Investment Consideration:
Gross Initial Yield: 7.02%
Rental Income: £20,000 p.a.
Let on a reversionary lease until July 2037. Tenant in occupation since 2017.
Fixed rental increase to £24,000 p.a. in 2031 and £27,000 p.a. in 2034
VAT is applicable to this property. Transaction will be treated as TOGC.
Comprises ground floor retail shop t/a Nail Salon
Forming part of the wider Tesco-led development, incorporating a large Tesco supermarket together with residential and commercial accommodation, generating strong levels of local footfall
Occupiers nearby include Tesco Superstore, Costa Coffee, Restaurant`s, Post Office and many more.
Property Description:
Comprises ground floor retail shop t/a Nail Salon and providing the following accommodation and dimensions:
Ground Floor: 77 sq m (828 sq ft)
Open plan retail, storage, wc
Tenure:
Virtual freehold. Held on a 999 year lease from 2026 at a ground rent of peppercorn.
Tenancy:
The property is at present let to an Individual t/a Nails & Co for a term of 20 Years from 7th July 2017* at a current rent of £18,000 p.a. and the lease contains full repairing and insuring covenants. No breaks. Deposit held of £10,000 + VAT (£12,000). Fixed rent increase to £24,000 p.a. from 07.07.2031 and £27,000 p.a. from 07.07.2034 until the remainder of the term.
*Tenant in occupation on existing lease since 2017 and currently paying rent of £18,000 p.a. The reversionary lease renewal has been signed for a term of 10 years from expiry of current lease (07.07.2027) at £20,000 p.a. The vendor will top-up rent until 06.07.2027, so the buyer receives the equivalent to £20,000
Location:
The property is situated in Highams Park, an established residential and commercial district in north-east London within the London Borough of Waltham Forest. The area benefits from excellent road connectivity, with the A406 North Circular Road and M11 motorway both within close proximity, providing convenient access across Greater London and to the wider motorway network. The property occupies a prominent position on Larkshall Road, directly opposite Highams Park railway station, which provides regular services into London Liverpool Street. The premises form part of the wider Tesco-led development, incorporating a large Tesco supermarket together with residential and commercial accommodation, generating strong levels of local footfall. Highams Park town centre offers a good range of local shops, cafés, restaurants and other amenities, while the surrounding area is predominantly residential, providing the property with a substantial local catchment.
