AVAILABLE ON REDUCEDTERMS
The Alliance, 40-42 Mill Lane, West Hampstead, London NW6 1NR Public House with Residential Planning Permission For Sale www.kingsbury-consultants.co.uk The Alliance, 40-42 Mill Lane, West Hampstead, London NW6 1NR
HOME SUMMARY DESCRIPTION & LOCATION DEVELOPMENT TERMS
SUMMARY
• A4 unit extending to circa 5,578ft2 GIA over ground floor and basement, let for 25 years from July 2016 at a rent of £82,500 per annum
• Ancillary upper parts benefiting from planning permission to convert to 5 residential apartments (3 x 1 bed & 2 x 2 bed units) totalling 3,237ft2 GIA
• Highly sought-after location close to numerous shops and amenities and approximately 0.6 miles from West Hampstead Station (Overground & Jubilee Lines)
• Offers in the region of £2,500,000 for the entire freehold interest, reflecting a low capital value of £286 per ft2 www.kingsbury-consultants.co.uk The Alliance, 40-42 Mill Lane, West Hampstead, London NW6 1NR
HOME SUMMARY DESCRIPTION & LOCATION DEVELOPMENT TERMS
DESCRIPTION
The property comprises an attractive 4-storey mixed-used building arranged as an A4 (Drinking Establishment) unit at ground and basement level extending to approximately 5,578ft2 GIA, alongside ancillary residential accommodation extending to circa 3,158ft2 GIA across the 1st and 2nd floors.
The ground floor and basement operate as a Public House whilst the upper parts (which are separately accessed via Mill Lane) are currently used as staff accommodation.
The building occupies a broadly rectangular shaped site of circa 300m2 , with frontages on to Mill Lane and Ravenshaw Street.
LOCATION
The property occupies a prominent corner position on Mill Lane in West Hampstead, within the London Borough of Camden.
Mill Lane is host to a mix of residential and commercial uses, including a selection of shops and restaurants. More substantial commercial offerings are available on West End Lane which is approximately 0.4 miles to the east of the property.
West Hampstead Underground Station (Overground & Jubilee Lines) is located approximately 0.6 miles from the property, providing regular services into Central London.
Journey times include:
Bond Street - 9 mins, London Bridge - 18 mins and Canary Wharf - 24 mins. www.kingsbury-consultants.co.uk 40-42 Mill Lane, Kilburn, London NW6 1NR
HOME SUMMARY DESCRIPTION & LOCATION DEVELOPMENT TERMS
PLANNING & DEVELOPMENT POTENTIAL APPROVED ACCOMMODATION SCHEDULE
Planning permission was granted on 16th December 2016, under reference 2016/2661/P, Unit Floor Description GIA ft2 GIA m2 for the conversion and extension of the 1st and 2nd floors to create 5 residential units Commercial (3 x 1 bed & 2 x 2 bed apartments), alongside reconfiguration works to the ground floor Ground Alliance Public House - Let on a 25 year FRI lease from 2,669 248.0 commercial unit to create access to the proposed residential apartments. 1 Basement 28/07/2016 at £75,000 per annum 2,521 234.2 The planning consent is subject to a Section 106 Agreement which provides for a car-free Commercial Sub-Total 5,190 482.2 development. We understand that no CIL liability applies. Residential 1 First One Bedroom Two Person Apartment with Terrace 592 55.0 The online application can be found here. 2 First One Bedroom Two Person Apartment 538 50.0 3 First One Bedroom Two Person Apartment with Terrace 551 51.2 4 Second Two Bedroom Four Person Apartment 764 71.0 5 Second Two Bedroom Four Person Apartment with Terrace 792 73.6 Residential Sub-Total 3,237 300.8 Grand Total 8,427 783.0
TENANCIES
The building in its entirety is occupied by the same tenant, although let under two separate tenancy agreements, with the 1st and 2nd floors let on a 12 month AST from 28th July 2016 at a rent of £26,000 per annum. We understand that this can be terminated at any time with 2 months’ written notice.
The ground floor and basement A4 unit is let on a 25 year FRI lease (without breaks) from 28th July 2016 at an initial rent of £75,000 per annum, subject to open market reviews every 3 years. There is a fixed rental increase to £82,500 per annum in July 2019. The tenant is currently paying half-rent (£37,500 per annum) until 28th July 2018, although the Seller will top-up the rent by way of an adjustment to the purchase price so the property effectively produces £82,500 per annum from completion of the sale. Proposed First Floor Plan www.kingsbury-consultants.co.uk 40-42 Mill Lane, Kilburn, London NW6 1NR
HOME SUMMARY DESCRIPTION & LOCATION DEVELOPMENT TERMS
TENURE
The property will be sold freehold with the existing tenants remaining in-situ.
VAT
The property is elected for VAT, although the sale can be treated as a Transfer of Going Concern (TOGC).
TERMS
Offers in the region of £2,500,000. A purchase at this level reflects a low capital value of £286 per ft2 based on the existing GIA.
ADDITIONAL INFORMATION
Further information including approved planning documents, lease documents and a legal pack can be viewed in the dataroom using access code ‘Alliance’.
CONTACT To discuss any aspect of this property or the disposal process, please contact the Seller’s sole agents:
Keir Goldstein 020 7183 2529 [email protected]
Paul Heale 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.