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 accommodation, a 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