We are delighted to announce the sale of an investment property in Barnet located at 1 Church Passage, EN5 on behalf of our private client.
Barnet is a popular and affluent suburb of North-West London, located 12 miles from Central London and is the commercial and administrative hub for the London Borough of Barnet. High Barnet Underground station (Northern Line) is located within half a mile of the subject Barnet property, with trains arriving into Charing Cross Underground Station in less than 35 minutes. Junction 23 of the M25 is 2.5 miles northwest from the high street, providing fast and easy access to the national motorway network. The A10 North Circular, M1 and A1M lie to the south of the high street and provide access into Central London in an average drive time of 45 minutes. Local high street retailers include the Post Office, Specsavers, McDonald’s, Boots, Nationwide, NatWest, Iceland etc.
This Barnet property comprises a fully fitted restaurant with customer seating, storage, kitchen and WCs over ground floor only. The restaurant has recently been refurbished to an extremely high specification. Adjoining the restaurant is a charity shop which is also arranged over ground floor only. The charity shop has been in situ for many years. The first floor comprises 2X2 bedroom flats and 2X1 bedroom flats. Two of the flats have extended large terraces.
The subject Barnet property has previous planning consent to erect a further 2 X 1 bedroom flats on the front roof. This is part of a planning application for 6 residential flats, of which 4 were implemented approx. 20 years ago. Barnet Council have confirmed the planning permission to build these flats will run for perpetuity. There is an ongoing appeal to add a further 1 bedroom flat at the rear of the roof. Structural ground works within the restaurant have been competed in preparation for the flats to be developed at a cost in excess of £75,000.
Barnet is an area which RIB have significant experience in, having completed on a number of transactions from both a purchase and a sales perspective as well as some fantastic asset management work in the area. We were therefore delighted to have been instructed on the sale of this property and achieved an excellent result for our client.
“Our team continues to have a strong presence across North London and have been instructed on both the sale and acquisition of a range of properties across a number of asset classes in the area. Barnet is a location we know particularly well, having transacted on a number of properties in recent years across our departments. We look forward to continue achieving excellent results for our clients both in Barnet and across the Greater London area.” stated Board Director Damien Field when asked to comment.
If you are looking to sell or acquire a property in Barnet or elsewhere in North London, do not hesitate to contact a member of our team: