INVESTMENT SUMMARY
A prominent investment opportunity only 250 metres from Angel Underground Station
The property comprises of six ground rents, an A3 Cafe and basement storage all let and income producing
Current total rent of £33,650 per annum
Freehold
We are seeking offers in the region of £500,000 (Five Hundred Thousand Pounds), subject to contract and exclusive of VAT.
A sale at this level would reflect a blended net initial yield of approximately 6.4%.
Location
9-10 Wakley Street occupies a prominent position near the City Ring Road (A501) in EC1V within minutes of Islington High Street, Pentonville Road and St John Street.
Islington's Upper Street and High Street provide the main local shopping focus of 'Islington Village' and it is also the main arterial road that connects North London with Clerkenwell. Pentonville Road, City Road and St John Street are the key arterial routes connecting the City, Kings Cross, Euston, Old Street, Mid Town and the West End.
The London borough of Islington has an urban population of 199,230 (census 2010).
Transport facilities are excellent with Angel underground station northern line providing direct access to The City, Kings Cross and Euston Mainline Railway Station.
Description
The property is situated on Wakely Street, which forms part of the inner ring road A501 allowing traffic to flow from East to West from The City around Wakley Street onto Goswell Road, and up to the intersection with St Johns Road and Islington High Street before continuing on, towards Pentonville Road and Kings Cross. As such the property is extremely identifiable and prominent to all traffic travelling East to West. Wakley Street has seen a collection of local cafes and food offerings for the new housing that is springing up along Goswell Road and at the corner of Wakley Street, with numerous local businesses found along City Road.
Islington is a thriving and vibrant cosmopolitan London Village and has seen considerable regeneration. Major developments in the borough include the Angel Building, Angel Gate, Angel Square, the N1 Shopping Centre, The Business Design Centre and Central Foundation School.
The area surrounding the property comprises of a mixture of residential, office and leisure. Nearby office occupiers include Balfour Beatty, HM Customs and Excise, The Financial Training Company, Royal Bank of Scotland, BT PLC, Rail Track PLC, Citizens Advise Bureau, Royal Mail, Mansells, The Dogs Trust and National Charity Bureau. The immediate area sees a heavy concentration of charities. Wakely Street is predominantly office with mixed residential use.
Description
The property was rebuilt in the 2000's and comprises a self contained block, comprising basement which is leased to a charity, a ground floor cafe/restaurant area with kitchen and 6 self contained flats above. The premises offer a mixed use investment opportunity with 6 ground rents, a commercial lease on cafe restaurant facilities and an annual lease of the basement area comprising, in total an income of £33,650 per annum exclusive. Please see table for further details.
The subject property, which comprises of a ground floor retail premises and a lower ground floor storage accommodation within a larger 6 storey mid terrace modern building was constructed approximately 6 years ago.
Construction/Layout
The Property is of a conventional construction with brick elevations beneath a flat roof and rendered front elevation, at ground floor level there is a floor height shop front with entrance to the left and side of the property to the premises now trading as Wakleys Cafe. The retail area is rectangular in size arranged as a main shop floor, with counter to the front and seating along the length of the retail premises and a kitchen preparation area to the rear. There are 2 separate WC's together with storage accommodation and a fire exit leading out into a side alley way.
Tenure
Freehold
Price
£500,000
For all enquiries regarding this property please contact:
Gerard Barry BSc (Hons)
9:00AM TO 5:30 PM ON:
