North Finchley

Commercial Investment

There is little chance of a quick return to a housing boom despite the possibility of UK prices rising over the course of the year, surveyors say.

704–708 High Road | North Finchley | London N12

S E C U R E LY L E T G R E AT E R L O N D O N R E TA I L I N V E S TME N T

Tenure (Freehold)

Proposal

Offers in excess of £5,000,000 reflecting a net initial yield of 6.52% (after deducting acquisition costs of 5.75%) and a capital value of only £160 per sq ft.

Tenancies

Fully let to Argos Ltd, Be-Wise Ltd and Fitness First Clubs Ltd on FR&I terms for an average unexpired term of 13.25 years producing a current total rental income of £345,000 per annum.

Description

Comprising a corner property configured to provide two retail units with a modern fitness studio over first and second floor levels. In total, the premises provide 2,910.5 sq m (31,330 sq ft) offering clear ground floor retail sales with storage accommodation at lower ground floor level.

The gym is separately accessed from High Road with a dedicated entrance between the two retail units.

• The office accommodation on 1st to 4th floors of 658 sq m (7,084 sq ft) is effectively empty and available to refurbish prior to reletting.

• The two retail units are let to Coral Estates Ltd until March 2010 and Oliver Bonas Ltd until June 2017, at a total rent of £107,500 per annum. This averages c. £1,938 per sq m (£180 per sq ft) ITZA.

The public house is let until 2110 at a peppercorn rent.

• We are instructed to seek offers of £4.15 million, subject to contract and exclusive of VAT, for the long leasehold interest. This could be split as follows: Retail Income: £1.65m - 5.85% NIY. Vacant Offices: £2.5m - £3800 per sq m (£353 per sq ft).

Description Location

Originally constructed as a department store, 704-708 High Road has been reconfigured to provide two broadly rectangular ground floor retail units with a commercial gymnasium arranged over the two upper floors.

Both retail units provide clear ground floor sales space with one benefitting from storage accommodation at basement level.

Access to the fitness studio is provided on High Road between the two retail units.

The fitness studio is fully fitted to provide a gym, sauna, steam room, beauty room, spinning room, cardio theatre, juice bar and sun bed area.

Finchley is an affluent suburb approximately 16 kilometres (10 miles) north of Central London and is a favoured

residential area benefitting from a diverse mix of office, retail and leisure uses.

704-708 High Road occupies a prominent corner position at the junction of High Road and Castle Road in the heart of

North Finchley. High Road is the principal retail street in the area offering a broad range of bars, restaurants and food retailers with national multiples including Sainsbury’s, Boots Opticians, Superdrug, Aldi and Bathstore.

Please Contact PL2L for more info on:

Schedule of Tenancies and Accommodation - The Royal Arcade, Norwich