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286 Upper Street, Islington, London, N1 2TZ
989 Sq Ft / Retail / General Retail
Withdrawn - Last updated: 01 July 2024
Summary
The property comprises a mid-terraced, ground floor and basement retail unit with glazed frontage. This bright and airy space benefits from excellent ceiling heights, and exposed timber floor boards and timber panelled walls on the ground floor. In addition, there is also a storage cupboard and W.C. located to the rear of the floor.
Stairs located to the right of the main retail space provide access to the basement, which is used as secondary retail space, storage and changing rooms and also enjoys exposed timber floorboards as well as exposed brick walls. Towards the rea of the basement are a number of storage areas.
Key Points
Passing rent of £XXX per annum exclusive.With 983 years remaining.Situated on the renowned Upper Street parade.Generating a gross yield of 6.0% with favourable rent review terms in place.Location
The unit is located on Upper Street, the principle shopping throughfare within the borough of Islington. The property is excellently situated being within walking distance of both Angel station on the northern line being approximately a 11 minute walk away and Highbury and Islington station approximately a 9 minute walk away.
This section of Upper Street supports a vibrant mix of tenants including boutique shops, cafes, restaurants and bars. Current developments in the area include the 'Islington Square' mixed-use scheme. This will primarily comprise of residential units as well as some retail which should improve footfall significantly on the northern section of Upper Street.Terms
RATEABLE VALUE: We strongly advise purchasers to verify this with the local authority (London Borough of Islington on 020 7527 2000).
TENURE: Long Leasehold: 999 years from 10th September 2007.
VAT: Not Applicable.
TENANCY:-
Tenant: Hot Sauce Committee Limited. Trading as High Ground Limited.
Term: Under lease for a term of 10 years from the 1st July 2021. The lease is held inside the security of tenure provisions of the 1954 Landlord & Tenant Act.
Passing Rent: £XXX per annum exclusive.
Review: 1st July 2024, 1st July 2027 and 1st July 2030.
Breaks: A tenant's only break on the 2nd anniversary of the commencement of the lease has now expired.
LOCAL AUTHORITY: The London Borough of Islington.
LEGAL COSTS: Each party is to pay their own legal costs.
PROPOSAL: A guide price of £XXX for the Leasehold interest.
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