4 Seven Sisters Road, London, N7 6AH
Guide Price* : £575,000
For Sale By Auction - If Not Sold Prior
- Retail Investment Opportunity
- Let until 2026 with an option to extend for a further 5 years
- Producing £37,000 per annum with annual fixed uplifts
- Conversion potential, subject to planning
- Guide Price of £575,000 reflects attractive 6.2% NIY with a reversionary yield of 6.7% following uplifts.
The property comprises a single, self contained, shop unit arranged over ground, first and second floors. The ground floor (481 sq ft) is used as retail space in conjunction with the tenants Bubble Tea Cafe business, whilst the upper parts (First - 155 sq ft, Second - 184 sq ft) are currently used as ancillary storage space.
The property may benefit from residential conversion of the upper parts, subject to vacant possession and obtaining the necessary consents.
The property is situated on the south side of Seven Sisters Road, a busy arterial route in North London connecting Holloway Road and Stamford Hill. The road receives high levels of footfall and includes a number of national occupiers as well as a diverse mix of local traders.
The entire property is let on a single FRI lease for a term of five years, expiring 02/08/2026. There is a tenants option to extend for a further five years to 02/08/2031.
The current rent payable under the lease is £35,000 per annum with fixed increases detailed below:
03/08/2023 - £37,000
03/08/2024 - £38,000
03/08/2025 - £40,000
The lease is drafted outside the security of tenure provisions of the Landlord and Tenant Act 1954. Furthermore there is a rolling option for the landlord to determine the lease with six months notice.
We understand the property has been elected for VAT and that it is envisaged the sale will be dealt with as a TOGC
Floor areas are provided by the VOA and are not to be relied upon.
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. 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.
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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.
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Subject to Contract and Exclusive of VAT © Lambert Smith Hampton August 2022
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.
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