Robert Irving Burns are delighted to announce that we have recently been instructed on the sale of an investment property in Stanmore.
This instruction highlights our investment department’s ability to conduct deals all over the country with many recent sales and purchases around the UK. Stanmore is a residential area in North West London and forms part of the London Borough of Harrow. The property in question is located on the corner of The Broadway and Marsh Lane – just a few minutes’ walk from Stanmore Station on the Jubilee Line. Other local occupiers in the area include Sainsbury’s, Costa Coffee, Boots, Pizza Express, Lidl, Carphone Warehouse, Café Nero, and Nandos.
The investment property is currently let to Prezzo Ltd at a rent of £46,000 per annum with the current term expiring on 27th June 2021. In addition, there are also 5 residential units which are sold off on 125-year leases with 108 years unexpired which produce a ground rent income of £550 per annum as well as 6 parking spaces which are individually let out on licenses at a rent of £3,110 per annum.
Prezzo is owned by private equity firm TPG Cpital who have recently secured the backing of creditors for Company Voluntary Arrangement (CVA) allowing them to exit unprofitable branches. This particular branch has been designated a Category One site which means that it is a location which Prezzo wishes to retain.
This freehold property is approximately 2,133 square feet in size. Our client is looking for offers in excess of £925,000 which equates to a net initial yield of 5.08% after usual purchasers’ costs of 6.8%.
For further information on this fantastic investment, please take a look at our brochure or contact a member of our dedicated investment team who will be delighted to assist you.
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