INVESTMENT SUMMARY
- Prominent mixed use investment located in the affluent Queens Park, less than 3 miles from Central London.
- Situated on Salusbury Road, Queens Park’s main retail and restaurant pitch and core office focus.
- Art deco property configured as offices, health club and supermarket.
- Total accommodation of 3,440.8 sq m (37,038 sq ft) arranged over three storeys.
- 38 parking spaces providing an excellent ratio of 1:975 sq ft overall.
- Total current passing rent of £649,240 per annum.
- Reversionary offices let at a low passing rent of £20.31 per sq ft, gym let at £7.95 per sq ft, and rack rented supermarket.
- Multi let to ITE Group, Fitness First and Sainsbury’s with 89% of the income secured against Minimum Risk covenants.
- Average weighted unexpired term certain of 9.12 years.
- Outline planning consent for the development of two additional floors to provide 14 private penthouses with a Gross Internal Area of 959.2 sq m (10,324 sq ft).
- Freehold interest.
- Multiple asset management opportunities to enhance value.
- Seeking offers in excess of £11.75 million (Eleven Million, Seven Hundred and Fifty Thousand Pounds) reflecting the following profile, excluding any income or receipts from the consented planning permission:
| Net Initial Yield | 5.22% |
| Equivalent Yield | 5.57% |
| Reversionary Yield | 5.61% |
| Capital Value Per Sq Ft | £317 |
| Low capital value of £248 per sq ft including the consented development | |