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Accommodation
The property has been measured by BKR Floor Plans and provides the following accommodation:
| 22-24 Roundhill Road | ||
| Net Frontage | 9.88m | 32’5” |
| Gross Frontage | 10.19m | 33’5” |
| Zone A | 60.66 sq m | 653 sq ft |
| Zone B | 55.74 sq m | 600 sq ft |
| Zone C | 1.86 sq m | 20 sq ft |
| Total | 118.26 sq m | 1,273 sq ft |
| 26 Roundhill Road | ||
| Net Frontage | 4.72m | 15’6” |
| Gross Frontage | 5.03m | 16’6” |
| Zone A | 29.73 sq m | 320 sq ft |
| Zone B | 26.29 sq m | 283 sq ft |
| Total | 56.02 sq m | 603 sq ft |
| 28 Roundhill Road | ||
| Net Frontage | 4.72m | 15’6” |
| Gross Frontage | 5.03m | 16’6” |
| Zone A | 29.73 sq m | 320 sq ft |
| Zone B | 26.86 sq m | 289 sq ft |
| Zone C | 0.19 sq m | 2 sq ft |
| Total | 56.76 sq m | 611 sq ft |
| 30 Roundhill Road | ||
| Net Frontage | 4.72m | 15’6” |
| Gross Frontage | 5.03m | 16’6” |
| Zone A | 29.73 sq m | 320 sq ft |
| Zone B | 27.03 sq m | 291 sq ft |
| Zone C | 0.37 sq m | 4 sq ft |
| Total | 57.13 sq m | 615 sq ft |
| 32 Roundhill Road | ||
| Net Frontage | 4.72m | 15’6” |
| Gross Frontage | 5.33m | 17’6” |
| Zone A | 29.17 sq m | 314 sq ft |
| Zone B | 29.08 sq m | 313 sq ft |
| Zone C | 0.28 sq m | 3 sq ft |
| Total | 58.53 sq m | 630 sq ft |
A set of floor plans is available to download and the measured survey will be re-addressed to a purchaser at a cost of £745.00 + VAT.
Rateable Value
According to the Valuation Office website the rateable value for the property is as follows:
| Address | Description | Rateable Value |
| 22-24 Roundhill Road | Shop & Premises | £18,000 |
| 26 Roundhill Road | Shop & Premises | £9,200 |
| 28 Roundhill Road | Shop & Premises | £9,500 |
| 30 Roundhill Road | Shop & Premises | £9,000 |
| 32 Roundhill Road | Shop & Premises | £9,400 |
The business rate multiplier is 49.9 pence per pound.
Tenure
Freehold.
Tenancy
The property is multi-let to five tenants, producing a total income of £64,550 per annum.
Please refer to the summary below and the tenancy schedule which is available to download.
22-24 Roundhill Road
Let to Barnardo’s on an effectively full repairing and insuring lease for a term of 10 years from 19th August 2016, expiring on 18th August 2026. The current passing rent is £24,000 per annum.
26 Roundhill Road
Let to Lois Yates (t/a Skin Wellness) on an effectively full repairing and insuring lease for a term of 5 years from 3rd June 2024, expiring on 2nd June 2029. There is a tenant’s break option on 3rd June 2027, subject to six months’ notice.
The current passing rent is £7,000 per annum, rising to £8,000 in year 2 and £9,000 in year 3. The vendor will ‘top-up’ the income to £9,000 per annum by way of an appropriate adjustment on the completion sum. There is an upwards only index-linked rent review on 3rd June 2027.
The Landlord has the benefit of a rent deposit equal to 3 months of the annual rent.
28 Roundhill Road
Let to Alia Kingman (t/a The Mani House) on an effectively full repairing and insuring lease for a term of 6 years from 16th July 2024, expiring on 15th July 2030. There is a tenant’s break option on 16th July 2027, subject to six months’ notice.
The rent in year 1 is £7,000, rising to £8,000 in year 2 and £9,000 in year 3. The vendor will ‘top-up’ the income to £9,000 per annum by way of an appropriate adjustment on the completion sum. There is an upwards only index linked rent review on 16th July 2027.
The Landlord has the benefit of a rent deposit equal to 3 months of the annual rent.
30 Roundhill Road
Let to Ryan Trotman (t/a WellGuided Hair) on an effectively full repairing and insuring lease for a term of 10 years from 2nd November 2018, expiring on 1st November 2028. The current passing rent is £11,500 per annum.
32 Roundhill Road
Let to Wellguided Limited (t/a WellGuided Hair) on an effectively full repairing and insuring lease for a term of 10 years from 22nd February 2024, expiring on 21st February 2034.
The current passing rent is £10,800 per annum. The tenant benefits from a 12-month period of half rent, expiring on 2nd February 2025. The vendor will ‘top-up’ the income to £10,800 per annum by way of an appropriate adjustment on the completion sum in order that a purchaser does not suffer an income shortfall.
All the commercial tenants are up-to-date with their rental payments, with no arrears.
Service Charge
The annual service charge budget for 18-32 Roundhill Road for the year ending 31st March 2025 is £23,258 plus VAT and is fully recoverable from the tenants. The service charge accounts and service charge budgets are available to download.
EPC
The property has the following EPC ratings
| 22-24 Roundhill Road (Barnardo’s) | B |
| 26 Roundhill Road | C |
| 28 Roundhill Road (The Mani House) | B |
| 30 Roundhill Road | C |
| 32 Roundhill Road (Well Guided Hair) | B |
Covenants
Barnardo’s has reported the following figures:
| 31st March 2023 | 31st March 2022 | |
| Total Income | £315,252,000 | £299,503,000 |
| Total Funds | £65,884,000 | £103,026,000 |
Barnardo’s is the leading UK children’s charity. They offer a wide range of support services for children, young people and their families, on issues such as sexual abuse, substance misuse, homelessness and youth justice. They also work with families for those who have suffered domestic violence or require parenting support. For further information visit www.barnardos.org.uk.
The Mani House is a nail studio and beauty salon offering manicures, pedicures, brows and lashes and waxing. A three month rent deposit is held by the Landlord.
Well Guided Hair is an award-winning lifestyle hair salon. For further information see www.wellguidedhair.co.uk.
Skin Wellness is a beauty and skin specialist providing luxurious facials and rejuvenating treatments. A three month rent deposit is held by the Landlord.
VAT
The property is VAT elected. It is anticipated (subject to the purchaser’s VAT status) that the sale will be treated as a Transfer of a Going Concern (TOGC) in relation to the commercial units and exempt in relation to the residential units.
Proposal
We are instructed to seek a figure of £595,000 (Five Hundred and Ninety-Five Thousand Pounds), subject to contract, equating to a net initial yield of 10.3%, assuming purchasers’ costs of 5.04%.
Please note that a purchaser will be re-charged the costs of the measured survey (£745.00 + VAT) and the searches (£2,049.10 + VAT) which are provided in the data room.
Please note that a purchaser will be charged a Transaction Fee of £5,000 + VAT.
Investment Considerations
An opportunity to acquire a multi-let retail parade investment;
The property benefits from being situated in a densely populated suburb;
A diverse tenant mix to protect income risk for an investor;
Over 38% of the income secured against global charity Barnardo’s;
- Three out of five of the units were newly leased in 2024, demonstrating the robust occupational demand;
The property provides the main retail provision for the surrounding area;
Potential to extend the property in the future and create additional floors above the existing residential accommodation, subject to planning consents;
Freehold;
Attractive lot size to an investor;
A purchase at the asking price reflects an attractive net initial yield.
