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248 Upper Street, London
N1 1RU
Investment Summary
Freehold retail Investment let to Subway Reality Limited, with ground rent
income
Current passing rent of £42,600 per annum exclusive
Circa 80 metres from Highbury and Islington Station
Nearby retailers include: Macdonalds, Starbucks, Nationwide and Costa Coffee
Potential lease enfranchisement on the first floor flat which has 73 years
remaining on the lease
Price: Offers in excess of £725,000, reflecting a Net Initial Yield of 5.55%, after
assuming purchaser’s costs of 5.8%
Location:
Upper Street (A1) is located between Angel Station in the south and
Highbury and Islington Station in the north. The street hosts a number of
multi-national operators including various bars, restaurants and shops.
248 Upper Street is situated at the northern end of the street,
approximately 20 metres from the roundabout that connects upper street
with Highbury Corner, St Pauls Road and Cannonbury Road. Local occupiers
include Macdonalds, Starbucks, JD Weatherspoon, Snappy Snaps, Costa
Coffee and Nationwide.
Transport links for the property are excellent, with various bus routes
running north and south along Upper Street (A1), as well as Highbury and
Islington Station being located approximately 80 metres from the property.
Description:
The property is mid-terraced mixed use property, with retail (A1) on the
ground floor and residential apartments on the upper floors.
The residential upper parts have been sold off on long leases .
Use Class:
Retail (A1) use class on the ground floor, with residential (C3) on the upper
floors.
Tenure:
Freehold, subject to the existing leases.
Tenancy Schedule:
Floor
Third
Second
First
Ground
Total:
Tenant
Residential
Residential
Residential
Subway Realty Limited
Area
(sq ft)
N/A
N/A
N/A
756
Area
(sq m)
N/A
N/A
N/A
70.3
Lease Start
Lease Expiry
Annual Rent
1988
1988
1988
2012
2177
2177
2087
2027
Peppercorn
Peppercorn
£100
£42,500
£42,600
Lease Enfranchisement:
The first floor flat has approximately 73 years remaining, so there would be
a possibility for the leasehold interest to be extended.
Retail Rent:
The ITZA of the shop equates to 375.5 sq ft, which equates to a Zone A rate
of £113.18. There may be an element of reversion to the current rent,
based on these figures.
Covenant Strength:
Subway Reality Limited (SLR) is a UK corporation dedicated to leasing
properties for Subway franchisees. The company had a turnover of £27.9
million and a net profit of £1.125 million in the year ending 31/12/2013.
Legal Costs:
Each party to pay their own legal costs incurred in this transaction.
Next Break
Clause
2017
Next Rent
Review
2017
Highbury and Islington Station
Weatherspoons
Mcdonalds
Starbucks
Flight Centre
Costa Coffee
Price:
Offers in the region of £725,000 (Seven hundred and Twenty Five
thousand pounds) will be considered for the freehold interest. This reflects
a Net Initial Yield of 5.55%, after allowing for purchaser’s costs at 5.8%
EPC:
The energy performance certificate is available on request.
Further information:
For furtherinformation or to arrange a viewing, please contact the landlord’s Sole SellingAgents::
Paul Goodsir – [email protected]
Jamie Mackenzie – [email protected]
Tel: 020 7566 6455
www.goodsircommercial.co.uk
9-10 Domingo Street, London EC1Y 0TA
Commercial Property Agency • Property Investment Consultants • Surveyors • Managing Agents • Residential Lettings
Misrepresentation act: Goodsir Commercial Ltd. for themselves and the vendors or landlords/lessors of the property for whom they act, give notice that: 1. Prospective purchasers or tenants are strongly advised to check these
particulars, including any fixtures and fittings expressed to be included in the sale or lease by making inspection of the property. Also they should make all necessary enquiries with Goodsir Commercial Ltd., the vendor or the
landlord/lessor, the vendor’s or the landlord’s/lessor’s professional advisors and all other appropriate authorities and other relevant bodies. Prospective purchasers or tenants must satisfy themselves as to the correctness of these
particulars. No warranty or undertaking is given in respect of the accuracy of these particulars, dimensions, measurements or descriptions mentioned therein. 2. Prospective purchasers or tenants will be deemed to have made all
necessary searches and enquiries. 3. Any plans shown in these particulars are to enable prospective purchasers or tenants to locate the property. The plans are photographically reproduced and therefore are not to scale except where
specifically stated. The plans are not intended to depict the interest to be disposed of. Any street plans are reproduced with the consent of Goad Cartographers Limited. Location plans are based on ordnance survey maps with the
sanction of the controller of H M Stationery Office. Crown Copyright Reserved. 4. The particulars are not intended to form any part of an offer for sale or lease or contract for sale or lease. The only representations warranties undertaking
and contractual obligations to be given or undertaken by the vendor or landlord/lessor are those to be contained and expressly referred to in the written contract for sale or agreement for lease or lease between the vendor or
landlord/lessor and a purchaser or tenant. 5. All terms quoted are exclusive of Value Added Tax unless otherwise stated. 6. The vendor/lessor does not make or give, and neither Goodsir Commercial Ltd., nor any person in the employ of
Goodsir Commercial Ltd., has my authority to make or give any representation or warranty whatsoever in relation to this property. 7. Nothing in these particulars shall be deemed a statement that the property is in good condition or
otherwise nor that any services or facilities are in good working order.