239 UPPER STREET

LONDON, N1

PRICE ON APPLICATION

Investment Sold

 

LOCATION

The property is located on Upper Street, the principal shopping thoroughfare within the Borough of Islington.  The property is excellently situated being under 5 minutes walking distance from Highbury & Islington Station and within 20 minutes of Angel Station. The property is on a busy retail pitch with a mixture of local traders and national occupiers including KFC, Costa Coffee and Nationwide. Current developments in the area include the ‘Islington Square’ mixed use scheme. This will primarily comprise of residential units as well as some retail which should improve footfall significantly on the northern section of Upper Street.

COMMUNICATIONS

• Highbury & Islington (Great Northern, Overground, Victoria) – 3 minute walk
• Essex Road (Great Northern) – 10 minute walk
• Angel Station (Northern Line) – 19 minute walk

Please note: all times are approximate

DESCRIPTION

The opportunity comprises a four storey terraced period mixed use building comprising a ground floor commercial unit with self-contained residential accommodation on the first, second and third floors held on separate long leasehold titles.

The ground floor retail space is currently occupied by William Hill and the unit itself benefits from an aluminium framed singled glazed shop frontage, a mixture of tiled and carpeted floor, plastered and painted walls, and suspended ceiling with mounted air-conditioning units.

The main retail area benefits from male and female customer toilets. To the rear of the property there is a kitchenette and staff toilet. There is also storage space to the rear of the property.

The residential upper parts comprise a flat at first floor level and a second and third floor maisonette.

ACCOMMODATION (approx. NIA)
Floor         (sq ft)        (sq m)
Ground      1,170        108.67
ITZA          559            51.93 TENURE
Freehold

TENANCY

COMMERCIAL

– Let to William Hill Organization Limited for a term of 10 years from 18th August 2014.
– Passing rent of £49,500 per annum exclusive
– Rent to be reviewed 18th August 2019
– Break clause 19th August 2019

RESIDENTIAL
First Floor Flat
Term: 125 years from 1st February 2002
Rent: A peppercorn

Maisonette
Term: 125 years from 1st February 2002
Rent: A peppercorn COMMERCIAL USE
Class A1/A2 of the use classes order 1987

EPC
D (80)

VAT
TBC

RATES
Ground Floor Shop – Rateable Value: £43,500

All interested parties should make their own enquiries with the London Borough of Islington to confirm this.

PROPOSAL
We are seeking unconditional offers in excess of £950,000 exclusive and subject to contract. At this level the purchase price reflects a gross yield of 5.21% and a net initial yield of 4.93% based on purchaser’s costs of 5.69%.

 

 

Additional information

Availability

Sold

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    OFFICE DETAILS

    Copping Joyce London
    28-30 Worship Street
    London
    EC2A 2AH

    020 7749 1040

    info@coppingjoyce.co.uk

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