A rare opportunity to acquire the freehold interest of this prominent double fronted retail unit in the heart of High Barnet. The property has been let on a Full Repairing and Insuring Lease for a term of 20 years from May 2021. The residential element has been sold off on a long lease. The ground floor is let at £40,000 per annum with five yearly rent reviews. There is a six month rental deposit being held by the Landlords. The lease is in the tenants name and we understand that they have other branches in Potters Bar, Enfield and Southgate. There is a service charge for all occupiers to cover costs of maintaining the communal areas.
Location
This ground floor retail unit is situated on the busy High Street (A1000) in Barnet. Barnet Road (A411) is immediately accessible from the property which offers direct access to main arterial roads including the A1 and the M25. The property is within easy reach of High Barnet Underground Station (Northern Line) and is regularly serviced by local buses with a bus stop outside of the property. This corner property is neighbouring Domino’s Pizza and is within walking distance of many local amenities including a Post Office, Barnet College, McDonalds & Tesco Express.
Accommodation
Retail – Organic Food Garden – 130 sq m (1,400 sq ft) (Class E Use)
Residential – Private Individuals – 5 Units
Terms
Tenure – Freehold
EPC – The commercial element has an EPC rating of C(60).
VAT – VAT is not applicable.
Proposal – We are instructed to seek offers in excess of £550,000 (Five Hundred and Fifty Thousand Pounds) Subject To Contract. A purchase at this level reflects an attractive Gross Initial Yield of 7.25%.
Legal Costs – Each party to be responsible for their own legal costs.
Specification
- Freehold Income Producing Investment
- Sout-After High Street Location Approximately 0.4 miles from High Barnet Underground Station (Northern Line)
- FRI Lease Until 2041 (No Breaks)
- Recently Refurbished Building