LOCATION

The property is located on Upper Street, the principal shopping thoroughfare within the Borough of Islington.  The property is excellently situated being within walking distance of both Angel and Highbury & Islington stations. This section of Upper Street supports a vibrant mix of tenants including boutique shops, cafés, restaurants, and bars.

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) – 9 minute walk
• Essex Road (Great Northern) – 9 minute walk
• Angel Station (Northern Line) – 11 minute walk

Please note: all times are approximate.

DESCRIPTION

The property comprises a mid-terraced, ground floor and basement retail unit. The property benefits from a timber-framed, glazed frontage, with recessed access way. The ground floor retail space benefits from exposed timber floorboards and timber panelled walls. There is a storage cupboard and toilet located to the rear of the ground floor.

Stairs located to the right of the main retail space provide access to the basement, which is used as secondary retail space, storage and changing rooms. The basement benefits from exposed timber floorboards and exposed brick walls. Towards the rear of the basement are a number of storage areas.

AMENITIES

• Plenty of storage space
• Staff WC
• Exposed timber/brick walls
• Exposed timber flooring
• External roller shutter

FLOOR AREAS(Approx. NIA)

Floor Size (sq ft) Size (sq m)

Ground     460       42.75
Basement 453       42.15
Total         913       84.9
ITZA          373      34.65

TENURE

Long leasehold: 999 years from 10th September 2007.

TENANCY

Tenant: MERCER CLOTHING LIMITED (co. no. 05692019). Trading as albam.
Term: Under lease for a term of 10 years from the 30th March 2010 and ending on and including, 29th March 2020. The lease is held inside the security of tenure provisions of the 1954 Landlord & Tenant Act.
Passing rent: £47,500 per annum exclusive
Review: 30th March 2013 & 30th March 2017
Breaks: Tenant only break dates at the review dates subject to 6 months written notice.

The 30th March 2013 rent review is outstanding.

USE
Retail within class A1 of the use classes order 1987.

PLANNING
The subject property is locally listed and permitted development is restricted under Article 4. Speak to the local authority for further details.

EPC

G

VAT

We have been informed the property is not elected for VAT.

BUSINESS RATES

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

PROPOSAL

We are seeking unconditional offers in excess of £1,000,000 exclusive and subject to contract. At this level the purchase price reflects a net initial yield of 4.49% and a reversionary yield of 5.82% based on purchaser’s costs of 5.58%.