Car Showroom Investment Opportunity with Development Potential
A successful pre app submission established the principle of a redevelopment to provide a ground floor showroom together with 114 residential units above in an 8 storey development.
The property occupiers a prominent North London location fronting the Edgware Road. Total accommodation of 40,228 sq ft (3,738.6 sq m) on a site area of 0.47 hectare (1.15 acres).
Fully let to HR Owen Ltd producing a current passing rent of £425,000 pa equating to approximately £10.56 psf. The property is under-let to Regent Automotive Ltd on a co-terminus lease for a term certain of approximately 6.75 years. ERV of £16.50 psf producing a rent of approximately £663,750 per annum.
The property was sold to a private investor for £10.5m reflecting a NIY of %.