- Freehold part vacant investment
- Large ground floor open plan vacant retail unit
- 95 units sold off on long leases subject to RPI indexed reviews 10 yearly
- Producing £23,531 per annum (plus vacant retail unit)
The property is located in a prominent position along A5 Edgware Road, opposite the junction with Capitol Way. This area has attracted a number of car showroom dealers (Mercedes Benz, Kia, Ford, Lexus, Volvo and Volkswagen) and lies opposite two food stores in Asda and Morrisons. The immediate surrounding area is dominated by a large residential population towards Colindale and Burnt Oak underground station. The M1 motorway and A1 are a short distance from the property.
The property comprises a large open plan ground floor retail unit and benefits from 32 dedicated ground level car parking spaces with a further 19 spaces in the secure basement car park. The unit occupies 1,089.74 sq m (11,730 sq ft) and forms part of a modern 8 storey residential led scheme comprising 95 flats. The site benefits from return frontage to the Greenway where 5 live/work units have been developed.
The flats and live/work units have been sold off on long leases.
A limited amount of ACM cladding was used in the construction of the building. The Seller has taken reasonable steps to address cladding remediation. The necessary works have been defined (and a replacement cladding system specified) by specialists including façade engineers, fire engineers and quantity surveyors from global firms. A tender process has been completed and a tender recommended by the specialists involved. The seller has been liaising with the government’s Cladding Remediation Funds and has supplied the Funds with substantially all the information required for the funding application, which is ready to be handed over to the buyer for final approval. Confirmation in principle of the amount of the remediation grant is expected shortly.
There are a number of asset management opportunities including a letting to a car showroom/A1 retail operator, change of use to supermarket, restaurant or leisure operator and splitting the retail into smaller units to generate higher rents. For further information contact London Borough of Barnet (020 8359 4628) www.barnet.gov.uk.
Please refer to Legal Documents
|Retail unit (1)||1,089.74 sq m (11,730 sq ft)||Vacant||Vacant|
|Private (2)||9 units|
|999 years from 12/2014|
999 years from 12/2014
|Housing Association (2)||31 units|
|999 years from 12/2014|
999 years from 12/2014
|Live Work (2)||5 units||999 years from 12/2014||£1,750|
(1) The property benefits from 32 dedicated ground level car parking spaces with a further 19 spaces in the secure basement car park
(2) The leases are subject RPI indexed reviews 10 yearly.
Note: The Seller has been marketing the retail unit to let and has received enquiries including those from global businesses within the supermarket and motor trade sectors.
*Terms and Conditions
Buyers are strongly advised to read these terms and conditions, and check the Special Conditions and any applicable Addendum, prior to bidding on a Lot. Additional costs, charges and encumbrances may apply for Buyers once they have made a successful bid in relation to a property.
- The reserve price is the minimum price at which the property can be sold at auction.
- Where a guide price (or range of prices) is given, that guide is the minimum price at which, or range of prices within which, the seller may be prepared to sell on the date on which the guide price, or range of prices, is published. The sale price, whether prior to or at the auction, can be above or below the guide price depending upon market activity. BidX1 and the seller accept no responsibility for any losses, costs or damages incurred by a buyer as a result of relying on any guide price. The buyer must decide how much they should bid for any Lot. All guide prices are quoted subject to contract. Guide prices given by BidX1 or the seller cannot be accepted by the buyer as being a professional valuation for any purpose in accordance with the requirements or guidance notes of relevant professional bodies or other authorities.
- Both the guide price and the reserve price may be subject to change up to and including the day of the auction. Whilst every effort is made to ensure that these guides are not misleading, it is possible that the reserve price set for any Lot may exceed the previously quoted guide price (as the seller may fix the final reserve price just before bidding commences).
- The guide price for the Lot does not include the administration fee of £1,000 (inclusive of VAT) charged by BidX1. In the case of a joint agent this administration fee will be £2,000 (exclusive of VAT). In addition, the guide price does not include VAT on the sale price, or any additional costs, charges or encumbrances that might apply to some Lots and/or some buyers. The Special Conditions of Sale of the seller, and any applicable Addendum, will state if there are other costs, charges or encumbrances and whether the seller has elected to charge VAT on the sale price.
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