We are delighted to announce that we have completed on the sale of an investment property located in Stanmore.
Stanmore is a well-established and prosperous residential area which is located in southwest London within the London Borough of Harrow. The subject property is situated in a prominent position, on the corner of The Broadway and Marsh Lane. The subject property benefits from great transport links and is just a short walk away from Stanmore Station which is on the northern end of the Jubilee Line. The main shopping area of Stanmore is located in Church Road and The Broadway where a number of major retailers including Sainsburys, Boots, Costa, Pizza Express, and Lidl are located.
This Stanmore investment property comprises a recently refurbished ground floor restaurant unit with open plan kitchens to the rear and some outside seating available. The restaurant unit is currently let to Prezzo Ltd at a current rent of £46,000 per annum for a term expiring 27th August 2021. There are also five residential flats in the upper parts each providing a ground rent income of £550 per annum as well as six parking spaces which are individually let on licenses at a current rent of £3,110 per annum. This provides a total rental income of £49,660 per annum for the entire property.
Prezzo is owned by private equity firm TPG Capital who have recently secured the backing of creditors for Company Voluntary Arrangement (CVA) which allows them to exit unprofitable branches. This branch has been labelled a ‘Category One’ site which means that this is a location which Prezzo wants to keep. The property has a total net internal area of approximately 2,133 square feet and is held freehold.
We were delighted to have sold this fantastic property for more than the original asking price. This Stanmore investment was sold for £975,000 which reflects a net initial yield of 4.82%.
Speaking to investment agent Daniel Freedman, he stated the following: “We were delighted to have completed on the sale of investment property on behalf of our private client. We look forward to completing more sales outside of our traditional core markets in the West End in the future as RIB’s investment team continues to thrive.”
To view our marketing particulars for this property, please click here.
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