and is subject to five year, upward only rent reviews.

The first-floor residential flat is offered with vacant possession. The second and third floor flats are sold off on 999-year long leaseholds at a rent of £100 per annum each.

Tenure
The property is held freehold under title number NGL688134.

Planning
245 Eversholt Street sits within the planning jurisdiction of Camden and is in the Camden Town conservation area. The building is not listed; the ground and lower ground floor unit falls under use class A3 (restaurant) and the upper floors fall under use class C3 (residential) under the Town
and Country Planning Act.

VAT
The property is elected for VAT. It is anticipated that the transaction will be treated as a transfer of going concern (TOGC).

Proposal
Offers for the freehold interest are invited in excess of £1,500,000 subject to contract and exclusive of VAT. A purchase at this level reflects a low capital value of £370 per sq ft.


More information from this agent

Nearest stations

  • Mornington Crescent (0.0 mi)
  • Camden Town (0.4 mi)
  • Euston (0.4 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

LDG The Creative Property Team, London

39 Foley Street, London, W1W 7TP

020 8012 7292 Local call rate

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Floorplans

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Floor Plan
Floor Plan

To view this property or request more details, contact:

LDG The Creative Property Team, London

39 Foley Street, London, W1W 7TP

020 8012 7292 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

  • Mornington Crescent (0.0 mi)
  • Camden Town (0.4 mi)
  • Euston (0.4 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

LDG The Creative Property Team, London

39 Foley Street, London, W1W 7TP

020 8012 7292 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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