|Energy Performance Rating||N/A|
Sought after retail investment with development potential
St John’s Wood is an affluent suburb in northwest London, located in the City of Westminster and on the northwest side of Regent’s Park, just 1 mile north of Baker Street. St John’s Wood High Street is located in the heart of St John’s Wood with Primrose Hill, Regent’s Park and Lord’s Cricket Ground on its door step. Nearby occupiers include The Ivy Café, Nat West Bank, The Kooples, Chancellors Estate Agents, Starbucks, Carluccio’s and Harry Morgan’s Deli. St John’s Wood enjoys excellent links to central London and the M4, making it a very desirable residential location. The area is well positioned in relation to the underground network. St John’s Wood Underground Station is 0.2 miles (4-minute walk) from the subject property, which offers services on the Jubilee line. Baker Street Underground Station is 1.0 mile (20-minute walk) to the south, providing services on the Metropolitan, Hammersmith & City, Bakerloo and Circle lines enabling fast communications across London. South Hampstead station is situated just 0.8 miles to the north west (17-minute walk) providing overground services to Wembley Central, Harrow & Wealdstone and Watford Junction and Marylebone is 1.0 mile to the south (21-minute walk). The subject property is in the prime retail pitch on the east side of St John’s Wood High Street, towards its intersection with both St John’s Wood Terrace and Circus Road.
- Let to the substantial charity of The Hospital of St John and St Elizabeth
- Upper floors provide two self-contained flats sold off on long leases plus a vacant first floor office
- Central position in St Johns Wood High Street with rear access and yard offering future development potential
- Current rent on the retail element £72,200 pa with an ERV of £78,500 pa
The property comprises an attractive brick built premises arranged over ground and three upper floors. The ground floor is a retail unit occupied by a substantial local charity. There is a rear access to a store room and W/C. The first floor office room and residential have separate access and are self contained. The residential upper parts which have been sold off on long occupational leases comprise a one bedroom flat on the first floor and a two bedroom maisonette on the second and third floors producing a ground rent of £200pa. The freehold also offers a rear yard which could be developed subject to planning and a car parking space in the rear access road.
|Ground Floor Retail|
|Zone A||295 sq ft||27 sq m|
|Zone B||258 sq ft||24 sq m|
|Zone C||38 sq ft||4 sq m|
|ITZA||433 sq ft||40 sq m|
|Rear Store||155 sq ft||14 sq m|
|Vacant 1st Floor Office||155 sq ft||14 sq m|
|Total||901 sq ft||83 sq m|
The ground floor is let by way of a full repairing and insuring lease for a term of 5 years from the 14th January 2014 to The Hospital of St John and St Elizabeth at a passing rent of £72,000 per annum which we calculate to reflect £165.5 psf Zone A. We believe a ERV to be £180 psf ZA which reflects a reversionary rent of £78,300 pa. The first floor office will be offered with vacant possession and has an ERV in the order of £3,850 pa plus a car parking space with a rental value of £2,600 pa. The residential upper parts which are sold off currently produce a ground rent of £200 pa rising every 42 years.
The St John and St Elizabeth Charity is a registered charity in England and Wales under charity number 235822. Its corporate trustee is The Hospital of St John and St Elizabeth; a registered company limited by guarantee under number 2808390 and registered charity number 1020916 in England and Wales, whose registered office is 60 Grove End Road, London NW8 9NH.
Available on request.
Offers sought in excess of £1,850,000 subject to contract. A purchase at this level would reflect a net initial yield of 4%.
This assumes purchasers costs of 6.33% this is based on the assumption of letting the first floor office at £25 per sq ft and letting the rear car space at £2,600 pa taking the total income to £78,450 pa.
We understand the property is not elected for VAT and VAT will not be payable on the purchase price.