Monday, 13 August 2012

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A LARGE RESTAURANT AND 6 FLATS (FULLY LET) WITH THE OPPORTUNITY OF SUBSTANTIAL PROFIT ON BREAK-UP

CHIPPENHAM ROAD, MAIDA VALE LONDON W9

FREEHOLD

£3,000,000


LOCATION:  The property is located at the corner of Chippenham Road and Elgin Avenue and is close to both Maida Vale and Westbourne Park underground stations.



DESCRIPTION:  A former public house with 6 flats above (approached via a separate entrance on Elgin Avenue).

The ground and basement floors measure approximately 3,600 sq ft in total with 2,300

sq ft on the ground floor and 1,300 sq ft in the basement (as advised by the vendor).

The upper parts are approached via a separate entrance on Elgin Avenue and comprise 3 x 1 bedroom flats and 3 x two bedroom flats arranged over first, second and third floors.  We are advised by the vendor that the net saleable area of the residential is approximately 4,300 sq ft although they are awaiting a measured survey.

There is space between the building and the neighbouring building for possible further development as an infill which could provide more residential space subject to planning permission.



TENANCIES:  The ground floor and basement are let as a gastro pub/restaurant, which has a strong local clientele, to Faucet Inn Ltd. who operate approximately 23 locations around London and the South West.



The upper parts are let to assured shorthold tenants.



1.  Firstly, we believe the income (ERV) should be c. £173,100 per annum.  This is because we believe the 1 bedroom flats should be let for at least £325 per week and the 2 bedroom flats should be let for £400 per week.



2.  Based on 4,300 sq ft of net saleable area for the residential we believe this should fetch at least £650 per sq ft giving a re-sale on the residential of c. £2.8m.  The £60,000 income from the restaurant on a 20 year lease should sell on a yield of 7% giving a further c. £860,000 giving a total break-up/re-sale value of c. £3.66m. 

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