Prime Mixed-Use Investment Opportunity

 

SUMMARY

INVESTMENT SUMMARY

        • Situated in the heart of Borehamwood’s main retail thoroughfare.
        • Prime mixed use building providing 7,853 sq ft (729.55 sq m) of commercial and residential accommodation.
        • Freehold.
        • A recently refurbished ground floor restaurant let on a new 15 year FRI lease from April 2018.
        • Eight residential flats arranged over first and second floors, all of which are fully income producing let on AST agreements at £140,600 per annum.

LOCATION

LOCATION

Borehamwood is an affluent Hertfordshire town located in the district of Hertsmere, c. 11 miles north-west of Central London, a strategic inner M25 location.

The town benefits from exceptional connectivity with the national motorway network, rail links and international airports being in close proximity.

The subject property is situated approximately 0.3 miles from Elstree & Borehamwood train station, which provides regular direct services to King’s Cross St Pancras International (19 mins), Farringdon (30 mins), London Blackfriars (35 mins) and London Bridge (59 mins).

SITUATION

SITUATION

The subject property is situated on the northern side of Borehamwood’s main shopping thoroughfare along Shenley Road, equidistant between a Tesco Extra to the east and Borehamwood Shopping Park to the west.

The property is conveniently set back from Shenley Road on an access road providing loading and customer parking. The world famous Elstree Film Studios are some 300 yards to the east of the property. Other nearby occupiers on Shenley Road include; Iceland, Subway, Greggs, BathStore and Lloyds Bank.

DESCRIPTION

DESCRIPTION

The subject property provides a recently refurbished ground floor restaurant totalling 3,288 sq ft (305.46 sq m) with residential accommodation on the first and second floors totalling 4,565 sq ft (424.05 sq m).

The residential element comprises of 8 apartments (4 x 2 bed apartments and 4 x 1 bed apartments) all have the benefit of central heating. Access to the residential accommodation is from a shared entrance on Shenley Road.

TENANCY

TENANCY

The property is let in accordance with the following tenancy schedule, producing a current rental income of £140,600 per annum.
The commercial unit is let on an effective full repairing and insuring (FRI) terms and the residential units are let on Assured Shorthold Tenancies.

TENURE

The Property is held Freehold.

COVENANT

Creams Gelato Co.
Creams Cafès have been operating since 2008 with the first UK franchise taking 2 years of meticulous research and planning until it was finally established. The franchise is a unique and independent food brand.

They aim to present a 1950’s retro Americana genre whilst boasting a black and purple colour scheme alongside with distinctive lighting which adds a trendy, unique looking design and feel. There are currently 24 Creams stores in Central London including Kilburn, Wembley, Stratford, Hounslow, Ilford and Brixton. www.creamscafe.com

Zoomex Limited
Zoomex Limited was established in 2012 and currently has a D&B rating of 1A2 which represents a “lower than average risk” of business failure. www.zoomex.co.uk.

 

IMAGES

PHOTO GALLERY

PROPOSAL

EPC

Available upon request.

VAT

The property is elected for VAT and it is the intention of the vendor to treat this transaction as a Transfer of a Going Concern (TOGC).

PRICE

Offers are invited in excess of £2,400,000 , subject to contract and exclusive of VAT. This reflects a 7.5% NIY on the commercial and £345 psf capital value on the residential (assuming standard purchaser’s costs).

MISREPRESENTATION ACT 1997 & DECLARATION

Buchanan Bond Real Estate Ltd, for themselves and for the vendors of this property whose agents they are, give notice that:
i) The particulars are set out as a general outline only for the guidance of intending purchasers, and do not constitute, nor constitute part of, an offer or contract.
ii) All descriptions, dimensions, references to condition and necessary permission for use and occupation and other details are given in good faith and are believed to be correct, but any intending purchasers should not rely on them as statements or representations of fact and must satisfy themselves by inspection or otherwise as to the correctness of each of them.
iii) No person in the employment of Buchanan Bond Real Estate Ltd has any authority to make or give any representation or warranty in relation to this property.

BROCHURE

BROCHURE

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