The premises comprises two retail units which are currently split into 129 and 131, however the lease states there is no subletting to the retail units and therefore must be occupied by the leaseholder. The properties were previously connected and can be reconnected by the ingoing tenant. There is also a 3 / 4 bed apartment above the retail units which is generating an income of £2,000 per month currently with one room vacant (£2,800 when full). This can be offered with Vacant possession. The rooms are all let on separate AST’s and we understand from our client that this is permitted in the lease.
Location
The property is located on the West side of Stoke Newington Road in between the junctions of Beatty Road and Walford Road. Stoke Newington Road has a good mixture of retailers, restaurants and bars, whilst the local area is predominately residential. Transport links are good numerous bus routes running along Stoke Newington Road.
Accommodation
129 Stoke Newington Road - Retail
Ground Floor: 555 sq. ft (51.53 sq. m)
Basement: 348 sq. ft (32.33 sq. m)
Total: 903 Sq Ft (83.86 Sq. M)
131 Stoke Newington Road
Ground Floor: 645 sq. ft (59.94 sq. m)
Basement: 889 sq. ft (82.61 sq. m)
Total: 1,534 Sq Ft (142.55 Sq. M)
Use Class - Unit 129: Retail (A1) use class. Unit 131: Financial and Professional services (A2) use Class
Terms
The property is available by way of assignment of our current tenants lease. We have not sited the lease document, however we are informed that the tenant has a 15 year FRI lease which expires in 2019 for the whole property including the residential flat. The lease is inside the 1954 Landlord and Tenant Act. The current rent passing is £43,000 per annum exclusive.
Premium: OIRO £150,000 are invited.