Sold

Camden, London – Rare unbroken mixed-use investment with significant asset management potential

York House, 400-404 & 398 York Way, Camden, London, N7 9LR

Offers in excess of £13,500,000

Property Type:
Residential
Sub Type:
Mixed-use
Tenure:
Freehold

Description

  • Unbroken mixed-use Freehold parade comprising a large purpose built block and an adjoining period building
  • First time on the market in 30 years
  • Five ground floor retail units, two additional commercial units in the basement and 26 flats on the upper floors with parking to the rear
  • Total Current Rent Reserved: £695,289 per annum
  • Estimated Rental Value (if fully let): £765,000 per annum
  • Overall GIA of the flats, commercial units and storage room (excluding common parts): 29,707 sq ft (2,759.78 sq m)
  • New 15 year lease term has been agreed with Nisa Local (original lease started in 2011)
  • Various asset management opportunities to enhance rental income in short and medium term
  • Opportunity to reconfigure and refurbish the flats subject to necessary consents

Offers sought in excess of £13,500,000 for the Freehold interest of both buildings, subject to all existing tenancies and subject to contract.

An acquisition at this level would reflect a gross initial yield of 5.1%, a gross reversionary yield of 5.7% (based on ERV) and a low capital value of £454 per sq ft.

Subject to contract