Units 1-8 Brentford Lock, High Street, Brentford, Middlesex, TW8 8AQ

Guide Price* : £1,300,000

High Yielding Retail/Leisure Investment in the Heart of Brentford

  • Fully let high street retail investment
  • Let to a mixture of national and local occupiers
  • Likely to benefit from significant local developments
  • Total income of £156,500 (£16.06 per sq ft)
  • Guide Price of £1,300,000, reflecting a high NIY of 11.27%

Description

The investment comprises Eight retail units on the ground floor of a residential courtyard development with frontage to the River Brent and Brentford High Street.

The units are well let to Costcutter, Winkworth and a mix of established local occupiers, whilst Unit 8 is let on a long leasehold. The property benefits from a WAULT to expiry of 9.19 years and a WAULT to break of 8.24 years.

The parade is set to benefit from Ballymore's ongoing mixed use development, which offers an extensive commercial, retail and residential provision within the vicinity of the property.

Location

The property is located in Brentford Lock, an established mixed use development adjacent to the River Brent.

Brentford Station is located approximately 800m to the northeast of the property and provides direct access to London Waterloo.

The property is located within 50m of the proposed mixed use
development by Ballymore.

Tenure

Long Leasehold - 250 years at a Peppercorn Rent

Tenancy

The property is let on eight leases (seven income producing) please see the tenancy schedule and legal pack for more information.

VAT

The property is elected for VAT

Finance

Our Finance Team have sourced the below terms for the property:

Loan Term - 3 years
Gross LTV - 60%
Interest Rate - Libor plus 5.49% per annum

The same lender is also willing to offer Bridging Finance if required.

For more details please contact:

Ashley Elkin
aelkin@lsh.co.uk
07525 630 213

Accommodation

Unit Area (Sq M) Area (Sq Ft) Tenant Start Date Expiry Date Break Date Headline Rent (pa) RR Date Rent Review Mechanism Comment
1 132.56 1,427 Time Bistro 27/09/2019 26/09/2039 N/A £25,000 27/09/2024 RPI Index Linked Rent Deposit £6,000
2 150.78 1,623 Siracusa 18/05/2006 17/05/2031 N/A £24,000 18/05/2021 OMRV Rent deposit of £12,000
3 96.25 1,036 Saoirse Hair 25/04/2018 24/04/2033 N/A £10,800 24/04/2021
Fixed Uplift to £13,500
Fixed uplift in 2021
Thereafter the lower of cap and collar (2.5%/4%) or OMRV
Rent deposit of £6,424
4 79.87 860 Mr S Mcdowell & Mr Y Bakici 25/04/2018 24/04/2033 N/A £10,800 24/04/2021
Fixed Uplift to £13,500
Fixed uplift in 2021
Thereafter the lower of cap and collar (2.5%/4%) or OMRV
Rent deposit of £4,000
5&6 300.59 3,235 Costcutter Supermarkets 11/02/2005 10/02/2025 N/A £55,900 11/02/2020
Outstanding
OMRV
7 145.34 1,564 Winkworth 07/02/2017 06/02/2027 17/02/2022 £30,000 N/A OMRV Rent deposit of £15,000
8 463.17* 4,986* High Street Edinburgh Properties Ltd 01/11/2007 31/10/2132 N/A Peppercorn N/A N/A
Total 1,368.56 14,731 £156,500
*All areas are taken from a Measured Survey dated 6 August 2019, with the exception of Unit 8 where areas have been taken from VOA estimates.

Contact

* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.

Administration Fee The successful purchaser will be required to pay the auctioneers administration fee of £1,200 inclusive of VAT on purchases of £20,000 and above and £360 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.

The auction has not yet started
Minimum Opening Bid

£1,250,000


Bidding Opens On
25th Nov 2020 12:00
End Date

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The successful purchaser will be required to pay the auctioneers administration fee of £1,200 inclusive of VAT on purchases of £20,000 and above and £360 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.


Office Contact

Max Mason
07917 865 212

Related Documents

Legal Documents

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Agreement Documents


Subject to Contract and Exclusive of VAT © Lambert Smith Hampton October 2020

Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries, including 574, and their joint agents if any ("LSH") for themselves and for the seller or landlord of the property whose agents they are give notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of LSH or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of LSH has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of LSH or its employees or agents, LSH will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by LSH. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists’ impressions or architects’ drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and LSH shall have no liability whatsoever concerning any variation or discrepancy in connection with such matters.