MapProperty for sale
Key information
Features and description
- Freehold mixed-use building in a high-demand location
- Asset management potential – future lease extension value on first floor flat
- Excellent main road visibility and transport links
- Secure rental income from commercial and residential tenants
- Close proximity to Colindale Underground Station (Northern Line)
This property will be legally prepared enabling any interested buyer to secure the property immediately once their bid/offer has been accepted. Ultimately a transparent process which provides speed, security and certainty for all parties.
Freehold Investment Opportunity
An excellent mixed-use mid terraced building comprising a ground floor retail unit with a self-contained flat above and a separate self contained flat to the rear situated on the bustling Edgware Road (A5). The property generates a strong rental income and offers long-term investment potential.
The Freehold includes:
(Shop) – Currently let and producing £17,650 per annum, with approximately 8 years remaining on the lease and rent reviews included.
(Ground Floor Flat) – Owned and tenanted by client, producing £13,200 per annum.
(First Floor Flat) – Sold on a long leasehold with approximately 60 years remaining on the lease.
Total Current Income: £30,850 per annum (excluding the sold flat)
The tenant of the Restaurant also trades from the adjoining unit (No. 275) which interconnects with No. 277 at ground floor level, but No. 275 is not included with the Freehold being offered.
Please note we have not inspected the property.
Rooms
Location
The property is located in Colindale, a suburban area of North West London, within the London Borough of Barnet, and is known for its excellent transport links, particularly via the Northern line at Colindale Underground station. The area offers a mix of residential properties suitable for families and offers convenient access to Central London.
Accomodation
(Shop) – Currently let and producing £17,650 per annum, with approximately 8 years remaining on the lease and rent reviews included.
(Ground Floor Flat) – Owned and tenanted by client, producing £13,200 per annum.
(First Floor Flat) – Sold on a long leasehold with approximately 60 years remaining on the lease.
Tenure
Freehold - title number MX187491
Rateable Value
Available via VOA
Council Tax
277a - Band B
277b - Band C
EPC
Available upon request -
Ratings:
277 - C
277a - D
277b - D
Auctioneers Additional Comments
Pattinson Auction are referred to below as The Auctioneer. This auction lot is being sold under either conditional (Modern) or unconditional (Traditional) auction terms and overseen by the auctioneer. The property is available to view strictly by appointment only via any Marketing Agent or The Auctioneer. Please be aware that any enquiry, bid or viewing of the subject property will require your details being shared between any marketing agent and The Auctioneer so that all matters can be dealt with effectively. The property is being sold via a transparent online auction. To submit a bid on any property marketed by The Auctioneer, all bidders buyers must adhere to a verification of identity process in line with Anti Money Laundering procedures. Bids can be submitted at any time and from anywhere. Our verification process is in place to ensure AML procedures are carried out in accordance with the law
Auctioneers Additional Comments
The advertised price is commonly referred to as a Starting Bid or Guide Price and is accompanied by a Reserve Price. The Reserve Price is confidential to the seller and the auctioneer and will typically be within a range above or below 10% of the Guide Price , Starting Bid. These prices are subject to change. An auction can be closed at any time with the auctioneer permitting for the property (the lot) to be sold prior to the end of the auction. A Legal Pack associated with this particular property is available to view upon request and contains details relevant to the legal documentation enabling all interested parties to make an informed decision prior to bidding. The Legal Pack will also outline the buyers obligations and sellers commitments. It is strongly advised that you seek the counsel of a solicitor prior to proceeding with any property and/or Land Title purchase.
Auctioneers Additional Comments
In order to secure the property and ensure commitment from the seller, upon exchange of contracts, the successful bidder will be expected to pay a non-refundable deposit equivalent to 5% of the purchase price. The deposit will form part of the purchase price. A non-refundable reservation fee of up to 6% inc VAT (Subject to a minimum fee which could be up to 7,200 inc VAT) is also payable upon agreement of sale. The Reservation Fee is in addition to the agreed purchase price, and consideration should be given by the purchaser to any Stamp Duty Land Tax liability associated with the overall purchase costs. Both the Marketing Agent and the Auctioneer may consider it necessary or beneficial to pass customer details to third-party service suppliers, from whom a referral fee may be received. There is no requirement or obligation to use any recommended suppliers or services.
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