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112-114 Burnt Oak Broadway, Edgware HA8 5EN

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112-114 Burnt Oak Broadway, Edgware HA8 5EN 112-114 Burnt Oak Broadway, Edgware HA8 5EN Freehold retail investment opportunity with future development potential SUMMARY Rare opportunity to acquire a prominent freehold retail investment let to Ladbrokes Betting & Gaming Limited Subject property benefits from rental income of £55,000pax, with Ladbrokes having an overriding lease on the whole building Freehold ownership will include ground floor retail unit and offices in the upper parts (first & second floors) Plans submitted to Barnet council to convert the upper parts to 6 x studio apartments under permitted development Ladbrokes existing lease expires in April 2022 We are inviting offers in excess of £1,150,000 for the freehold interest with the benefit of the existing income Ground floor bookmakers DESCRIPTION LOCATION The subject property comprises a ground floor betting The property is located in the popular shop, with self-contained offices in the upper parts. The suburb of Burnt Oak, Edgware, ground floor extends1,789sqft and benefits fromA1 use. approximately 10 miles from Central The first measures 961sqft and the second floor extends London. The property is situated in a c.1,004sqft and therefore 1,965sqft of office space. Total prominent corner position at the busy accommodation for the property is 3,754sqft. junction of Burnt Oak Broadway and Watling Avenue. Nearby occupiers Ladbrokes Betting & Gaming Limited currently have an include Tesco Metro, Peacocks, Savers, overriding lease on the whole building. This lease was initially Shoe Zone, Greggs and a number of granted in April 2007 on a 15-year term and therefore the independent retailers. The property lease expires in April 2022. A rent review has just been benefits from a public car park to the rear undertaken by the vendor with Ladbrokes which has revised for approximately 50 cars. the income to £55,000pax effective immediately. PROPERTY ADDRESS 112-114 Burnt Oak Broadway, Edgware HA8 5EN POTENTIAL The property is likely to appeal to both investors and developers. Given the strong location, at guide price the property provides a solid return at 4.8% with a high-quality covenant having another guaranteed 4 years left on their lease. In addition to a sensible return, at guide you are purchasing the whole building at an average of £306psf. The property also possesses added value to a purchaser on expiry of Ladbrokes lease should they wish to explore it. With permission pending from Barnet council for conversion of the existing offices (first & second floors) to 6 x studio apartments. If a purchaser wishes, they can explore the obvious potential to try and agree a new lease with Ladbrokes just for the ground floor or a new occupier. We would anticipate a rent of£40,000pax being achievable for the ground floor alone. Then following works being carried out on the uppers we believe the GDV of the flats to fetchc.£1,100,000 (£185,000 per unit). Alternatively, if retain a total ERV for the uppers would be c.£57,600pax plus the GF income so potential ERV at £97,600pax. TERMS We are inviting offers in excess of £1,150,000 for the freehold interest. This represents a 4.8% return on existing income and low capital value of £306psf across all accommodation. The property is not elected for VAT. First floor offices Pro map showing subject site for sale 21 Risborough Street Southwark London SE1 0HG +44 (0) 207 299 4230 [email protected] www.henshallandpartners.co.uk Important Notice: Particulars: 1. These particulars are not an offer or contract, nor part of one. You should not rely on statements by Henshall & Partners in the particulars or by word of mouth or in writing (“in- formation”) as being factually accurate about the property, its condition or its value. Neither Henshall & Partners Ltd nor any joint agent has any authority to make any representations about the property, and accordingly any information given is entirely without responsibility on the part of the agents, seller(s) or lessor(s). 2. Photos etc: The photographs show only certain parts of the property as they appeared at the time they were taken. Areas, measurements and distances given are approximate only. 3. Regulations etc: Any reference to alterations to, or use of, any part of the property does not mean that any necessary planning, building regulations or other consent has been obtained. A buyer or lessee must find out by inspection or in other ways that these matters have been properly dealt with and that all information is correct. 4. VAT: The VAT position relating to the property may change without notice. Henshall and Partners Ltd (Reg No:10712199). Registered address: Onega, 112 Main Road, Sidcup DA14 6NE..
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