Situated in a ‘trendy & affluent’ part of north London, surrounded by desirable homes, this freehold opportunity has been in the same ownership for nearly 40 years.
Combined Gross Income: £80,570
The property is located in a parade of mixed, independent users with many restaurants and eateries, and is situated close to the junction with Grovelands Road and opposite the delightful Broomfield Park with its recreational facilities.
Buses pass the door and Palmers Green Main Line station is just moments away, with direct links to Kings Cross and Moorgate. The main shopping centre of Green Lanes is nearby, and boasts a multitude of high street retail outlets, banks and eateries. There is Pay and Display Parking in the immediate area and free parking in many of the side turnings.
In its current configuration the premises provide a newly refurbished (high quality) restaurant on the ground floor. There are 6 bedsit units on the two upper floors above, all in good decorative order, let and income producing. Finally, there is a modern office unit to the rear – also let.
The current owner has made an application to convert the rear office into a one-bedroom apartment, the first floor of the uppers to another one-bedroom apartment, and the second floor and attic of the uppers into a two-bed apartment.
Viewings – Strictly by Appointment Only
We are advised that the restaurant currently benefits from a 20-year lease term having commenced on the 24th September 2014 at a current rent level of £21,250 PAX with 5 yearly rent reviews. The restaurant has a net area of approximately 900ft² (83.6m²).
The office to the rear is accessed from a service road, and is currently let with an income of £13,600 PAX, under a 2 Year Lease, which commenced in May 2019 (in total the tenant has been in occupation for approaching 6 years). The office is fitted out with A/C, central heating, alarm, cable trunking and defused lighting. It is arranged over 2 levels (GIA 620ft²/57.6m²).
The six bedsits are arranged over the two upper floors and are subject to six month short-hold tenancies inclusive of Council Tax and Water Rates (appx. £3,000 combined PA).
Two of the bedsits benefit from their own showers whilst the others utilise the two communal shower rooms. All of the bedsits include the furniture, fixtures and fitting and carpets. The rents rise every 18 months (currently the combined annual income is £45,720.
Each room is individually metered for electricity (no gas supply). All are double glazed.
Entrance to rear. Front door, with stairs rising to:
FIRST FLOOR: (overall area: 760ft² – 70.6m²) Landing – configured with 2 separate WCs (both with wall mounted wash hand basins, and obscure glass double glazed windows). Stairs to second floor, and doors opening to;
Room 1 (front): 18’3 maximum x 13’9 (5.56m x 4.19m) – wide, feature, double glazed oriel bay window to front – overlooking Broomfield Park. Stainless steel sink and drainer, decorative coving.
Room 2 (middle): 14’ x 11’6 max (4.27m x 3.51m max) Breakfast bar with fitted units, above and below, stainless steel sink and drainer, decorative coving, double glazed window to rear.
Room 3 (rear): 13’9 x 9’3 – excluding door well (4.19m x 2.82m) Fitted cupboard, fitted wall and base units, stainless steel sink and drainer, double glazed windows to rear.
SECOND FLOOR: (overall area: 756ft² – 70.2m²) Split level landing with 2 shower rooms – shared by Rooms 1, 2, 3 & 5. Rooms 4 & 6 having their own shower facilities. Access to loft. Doors opening to;
Room 4 (front): 18’3 x 13’9 (5.56m x 4.19m) – wide, feature, double glazed bay window to front – overlooking Broomfield Park. Wall and base units, stainless steel sink and drainer, plus further inset wash basin with medicine cabinet above. Wardrobe / dressing area and own shower closet with electric shower. Decorative coving.
Room 5 (middle): 11’6 into chimney recess x 14’ High level, bulk head storage. Stainless steel sink and drainer, fitted units and breakfast bar, double glazed window to rear.
Room 6 (rear): 13’ x 10’9 Fitted wardrobe with high level storage, wall and base units with stainless steel sink and drainer, double glazed window to rear. Own shower closet with electric shower and obscure glass double glazed window to side.
Please note: The current owner has made an application to convert:
• The rear office into a one-bedroom apartment.
• The first floor of the uppers to another one-bedroom apartment.
• The second floor and attic of the uppers into a two-bed apartment.