33 Lavender Hl 1,076 SF 100% Leased Retail Building London SW11 5QW $942,634 ($876.05/SF) 4.21% Cap Rate

Investment Consideration:
OIEO: £700,000
Gross Initial Yield: 4.21%
Rental Income: £29,500 p.a.
VAT is NOT applicable to this property
Comprises restaurant at ground floor, self-contained storage at first floor and 2 residential flats at first and second floor (both sold-off)
Residential development potential of retail ancillary at rear, subject to obtaining vacant possession
Nearby occupiers include Co-op Supermarket, Sainsburys, Pizza Hut, Café Nero and more.
Property Description:
Mid-terrace building comprising ground floor restaurant with outdoor seating, self-contained storage space at first floor and 2 residential flats at first and second floor (both sold-off), providing the following accommodation and dimensions:
Ground Floor Restaurant: 80 sq m (861 sq ft)
Open plan seating area, kitchen, storage
First Floor Storage: 20 sq m (215 sq ft)
First Floor: Flat A (sold-off)
Second Floor: Flat B (sold-off)
Total GIA: 100 sq m (1,076 sq ft)
Tenancy:
The restaurant is at present let to an Individual for a term of 15 years from 20th July 2018 at a current rent of £27,500 p.a. and the lease contains full repairing and insuring covenants. Fixed increase to £30,250 p.a. in July 2026 and £33,275 p.a. in July 2030 until the remainder of the lease.
The storage unit is at present let on a tenancy at will at a current rent of £2,000 p.a.
Flat 33A has been sold-off on long leasehold for a term of 189 Years from 25th March 1983 at a ground rent of peppercorn. Reversion 2172.
Flat 33B has been sold-off on long leasehold for a term of 189 Years from 25th March 1983 at a ground rent of peppercorn. Reversion 2172.
Location:
Battersea is a district of South-West London, England, within the London Borough of Wandsworth. It is located on the south bank of the River Thames, 2.9 miles (4.7 km) southwest of Charing Cross. Transport links are provided by Clapham Junction rail station and Clapham Common underground station (Northern Line). Nearby occupiers include Co-op Supermarket, Sainsburys, Pizza Hut and Café Nero, amongst many more.