Freehold Public House Investment (with Recent Planning Permission to Create 5 Self-Contained Flats on Upper Parts)
Majority let on new 25 year lease from July 2016 (No breaks)
Recently granted planning permission to create 5 self-contained flats on upper parts
Approximately 8,736 sq ft
Close to West Hampstead Tube/Rail Stations and Kilburn Tube Station
Highly affluent north-west London location
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 22
Auction 16th February 2017
Rent £108,500 per Annum Exclusive
Status Withdrawn Post
Price
Sector Public House
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
2 miles north-west of Regent’s Park, 3 miles north-west of the West End of London
Roads
A40, A41, A406, A502, M1
Rail
West Hampstead and Kilburn Underground Stations and West Hampstead Thameslink and Overground Stations
Air
London Heathrow Airport
Situation
West Hampstead is a highly affluent suburb in north-west London located in the London Borough of Camden. The property is situated in a prominent position on the corner of Mill Lane and Ravenshaw Street. Both West Hampstead Thameslink and West Hampstead and Kilburn Underground Stations are a short walk away.
Tenure
Freehold.
Location
Miles
2 miles north-west of Regent’s Park, 3 miles north-west of the West End of London
Roads
A40, A41, A406, A502, M1
Rail
West Hampstead and Kilburn Underground Stations and West Hampstead Thameslink and Overground Stations
Air
London Heathrow Airport
Situation
West Hampstead is a highly affluent suburb in north-west London located in the London Borough of Camden. The property is situated in a prominent position on the corner of Mill Lane and Ravenshaw Street. Both West Hampstead Thameslink and West Hampstead and Kilburn Underground Stations are a short walk away.
Tenure
Freehold.
Description
The property comprises a ground floor public house with ancillary accommodation on the lower ground floor. There is separately accessed residential accommodation on the first and second floors.
VAT
VAT is applicable to this lot.
Planning
Full planning permission was granted on 16/12/2016 for conversion of the upper parts at 1st & 2nd floors to create 3 x one bedroom flats and 2 x two bedroom flats with roof and second floor rear extension. Please refer to London Borough of Camden, Planning Reference: 2016/2661/P Tel: 020 7974 4444 (www.camden.gov.uk/planning). Proposed floor plans can be found in the Legal Pack.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a ground floor public house with ancillary accommodation on the lower ground floor. There is separately accessed residential accommodation on the first and second floors.
VAT
VAT is applicable to this lot.
Planning
Full planning permission was granted on 16/12/2016 for conversion of the upper parts at 1st & 2nd floors to create 3 x one bedroom flats and 2 x two bedroom flats with roof and second floor rear extension. Please refer to London Borough of Camden, Planning Reference: 2016/2661/P Tel: 020 7974 4444 (www.camden.gov.uk/planning). Proposed floor plans can be found in the Legal Pack.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review
Ground Lower Ground
Public House Ancillary
257.60 sq m 260.60 sq m
(2,773 sq ft) (2,805 sq ft)
M. KEATING (1)
25 years from 28/07/2016 until 27/07/2041
£82,500 (1)
28/07/2022 and three yearly thereafter
First (5 Rooms, 2 Bathrooms, Ancillary) Second (6 Rooms, Bathroom)
Residential
Residential
177.20 sq m
116.20 sq m
(1,907 sq ft)
(1,251 sq ft)
M. KEATING (2)
AST for 1 year from 28/07/2016 until 27/07/2017 (3) at £500 pw
£26,000 (4)
-
Totals
811.60 sq m
(8,736 sq ft)
£108,500 (4)
(1) The current contractual rent under the terms of the lease is £75,000 per annum subject to a fixed rental increase in July 2019 to £82,500 per annum. The tenant is currently benefiting from paying half rent until 28/07/2018. The Vendor has agreed to adjust the completion monies so that the rent from this part of the property effectively produces £82,500 per annum from completion of the sale until the fixed rental increase in July 2019. The Vendor is holding an £18,500 rent deposit. (2) The Vendor is holding a £2,166.67 rent deposit. (3) As to the upper floors, the lease provides for a rolling Landlord and Tenant break option after expiry of the first six months of the contractual term. This is subject to two months’ prior written notice. (4) Annual equivalent rents.
