Exchanged

Harringay, London – Attractive Mixed Use Asset in the Heart of North London

Salisbury Hotel, 1 Grand Parade, Green Lanes, Harringay, London, N4 1JX

Offers in excess of £6,200,000

Property Type:
Commercial
Sub Type:
Mixed-use
Tenure:
Freehold
Net Initial Yield:
5.17%

Description

  • Stunning Grade II* listed mixed use property located in the London suburb of Harringay, 6 miles north of Central London.
  • Occupies a prominent position within Harringay and is a known historic local landmark.
  • Benefits from strong transport links provided by a number of train and underground stations within a 15 min walk.
  • Fully let asset providing a large saloon style public house and staff accommodationa retail unit and 16 flats to the upper floors.
  • The property has been under the same ownership for over 20 years.
  • 16 of the flats are let on ASTs generating a residential income of £200,043 p.a.
  • Total of 16,813 sq ft over ground, basement and 3 upper floors.
  • The commercial element is let for an unexpired average term of 7.31 years (6.55 years to break), generating an income of £119,000.

Total Rent is currently £319,043 per annum.

Offers sought in excess of £6,200,000 for the Freehold interest subject to all existing tenancies and subject to contract. An acquisition at this level would reflect a gross yield of 5.15% and a low capital value of c. £369 per sq ft