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Marsh & Parsons Investment Summary

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Marsh & Parsons Investment Summary MARSH & PARSONS 400–402 COLDHARBOUR LANE, BRIXTON, LONDON, SW9 8LF WELL SECURED, GREATER LONDON, RETAIL INVESTMENT OPPORTUNITY INVESTMENT SUMMARY • Prominent and attractive retail investment located in the thriving London Suburb of Brixton; • Located adjacent to the entrance to Brixton Village, a hugely popular and successful Leisure Hub; • Freehold; • The property comprises Ground floor and Basement. The Upper floors, outside the ownership form part of a larger Mansion Block; • The property is secured to Marsh and Parsons Limited on a 15 year Lease expiring on 10th July 2031 (Tenant Break Option in 2026); • 10.9 years unexpired (5.9 years to Break); • Current Rental of £85,000 pax; • We are instructed to seek offers in excess of £1,350,000 (One Million, Three Hundred and Fifty Thousand Pounds) reflecting a net initial yield of 6%, allowing for graduated purchasers costs. LOCATION & DEMOGRAPHICS Brixton is a major location in the London Borough of Lambeth and is situated some 3 miles south of Central London. During the last 10 years it has benefitted from regeneration that has transformed the area into a desirable place to live, visit, shop and eat. Brixton also has a thriving live music and culture scene. This gentrification has also encouraged a significant volume of housing development. In line with this trend, house prices have risen exponentially over the last decade in the area. Brixton tube station is the last stop on the Victoria line. It acts as a major bus interchange serving much of South London. Brixton tube station provides direct access to Central London. There were 33.46 million entries and exits during 2016 making it London’s 18th busiest tube station. SITUATION The subject property is located on the vibrant and busy Coldharbour Lane, within close proximity to the entrance to Brixton Village, the suburbs primary leisure hub. Other notable occupiers within close proximity include Brew Dog, Honest Burger, Franca Manca, Premier Inn and Nanban. THE PROPERTY The property is a period building, is held freehold and comprises ground and basement floors. The upper floors form part of the wider mansion block and are not included in the title. We have measured the property in accordance with the RICS Guidance on a Net Internal Area (NIA) basis as follows: Area Sq Ft Sq M Ground Floor Sales 1101 102.2 ITZA 680 Basement 971 90.2 Total 2072 192.4 TENURE Freehold. TENANCY The ground floor and basement is let on a fully repairing and insuring lease to Marsh & Parsons Limited (5377981) from 11th July 2016 expiring 10th July 2031 at a current rental of £85,000 pax. The rent is reviewed every 5 years to the greater of open market rental value or the passing rent. The next review is due on 10th July 2021. INCOME The property produces a current annual income of £85,000 pax. WEIGHTED AVERAGE UNEXPIRED LEASE TERM (WAULT) There is an unexpired term of 10.9 years to expiry and 5.9 years to first ‘tenant break option’. TENANT COVENANT Marsh & Parsons is a London based Estate Agency, established since 1856, with 31 offices across the capital. Their most recent published accounts are set out below: Company Dun & Financial Sales Profit Net Current Tangible Name Bradstreet Year Turnover Before Assets Net Worth Rating Ending Taxes Marsh & 3A 1 31/12/2018 £33,587,000 £1,803,000 £5,560,000 £10,398,000 Parsons Limited EPC EPC’s are available upon request. VAT The property has been elected for VAT and any disposal will be by way of a Transfer of a Going Concern (TOGC). PROPOSAL We are instructed to seek offers in excess of £1,350,000 (One Million, Three Hundred and Eighty Five Thousand Pounds) reflecting a net initial yield of 6% (Subject to Contract and exclusive of VAT) allowing for graduated purchasers costs. CONTACT For more information, or to arrange an inspection please contact: Ed Smith [email protected] 07817 771 005 Patrick Over [email protected] 07799 350 236 MISREPRESENTATION: These particulars do not constitute an offer or contract. They are intended as a guide to prospective purchasers. All reasonable care has been taken in the preparation of these particulars but their accuracy is not guaranteed. The purchaser should satisfy himself or herself and as to the correctness of these details. Neither the agents nor the vendors or lessors are to be or become under any liability or claim in respect of these particulars. These particulars are supplied on the understanding that all negotiations are conducted through this office. August 2020. .
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