Commercial Property For Sale
The property comprises a striking Grade II listed mid terraced Georgian townhouse reconstructed around 1910 with attractive decorated Portland stone elevations.
The accommodation is arranged over lower ground, ground and four upper floors with medical accommodation of the lower floors and a residential maisonette (refurbished in 2017) on the third and fourth floor. The lower ground floor and second floor have recently undergone tenants fit out works to a high specification. The lower ground floor includes some vaulted storage and plant accommodation to the front, beneath Harley Street.
Internally the property benefits a single staircase between all floors, multiple treatment rooms, large ground floor waiting area with reception, administrative offices and storage accommodation.
- 99 year long leasehold from 6 January 1961 (c.40 years unexpired)
- Deed of Variation dated 15 October 1985 / 17 May 2016 and 17 July 2019. 17.5.16 – Headlease excludes upper maisonette. 17.7.19 – Variation of existing user clause.
- Current rent of £12,000 per annum. By lease amendment, the ground rent is reviewable 5 yearly to 10% of the market rent of the commercial demise to 24th June 2020 and then 15% of the market rent on 24th June 2025 and 5 yearly thereafter.
- There is a reversionary lease to the upper floor residential apartment which expires on 6 January 2150 at a peppercorn ground rent.
Landlord bears pro-rata cost of receptionist under Ching lease & building insurance of the residential maisonette
Leases are mix of FRI by way of service charge and internal repairing and insuring
Lower Ground Floor (The Mole Clinic Limited)
– 10 yrs 17.7.19 (Mutual break 16.7.2024
– Rent £42,000 per annum (Outside L & T Act)
Ground Floor Rear (Ching)
– 21 years 24.6.2001 expiring 23.6.2022
– Rent £16,000 per annum (Outside L & T Act)
– Rent review 24.6.2021
1st Floor (Dent 1st limited)
– 9 years from 1.4.2013 expiring 31.3.2022
– Rent £34,000 per annum
(Inside L & T Act)
– Outstanding RR 1.10.19 (Notice Served @£50,000)
2nd Floor (Gynaecology Solutions Ltd & Medical Health Alliance Ltd)
– 5 years from 24.6.2019 expiring 23.6.2024
– Rent £45,000 per annum (outside L&T Act)
– Mutual option to break 23.6.2022
– Let on a two year AST from 23.5.2018-22.5.2020 at a rent of £54,600 per annum. Mutual option to break at any time after 23.7.2019 by two months notice
Total Gross Rent £179,600 per annum (Net Rent £167,531 per annum)
Under the headlease use of the property is residential however by a Deed of Variation, dated 15 October 1985 and 17 July 2019, the freeholder has permitted the use of the lower ground for medical use within Class D1(a) and the ground, first and second for a waiting room on ground and the remainder as consulting rooms or suites for no more at any one time than five medical surgical or medical practitioners. Practitioners subject to conditions and require pre approval in writing to be “Approved Practitioners”.
Total Commercial – 2,665 sq ft
Total Residential – 1,426