Investment Consideration:
Gross Initial Yield: 4.91%
Rental Income: £22,100 p.a.
VAT is NOT applicable to this property
Comprises ground floor shop trading as a dental practice and two flats above sold-off.
Ground floor commercial let until 2034 (No breaks). Rent review for 2024 outstanding
First Floor Flat and Second/Third Floor Flat sold-off on 99-year long leasehold from 25th March 1987 (61 years remaining). Opportunity for premium to extend each flat leasehold.
Located within short walk to South Tottenham Overground Station. Nearby occupiers include pharmacy, butcher, takeaway and convenience store, amongst others
Property Description:
The property comprises ground floor shop, currently operating as a dental practice. The upper parts consist of two flats that are sold-off. The ground floor commercial tenant, Clacton Dental Care, provides NHS services and also have some of the most sophisticated dental equipment and cosmetic dentistry treatments offering, including world famous Invisalign, 3D Itero scanning and teeth whitening.
Ground Floor: 137 sq m (1,474 sq ft)
Reception, Surgery Rooms, Office, Storage, Staff WC
First Floor Flat: sold-off
Second & Third Floor Flat: sold-off
Tenancy:
The property is let to Clacton Dental Care Ltd* for a term of 15 years from 1st May 2019 at a current rent of £22,000 per annum and the lease contains full repairing and insuring covenants. Rent review in 2024 is outstanding and next review will be in 2029. No break clause.
First Floor Flat and Second/Third Floor Flat sold-off on 99-year long leasehold from 25th March 1987 with current ground rent of £50 p.a. each flat (£100 p.a.). Reversion on each flat is 2086 (61 years remaining). Opportunity for premium to extend each flat leasehold.
*Note - Clacton Dental Care is a large dental practice operator with more than 30 locations across UK.
Location:
Tottenham is a large town in north London, England, located in the historic county of Middlesex. It is centred 6 miles (10 km) north-northeast of Charing Cross, bordering Edmonton to the north, Walthamstow, across the River Lea, to the east, and Stamford Hill to the south, with Wood Green and Harringay to the west. The property is located within short walk to South Tottenham Overground Station. Nearby occupiers include pharmacy, butcher, takeaway and convenience store, amongst others.
