Investment Consideration:
Gross Initial Yield: 7.84%
Rental Income: £66,600 p.a.
VAT is NOT applicable to this property
Comprises ground floor shop (sold-off), 2-bedroom flat at first floor, 4-bedroom flat at second/third floor and self-contained plot of land at rear, currently used as a car parking
Flat B provides development potential to be split into 2 self-contained residential dwellings, STTP
Rear land provides development potential for additional residential dwelling/s or warehouse unit, STTP
Occupiers nearby include pharmacy, estate agents, off-license shop, restaurant and many more.
Property Description:
Mid-terrace building comprising ground floor shop (sold-off), 2-bedroom flat at first floor, 4-bedroom flat at second/third floor and plot of land at rear, currently used as a car parking, providing the following accommodation and dimensions:
Ground Floor Shop: Sold off
First Floor Flat A: 44.60 sq m (480 sq ft)
2 bedrooms, kitchen/living room, bathroom
Second/Third Floor Flat B: 80.60 sq m (868 sq ft)
4 bedrooms, kitchen, living room, 2 bathrooms, walk in wardrobe
Land at rear: 87 sq m (936 sq ft)
Flat B development potential to be split into 2 self-contained residential dwellings, STTP.
Land at rear future development potential for erection of additional residential dwelling/s or warehouse/light industrial unit, STTP.
Tenancy:
The ground floor shop has been sold-off on long leasehold to NBE Investments Ltd for a term of 999 years from 11th November 2022 at a ground rent of peppercorn.
Flat A is at present let on AST to an Individual for a term of 12 months from 1st December 2023 at a current rent of £21,000 p.a.
Flat B is at present let on CLT to Aston Pearl Ltd for a term of 3 years from 17th November 2023 at a current rent of £33,000 p.a. Mutual option to determine at any time with minimum 2 months notice.
Land at rear is at present let to M One Motors Ltd (with personal guarantee) for a term of 5 Years from 25th December 2023 at a current rent of £12,600 p.a. and the lease contains full repairing and insuring covenants. Deposit held of £1,000.
Development Potential Flat B:
The vendor has drawn plans for potential conversion of second/third floor Flat B into 2 self-contained dwellings, subject to obtaining the necessary consents.
Proposed Second Floor Flat: 44.6 sq m (480 sq ft)
1 Bedroom, Kitchen/Dining, Living Room, Bathroom
Proposed Third Floor Flat: 37 sq m (398 sq ft)
1 Bedroom, Kitchen/Dining, Living Room, Bathroom
Location:
Unlike typical British high streets Wembley does not have a town centre network or pedestrianised high streets, with almost all commercial high street businesses along a 1000-yard stretch of road (High Road). Wembley lies very close to the A406 North Circular Road, with easy access to M1 and M25. The property is located within 0.6 miles from Sudbury Hill and North Wembley Tube/Train Stations on the north side of Court Parade, at the junction with East Lane (A4088). Its proximity to Watford Road and South Kenton Underground Station (Bakerloo Line) significantly enhances commercial viability. The area, marked for growth, positions this property as a strategic investment for future development. Occupiers nearby include pharmacy, estate agents, off-license shop, restaurant/ takeaways and many more.
