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138 Upper Street, Islington, London, N1 1QP
1,195 Sq Ft / Retail / Retail - High Street
Withdrawn - Last updated: 26 September 2023
Summary
This exceptional piece of commercial real estate enjoys a prominent high-street location. The building is in excellent physical condition and the retail areas are well-appointed, the retail space also benefits from both W/C and kitchen facilities in the basement.
The commercial space is currently occupied on a 15 year lease term from 24th November 2011 with upward only rent review on the 5th and 10th, the lease was assigned to Save the Children in July 2014. The residential uppers comprise 3 self-contained apartments all sold-off on long leases. Aside from Units 1 and 3 which generate a peppercorn rent, the property benefits from a Ground Rent income of £250 per annum from Unit 2 which is in a shorter lease of some 125 years from 1st January 2012. The rent review in 2021 has not been exercised which may give rise to additional income.
Key Points
Let for a term of 15 years from 2011 with unexercised rent review.£62,375 pax passing rent.Ground floor and basement let assigned to Save the Children July 2014.Upper parts and sold off on long leases.Highly regarded N1 retail parade with excellent levels of passing trade.Location
This Freehold and retail investment is superbly located in the heart of Islington, enjoying genuine prominence towards the favoured and more desirable end of the road, close to the junction of Almeida Street and within a very short walk of the globally renowned Camden Passage and well-regarded Angel (Northern Line) tube station. Upper Street is a bustling and vibrant location in the heart of Islington, which is a trendy and culturally diverse district of North London. It stretches for approximately one mile from Angel tube station to Highbury Corner, and is lined with an array of shops, restaurants, bars, and entertainment venues.Terms
The lease was assigned to Save the Children Fund on July 9th 2014 registered at 1 St John’s Lane, London EC1M and is a parent company of Save the Children. The rent is passing at £62,375 per annum with upward only rent review on the 5th and 10th anniversaries. We are to assume that the lease is outside of the Landlord & Tenant Act 1954.
TENANCY: Additional Terms to be confirmed.
VAT: All rents, prices and premiums are exclusive of VAT under the Finance Act 1989.
TERMS: We are instructed to invite offers in the region of £1,125,000 with a sale at this level reflecting a Gross Initial Yield of 5.63% assuming the usual purchasers’ costs and total income of £63,375 per annum.
VIEWINGS: Strictly by appointment only via sole agents Winkworth Commercial. Under no circumstances should any direct approach be made to any of the occupational tenants or staff.
TENURE: The property is available for sale on a freehold basis with the benefit of the current lease, full details available on request.
VAT: All rents, prices and premiums are exclusive of VAT under the Finance Act 1989.
BUSINESS RATES: Rateable Value: £47,250. However, Interested parties are advised to make their own enquiries with the local authority.
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