Prime High Street Shop - 1000 sq ft approx.
Global brand covenant
New 10 year Lease started May 2023
Included independent 2 bed garden flat above
Potential to add another floor subject to planning
Potential to increase apartment rent to market level
Potential to increase value of apartment
Gross Initial Yield: 5%
Rental Income: £53,000 p.a.
Let until 2033, with a break in 2028
Rent increase in 2028 agreed to £37,500
Tenancy:
The shop is at present let to a global brand T4 Bubble Tea, with over 50 branches in the UK. New Lease for a term of 10 years from May 2023 at a current rent of £32,500 per annum and the lease contains full repairing and insuring covenants. Rent increased to £37,500 in 2028.
The apartment is let at £1500 pcm to same tenant for last 16 years. Potential to increase to market value of £2,000 pcm.
The property is held in a single title.
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Under the Property Misdescription Act 1991 we endeavour to make our sales details accurate and reliable but they should not be relied upon as statements or representations of fact and they do not constitute any part of an offer of contract. The seller does not make any representations to give any warranty in relation to the property and we have no authority to do so on behalf of the seller. Services, fittings and equipment referred to in the sales details have not been tested (unless otherwise stated) and no warranty can be given as to their condition. We strongly recommend that all the information which we provide about the property is verified by yourself or your advisers. Under the Estate Agency Act 1991 you will be required to give us financial information in order to verify you financial position before we can recommend any offer to the vendor.
High Street, , W3
