412 Essex Road Islington London N1 3PJ

412 Essex Road
Islington
London
N1 3PJ

Freehold Retail and Residential Ground Rent Investment

Restaurant let to tenant trading as Salut!
Lease expires in November 2025
Includes three flats above let on long leases, all with reversions in 2126
Highly prominent corner position, close to Essex Road Station
Popular North London suburb
Nearby retailers include Sainsbury's Local, Tesco Express and some independent restaurants and coffee shops

Lot
1
Auction
18th May 2023
Rent
£27,750 per Annum Exclusive
Status
Sold
Price
£370,000
Auction Venue
Live Streamed Auction

Interested?

Expand
Photos
Map

Freehold Retail and Residential Ground Rent Investment

Restaurant let to tenant trading as Salut!
Lease expires in November 2025
Includes three flats above let on long leases, all with reversions in 2126
Highly prominent corner position, close to Essex Road Station
Popular North London suburb
Nearby retailers include Sainsbury's Local, Tesco Express and some independent restaurants and coffee shops

Lot 1
Auction 18th May 2023
Rent £27,750 per Annum Exclusive
Status Sold
Price £370,000
Sector
High Street Retail, Residential
Auction Venue
Live Streamed Auction

Property Information

Location

Miles: 2 miles north of City of London
Roads: A1, A10, A104
Rail: Highbury & Islington (Overground and Victoria Line Tube), Canonbury (Overground)
Air: London City Airport, London Heathrow Airport

Situation

The property occupies an attractive corner position on the east side of Essex Road (A104), at its junction with St Paul's Road in the popular North London suburb of Islington. Nearby retailers include Sainsbury's Local, Tesco Express and some independent restaurants and coffee shops, with Essex Road Station a short distance away.

Tenure

Freehold.

Location

Miles: 2 miles north of City of London
Roads: A1, A10, A104
Rail: Highbury & Islington (Overground and Victoria Line Tube), Canonbury (Overground)
Air: London City Airport, London Heathrow Airport

Situation

Tenure

Freehold.

Description

The property comprises a restaurant arranged on the ground floor and basement. The separately accessed upper floors comprise three one bedroom flats let on long leases.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

Band C

Description

The property comprises a restaurant arranged on the ground floor and basement. The separately accessed upper floors comprise three one bedroom flats let on long leases.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

Band C

Tenancy & Accommodation

Floor	Use	Floor Areas Approx sq m (1)	Floor Areas Approx sq ft (1)	Tenant	Term	Rent p.a.x.
Ground Basement	Restaurant/Ancillary Ancillary	43.51 34.05	(468) (367)	M. LANGE LIMITED with personal guarantees (t/a Salut! Restaurant Islington) (2)	10 years from 25/11/2015	£27,000
First/Second/Third	3 Residential Flats each comprising 2 rooms, kitchen and bathroom	-	-	THREE INDIVIDUALS	3 leases each held for 125 years from 21/12/2001 at £250 pa each	£750
Total Commercial Area		77.56	(835)			£27,750

(1) Areas provided by VOA (www.gov.uk/find-business-rates)
(2) www.salut-london.co.uk - a modern European restaurant
NB: The seller has served notices on the residential tenants, pursuant to section 5B of the Landlord & Tenant Act 1987. No acceptance notices have been received from the tenants within the permitted period.

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.