Available
3,204 Sq Ft
£1,000,000
  • Ref: 82983
  • Type: Investment, Leisure
  • Availability: Available
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Property Summary

Income producing leisure investment - Virtual Freehold

Full Details

The premises are situated at basement level within this modern contemporary building, constructed behind the façade of a former Victorian signal factory. The upper floors total 23 apartments that have been sold on long leases.

The basement has its own direct access from Canterbury Road and benefits from a recent refurbishment to include air conditioning, exposed feature ceiling and a lightwell stretching along the length of the property.

Location
Canterbury House is ideally located close to Kilburn High Road with access to a range of excellent amenities including shops, cafes and restaurants.

There is also good transport links into and out of London as well as Kilburn Park Station (Bakerloo Line) being within a short walk.

Viewings
Strictly via Vendors sole agent.

Tenure
Offers in excess of £1,000,000 plus VAT are sought for the virtual freehold (999 years). A purchase at this level represents a NIY of 7.14% and a low capital value of £312 ft2.

Alternatively, the freehold interest may be also available with the benefit of ground rent income from 23 apartments totalling £8,750 per annum. Offers are sought in the region of £200,000 plus VAT for the freehold interest.

Tenancy
The property is let to NXT Phase Limited for a term of 10 years at a rent of £72,500 per annum exclusive. The lease commenced on 18th February 2020 and expires on 17th February 2030. The lease is contracted outside 1954 Landlord & Tenant Act.

There is an open market rent review and mutual break option in February 2025.

The lease includes the use of 2 parking spaces.

VAT
All prices stated are subject to VAT at the prevailing rate.