202 City Road, London, EC1V

INVESTMENT HIGHLIGHTS

- Well located City Fringe freehold property at busy junction
- Currently producing £81,000 per annum
- Reversionary with ERV of £93,000
- Excellent transport links via Old Street and Kings Cross stations
- Seeking offers in the region of £1,300,000 (low capital value £501 per sq ft)

LOCATION

City Road is a key arterial road linking the City of London with Islington, Kings Cross and Euston.

The property is situated on the west side of City Road, at the junction with Shepherdess Walk and only a short walk from Old Street Station. The property is within close proximity to the Montcalm East Shoreditch Hotel, WeWork, the Atlas Building and Moorfields Eye Hospital.

The area is an establish office and education district with a large residential population.

DESCRIPTION

The property is a mid-terrace, five storey , period building with a variety of uses currently providing a yoga studio at basement level, retail convenience store on ground and three floors of office/Class E accommodation above. The accommodation on the upper floors may suit future conversion to residential subject to obtaining the necessary planning consents.

The offices are heated by way of wall mounted electric heaters on each floor and toilets are located on the half landings.

FLOOR AREAS - NIA

Ground * 917 sq ft 85.19 sqm
Basement 433 sq ft 40.23 sqm
First 436 sq ft 40.51 sqm
Second 436 sq ft 40.51 sqm
Third * 375 sq ft 34.84 sqm

TOTAL 2,597 sq ft 241.28 sqm

*Please note at the time of inspection, access was not possible to these areas, and measurements were provided by the seller.


TENANCY INFORMATION

Ground Floor - Let until 26th September 2037 at a current passing rent of £24,000 per annum subject to review on 27th September 2025, 2030 and 2035. The lease is contracted inside the Landlord & Tenant Act. Rent security offered by way of a personal guarantee.

Basement - Let until 10th November 2024 at a current passing rent of £7,000 per annum. The lease is contracted outside the Landlord & Tenant Act. Rent security in the form of £2,500 rent deposit.

First Floor - Let for a term of 3 years from November 2023 at a rent of £17,000 per annum exclusive.
The lease has been contracted outside the Landlord & Tenant Act.

Second floor- Let for a term of 3 years from September 2023 at a rent of £17,000 per annum exclusive.
The lease has been contracted outside the Landlord & Tenant Act.

Third Floor - Let for a term of 2 years from June 2023 at a rent of £16,000 per annum inclusive of service charge. The lease has been contracted outside the Landlord & Tenant Act.


TENURE

Freehold

VAT

We are informed the building is not elected for VAT.

EPC

C/65

BUSINESS RATES

Rateable value 22/23 23/34
Ground 18,500 16,750
Basement 3,250 3,000
1st 11,750 10,750
2nd 11,500 10,550
3rd 8,300 7,700

This is not the rates payable.
The rates position is favourable for small businesses.

PRICE

Offers in the region of £1,300,000 (ONE MILLION THREE HUNDRED THOUSAND POUNDS).