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Freehold Investment, 63 Praed Street, London
£2,300,000
Details
Description
The property comprises an extremely well-maintained building arranged over lower ground, ground and three upper floors. The ground and lower ground floors are retail class E premises with the uppers forming 4 Residential Flats (1 x studio, 2 x 1 beds and 1 x2 bed) all let on ASTs.
The property has been maintained to a high standard throughout and benefits from wood flooring and high ceilings. Flat D also has a decked terrace area.
Location
Praed Street is located in Paddington, running from Edgware Road to Craven Road. The property is located on the South side of Praed Street close to Junction Place and South Wharf Road, and is opposite St Mary's Hospital. The street is home to several hotels, restaurants and retailers, making it a popular area for tourists and commuters. The area has benefitted from the recent opening of Crossrail at Paddington Station which also provides Mainline and Underground services (Bakerloo, Hammersmith & City, Circle and District Lines), together with Heathrow Express.
Fitting Information
Fitted
Available Area
| Name/Floor | Sq Ft | Sq M | Price | Availability |
|---|---|---|---|---|
| lg | 640 | 59.46 | On Application | Sold |
| Ground | 927 | 86.12 | On Application | Sold |
| 1st Flat A - Studio | 282 | 26.20 | On Application | Sold |
| 1st Flat B - 1 Bed | 435 | 40.41 | On Application | Sold |
| 2nd Flat C - 1 Bed | 349 | 32.42 | On Application | Sold |
| 3rd Flat D (Duplex) - 2 Bed | 671 | 62.34 | On Application | Sold |
| Total | 3,304 | 306.95 |
Features
- Reversionary Mixed Use Freehold Investment
- Located in Paddington and opposite St Mary's Hospital
- Paddington Station is within a few minutes walking distance providing Mainline and Underground services
- Arranged over lower ground, ground and three upper floors
- The building has been maintained to a high standard through and benefits with wooden flooring and high ceilings
- The Retail premises is let to Harvey Thompson Ltd on a 25 year lease expiring 3rd May 2024 with a passing rent of £33,500 pa, Inside the L&T Act 1954
- The residential flats are all let on ASTs with a combined rent of £90,324 pa
- Total income of £123,824 pa with an Estimated Rental Value of £148,100 pa
- Total floor area of 3,304 sqft
- The property is elected for VAT
Materials
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