Freehold Retail Investment For Sale, North Kensington, W10
57 St Helens Gardens, North Kensington, London, W10
Situation & Location
The property is situated on the the western side of St Helens Gardens, close to the junction with Kelfield Gardens, in North Kensington, close to Latimer Road underground station (Circle, Hammersmith and City Lines). It forms part of a busy neighbourhood shopping parade which serves the surrounding, affluent St Quintin Estate. View location map.
Description & Accommodation
The property comprises a self-contained ground floor and basement retail unit let on a commercial lease, with residential units above and to the rear sold on long leases. The retail unit providing the following approximate floor areas:-
| Ground floor sales | 360 sq ft | 33.5 sq m |
| Basement storage | 479 sq ft | 44.5 sq m |
| Total | 839 sq ft | 78 sq m |
Tenure
Freehold (NB for SIPP investors a long lease of the shop may be sold).
Tenacy
Shop & Basement let to Violet & George Ltd for a term of four years, expiring 6/6/2020 subject to tenant’s break option on 3rd Oct 2019 on six month’s notice, at a current rent of £19,000 per annum. Full repairing and insuring terms subject to annual limit of £2,000 on tenant’s contribution to common expenses. Outside Landlord & Tenant Act 1954. A rent deposit of £5,000 is held.
The upper maisonette is sold on a 125 year lease from Aug 05 at a ground rent of £10; the rear maisonette will be retained by the vendor on the same basis.
Price
£323,000 to reflect an initial yield of 5.75% after usual costs of purchase.
Legal Costs
Each party to bear their own.
Energy Performance Certificate
In preparation.
Business Rates
The local authority has verbally informed us that the rateable value for the premises is £14,750 and the rates payable for the current year ending 31/03/19 are £6,417 subject to reduction for small business relief. Interested parties should make their own enquiries and confirm: - Royal Borough of Kensington and Chelsea business rates department 0208-315-2082.
VAT
The property is VAT opted.
Contact
Jeremy Barnard
Tel: 020 7938 3990
Fax: 020 7937 3764
Email: jb@jmwbarnard.com
Important Notice: Measurements are approximate and no responsibility is taken for any error, omission or mis-statement in these particulars which do not constitute an offer or contract. No representation or warranty is given either during negotiations, in particulars, or elsewhere. Unless otherwise stated all rents and prices are exclusive of VAT, where applicable.
