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Accommodation
The property has been measured by BKR Floorplans and provides the following accommodation:
| Commercial Unit | ||
| Net Frontage | 13’8″ft | 4.17m |
| Gross Frontage | 14’10″ft | 4.52m |
| Zone A | 256 sq ft | 23.78 sq m |
| Zone B | 83 sq ft | 7.71 sq m |
| Total Net Internal Area | 339 sq ft | 31.49 sq m |
| Total Gross Internal Area | 368 sq ft | 34.19 sq m |
| Residential Units | ||
| Flat 1* (1-bedroom) – at rear | 360 sq ft | 34.4 sq m |
| Flat 2 (Studio) – first floor | 198 sq ft | 18.39 sq m |
| Flat 3 (2-bedroom) – first floor | 446 sq ft | 41.43 sq m |
| Flat 4 (1-bedroom) – second floor | 448 sq ft | 41.62 sq m |
| Gross Internal Area Total | 1,452 sq ft | 135.84 sq ft |
*We have not been able to inspect Flat 1. We have taken the floor areas for this flat from a valuation report of 14th October 2024.
A set of floor plans is available to download, and the measured survey report will be re-addressed to a purchaser at a cost of £620 + VAT.
EPC
| 30 High Road | Shop | B | Valid until 25th March 2035 |
| Flat 1 | Residential | D | Valid until 25th July 2027 |
| Flat 2 | Residential | C | Valid until 25th July 2027 |
| Flat 30A | Residential | C | Valid until 25th July 2027 |
| Flat 4 | Residential | D | Valid until 25th July 2027 |
Rateable Value
According to the valuation office website the rateable value for the property is as follows:
| Unit | Description | Rateable Value |
| 30 High Road | Commercial | £11,500 |
Tenure
Freehold.
Tenancy
The property is let as follows:
The ground floor is let to CircleLet Limited for a term of 3 years from 1st June 2022, expiring 30th May 2025. The lease is granted on effective full repairing and insuring terms.. The current passing rent is £18,000 per annum.
The four flats are let on Assured Shorthold Tenancy (AST) agreements at, we understand, a combined income of £75,000 per annum (£6,250pcm):
| Flat | No.of Beds | Rent PA | Rent pcm | Commencement | Expiry |
| 1 | 1-bed | £20,400 | £1,700 | 5th May 2024 | 4th May 2026 |
| 2 | Studio | £13,200 | £1,100 | 27th Sept 2024 | 26th Sept 2025 |
| 3 | 2-bed | £22,800 | £1,900 | 8th March 2024 | 7th March 2025 |
| 4** | 1-bed | £18,000 | £1,500 | 1st June 2024 | 31st May 2026 |
| £75,000 |
Therefore, we understand that an investor will benefit from a total gross income of £93,000pa
**Please note that we have not been provided with a copy of the tenancy agreement for Flat 4. We are relying upon the information provided in a valuation report.
Covenant
For the year ending 30th November 2024 CircleLet Properties Limited (11690786) reported Net Assets of £13,690. A rent deposit of £1,500 is held by the landlord.
CircleLet Properties Limited’s primary activity is letting and real estate management. The company is an independent agency that focuses on HMO and Service accommodation with a team of nine based in the office and a team of three maintenance people to support the property management services. For more information visit www.circlelet.co.uk.
VAT
The property has been registered for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC). [TBC] Have we seen anything indicating that it is VATED?
If we do not have evidence that the property is VAT registered and an Option to Tax made, we should use the clause used previously that VAT will be payable unless the documentation is found prior to completion at which time the sale will be treated as a TOGC.
Proposal
We are instructed to seek offers in the region of figure of £675,000 (Six Hundred and Seventy Five Thousand Pounds) subject to contract, for the freehold interest.
A purchase at the asking price reflects an attractive net initial yield of 13.1%. The apportioned price for the residential element £540,000 which equates to approximately £370 per sq ft / £3,975 per sq m, this level being a discount to residential values in the area for properties offered with vacant possession.
Please note that a purchaser will be re-charged the costs of the measured survey (£620 +VAT) and searches (£xxx) which are provided in the data room.
Investment Considerations
A, add-value, Greater London investment opportunity;
Situated in a vibrant North-London suburb;
A mixed-use investment comprising a ground floor commercial unit with four residential units;
Freehold;
Attractive yield profile;
Attractive lot size for an investor;
Low capital value
Disclaimer
Fixed Charge Receivers Philip Reynolds and Steven Williams by the powers given by the Mortgage and all other powers given by statute or otherwise who act as agents for the Company and without personal liability. Both Fixed Charge Receivers are licenced by the Insolvency Practitioners Association and are bound by the Insolvency Code of Ethics.
