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Accommodation
The property has been measured by BKR Floor Plans and provides the following net internal areas:
| Net Frontage | 12’3” | 3.73 m |
| Gross Frontage | 18’6” | 5.64 m |
| Zone A | 253 sq ft | 23.50 sq m |
| Zone B | 34 sq ft | 3.16 sq m |
| Ground Floor ITZA | 270 UNITS | |
| Ground | 338 sq ft | 31.40 sq m |
| Basement | 287 sq ft | 26.66 sq m |
| Total NIA | 625 sq ft | 58.06 sq m |
The measured survey is available to download and will be re-addressed to a purchaser at a cost of £325 + VAT.
Tenure
Freehold.
The four residential flats on the upper parts have each been ‘sold off’ on long leases for a term of 250 years (from 2021-2023) at a peppercorn rent, with the exception of Flat 3 which is subject to a ground rent of £250 per annum.
Tenancy
The property is let to Luxmoore & Co Limited on a full repairing and insuring lease for a term of 16 years from 4th September 2015, expiring 3rd August 2031 at a passing rent of £23,500 per annum.
Therefore there are over 7.5 years unexpired with no breaks.
The lease benefits from upwards only rent reviews on 4th August 2023 (not actioned) and 4th August 2027.
A rent deposit equal to 3 months’ rent is held as security.
Hence, an investor will benefit from a total income of £23,750 per annum including the ground rent income.
Covenant
Luxmoore & Co are a renowned and respected bespoke kitchen and furniture company. With 50 years of combined experience the team have an exceptional track record with outstanding online testimonials from clients. In addition to the Belsize Park showroom, the company operate from a showroom and workshop in Suffolk. Their London showroom is an integral part of their successful business.
A rent deposit equivalent to 3 months’ rent is held as security.
For further information on the company, visit their website – www.luxmooreandco.co.uk.
VAT
The property has not been registered for VAT, therefor VAT will not be charged on the purchase price.
Proposal
We are instructed to seek offers in excess of £300,000 (Three Hundred Thousand Pounds), subject to contract, reflecting a net initial yield of 7.6%, assuming standard purchaser’s costs of 3.3%.
Please note that a purchaser will be re-charged the cost of the Measured Survey (£325 + VAT) and searches (£829.56) which are provided in the data room.
Please not that a purchaser will be charged a Transaction Fee of 1% of the Purchase Price plus VAT.
Investment Considerations
Highly affluent and desirable London location;
The immediate vicinity strongly supports a range of uses;
High quality retail/showroom;
Over 7.5 years unexpired and no breaks;
Let to established tenant since 2015 with a rent deposit held;
Low vacancy rates in this location;
Freehold;
No VAT payable on the purchase price;
Attractive lot size to an investor
Attractive net yield for a Central London asset
