Ground Floor and Basement, 704 - 708 High Road, North Finchley, London N12 9QL Retail Investment Opportunity For Sale www.kingsbury-consultants.co.uk Ground Floor and Basement, 704 - 708 High Road, North Finchley, London N12 9QL
HOME SUMMARY DESCRIPTION & LOCATION TENANCIES TERMS
SUMMARY
• 2 x A1 retail units extending to approximately 8,406ft2 across ground floor and 7,061ft2 at basement (15,467ft2 in total)
• Total income of £180,000 per annum, part let to Argos, with immediate potential for rental growth
• Prominent High Road location
• Offers are invited in excess of £2,750,000 for a new 999 lease which reflects a 6.17% Net Initial Yield and £178 per ft2 www.kingsbury-consultants.co.uk Ground Floor and Basement, 704 - 708 High Road, North Finchley, London N12 9QL
HOME SUMMARY DESCRIPTION & LOCATION TENANCIES TERMS
DESCRIPTION
The property comprises two retail units extending to approximately 8,406ft2 (781m2) across the ground floor and 7,061ft2 (656m2) at basement level.
The remainder of the building consists of vacant offices being converted to residential use and an adjacent retail unit which do not form part of the sale. The units both benefit from A1 Use Class (Retail) and are accessed directly from the High Road.
LOCATION
The property is prominently located on the corner of High Road (A1000) and Castle Road in North Finchley, within the London Borough of Barnet. Both Woodside Park (0.6 miles) and West Finchley (0.8 miles) Underground stations (Northern Line) are within close proximity of the property.
The High Road is host to numerous shops, restaurants, bars and amenities. Nearby occupiers include British Heart Foundation, Bathstore and Pure Gym. www.kingsbury-consultants.co.uk Ground Floor and Basement, 704 - 708 High Road, North Finchley, London N12 9QL
HOME SUMMARY DESCRIPTION & LOCATION TENANCIES TERMS
TENANCIES
704 High Road is let to Grabal Alok (UK) Limited (trading as Store 21) on an 18 month’ license agreement from 23rd December 2016. The current rent is £80,000 per annum subject to a mutual break clause after 6 months of the term on 8 weeks notice.
Expressions of interest have been received from various national covenants to take a longer term lease on this unit, with further information available upon request.
708 High Road is let to Argos Distributors Limited (trading as Argos) on a FRI lease from 6th April 1994 for a term of 25 years, expiring 5th April 2019. The current rent is £100,000 per annum with the last review in 2014. Argos trade from 845 stores across the UK and Ireland.
For the financial year ending 2015, Argos had a benchmark operating profit of circa £129,000,000. Argos are a subsidiary of the Home Retail Group; www.homeretailgroup. com which posted a profit of circa £71,000,000 for the financial year ending 2015.
Address Tenant Floor NIA m2 NIA ft2 Lease Terms Rent (£pa)
18 Months from 23rd 704 High December 2016 expiring 24th Store 21 Ground 401 4,316 £80,000 Road June 2018 (6 month mutual break clause)
Basement 656 7,061 708 High 25 Years expiring 5th April Argos £100,000 Road 2019 Ground 380 4,090
Total 1,437 15,467 £180,000 www.kingsbury-consultants.co.uk Ground Floor and Basement, 704 - 708 High Road, North Finchley, London N12 9QL
HOME SUMMARY DESCRIPTION & LOCATION TENACIES TERMS
TENURE
The property will be sold on a new 999 year lease, subject to a peppercorn ground rent.
VAT
We understand that the property is not elected for VAT.
TERMS
Offers are invited in excess of £2,750,000 which reflects a 6.17% Net Initial Yield when accounting for purchasing costs of 5.75% and £178 per ft2.
ADDITIONAL INFORMATION
Further information including lease documents can be found in our dataroom using the password ‘Finchley’.
CONTACT To discuss any aspect of the property of disposal process, please contact the sole selling agents:
Jordan Oldfield 020 7183 2529 [email protected]
Joe Goldsmith 020 7183 2529 [email protected]
Kingsbury 1st Floor, 81 Alie Street, London E1 8NH
Kingsbury on their own behalf and on behalf of the Owner / Landlord of this property whose agents, gives notice that this document does not constitute any form of contract for sale or lease. Statements should not be relied upon, and interested parties are advised to satisfy themselves as to the correctness of each statement. Kingsbury is the trading name of Kingsbury Investment & Development Consultants Ltd registered in England No: 06869268.