Freehold Landmark Restaurant and Residential Investment in Highly Affluent North London Location
Restaurant let to tenant trading as Carob Tree
Restaurant let until October 2033 (no breaks)
Restaurant leases excluded from Security of Tenure Provisions of Landlord & Tenant Act 1954
3 large, separately let flats above (2 x three bed and 1 x two bed), all let on ASTs from 2019
Prominent corner location opposite Parliament Hill Fields (a part of Hampstead Heath), on the southern slope of Highgate West Hill
Occupiers in the immediate location include Tesco Express, Gail's Bakery and a number of boutique coffee shops and restaurants
Lot 9
Auction 11th December 2019
Rent £150,640 per Annum Exclusive
Status Withdrawn Post
Price
Sector Restaurant
Auction Venue The Montcalm Hotel 2 Wallenberg Place London W1H 7TN
Property Information
Location
Miles
3 miles north of Regent's Park
4 miles north of Central London
Roads
A1, A406 (North Circular Road), M1
Rail
Gospel Oak (Overground)
Kentish Town (Northern Line)
Air
London City, London Heathrow
Situation
Highgate is an extremely affluent suburb of North London, situated at the eastern edge of Hampstead Heath. The property is located in a prominent position on Highgate Road, at its junction with Swain's Lane and Highgate West Hill, in an area known for its peaceful, semi-rural village feel. Nearby retailers in the immediate location include Tesco Express, Gail's Bakery and a number of boutique coffee shops and restaurants. A new high quality, mixed use development comprising ten luxury flats and a number of independent shops and boutiques on Swain's Lane has recently been completed.
Tenure
Freehold.
Location
Miles
3 miles north of Regent's Park
4 miles north of Central London
Roads
A1, A406 (North Circular Road), M1
Rail
Gospel Oak (Overground)
Kentish Town (Northern Line)
Air
London City, London Heathrow
Situation
Highgate is an extremely affluent suburb of North London, situated at the eastern edge of Hampstead Heath. The property is located in a prominent position on Highgate Road, at its junction with Swain's Lane and Highgate West Hill, in an area known for its peaceful, semi-rural village feel. Nearby retailers in the immediate location include Tesco Express, Gail's Bakery and a number of boutique coffee shops and restaurants. A new high quality, mixed use development comprising ten luxury flats and a number of independent shops and boutiques on Swain's Lane has recently been completed.
Tenure
Freehold.
Description
The property comprises an attractive and very prominent corner building, with a ground floor restaurant and ancillary accommodation at lower ground level. The first and second floors comprise 3 flats (2 x three bed and 1 x two bed), newly created to a high standard in 2014 and accessed separately from Highgate Road.
VAT
VAT is applicable to this lot.
EPC
Please see legal pack at acuitus.co.uk
Description
The property comprises an attractive and very prominent corner building, with a ground floor restaurant and ancillary accommodation at lower ground level. The first and second floors comprise 3 flats (2 x three bed and 1 x two bed), newly created to a high standard in 2014 and accessed separately from Highgate Road.
VAT
VAT is applicable to this lot.
EPC
Please see legal pack at acuitus.co.uk
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
Ground/ Lower Ground
Restaurant/ Ancillary
132.27 sq m 96.68 sq m
(1,424 sq ft) (1,041 sq ft)
O2 4 PROPERTY LIMITED t/a Carob Tree (1)
20 years from 18/10/2013 until 17/10/2033 (2)
£60,000
18/10/2023 and 5 yearly thereafter
Ground/ Lower Ground
Restaurant/ Ancillary
O2 4 PROPERTY LIMITED t/a Carob Tree (1)
Approximately 14 years from 06/08/2019 until 17/10/2033 (2)
£6,000 until 24/03/2021 rising (3)
08/10/2023 and 5 yearly thereafter
Flat 1
3 bedrooms & 3 bathrooms
101.54 sq m
(1,093 sq ft)
INDIVIDUALS
1 year AST from 25/10/2019
£30,940
Flat 2
3 bedrooms & 2 bathrooms
84.08 sq m
(905 sq ft)
INDIVIDUALS
1 year AST from 14/05/2019
£29,700
Flat 3
2 bedrooms & 2 bathrooms
61.04 sq m
(657 sq ft)
INDIVIDUALS
1 year AST from 01/07/2019
£24,000
Total
475.61 sq m
(5,120 sq ft)
£150,640 (rising to a minimum of £166,440 by 09/10/2023)
(1) Carob Tree is a well known, contemporary Mediterranean restaurant. www.carobtreerestaurant.co.uk. (2) Both leases are excluded from the Security of Tenure provisions of the Landlord & Tenant Act 1954. (3) The rent rises to £9,000 per annum on 25/03/2021; then to £13,500 per annum on 25/03/2022; then to a minimum of £21,800 per annum on 09/10/2023 or open market, whichever is the higher.
If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
