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(Mixed-Use) – Churchfield House, 45-51 Woodhouse Road, London
£3,650,000
Details
Description
The property converted and partly newly built in 2017, comprises a four-storey mixed use building featuring both retail and residential accommodation. The ground floor contains a single let retail premises, operating as a convenience store.
Externally there is demised parking provision for 4 vehicles demised to the retail accommodation. The residential accommodation is arranged over first, second and third floors. In total, there are 12 well maintained self-contained flats comprising 3 studios, 7 one-bedroom flats, and 2 two-bedroom flats.
Location
North Finchley is a popular and established suburb in North London within the London Borough of Barnet. The area is becoming increasingly desirable due to its connectivity to central London as well as its vibrant range of shops, bars and restaurants. North Finchley is becoming progressively popular with young professionals and families seeking a lively suburban location with quick access to Central London. Finchley also benefits from multiple high performing schools including Saint Michaels Catholic Grammar School and the Wren Academy.
Finchley benefits from several leisure/recreational amenities, namely The Arts Depot, an award winning cultural venue, incorporates a 395-seat theatre, hosting a variety of productions, art exhibitions and concerts.
In addition, the David Lloyd Complex Finchley has just undergone a £4.65m refurbishment programme and is situated on Great North Leisure Park, which is also home to a Vue multiplex cinema, Hollywood Bowl and a range of family restaurants. The nearby Victoria Park offers residents over 17 acres of green open space, complete with tennis courts, children’s playground, and café.
North Finchley is also well connected by road with several major routes linking Finchley to the M1 and North Circular as well as regular TFL bus services running between Central London and North Finchley bus station.
Features
- Prominent convenience store and residential investment located in North Finchley, a bustling suburb in north London.
- Converted and partly new built in 2017.
- Located within a densely populated residential catchment area, conveniently situated within a two-minute walk to North Finchley bus station, Finchley High Road and Tally Ho Corner.
- West Finchley and Woodside Park Underground Stations (Northern Line) are within easy walking distance.
- The property extends to 8,832 sq ft (820.55 sq m) over ground, first, second and third floors.
- Well configured convenience store providing 3,057 sq ft over ground floor
- The retail element is securely let to The Co-operative Group Food Ltd (sub-let to Goldstar GS Limited with 2 personal guarantees T/A Greens International Food Centre) for a term of 15 years from 2014 expiring 18th June 2029 (5 years unexpired).
- Current passing retail income is £62,400 per annum.
- Rent reviewed 5 yearly in line with RPI annually compounded (1-4% cap and collar) next review 19th June 2024 - anticipated ERV £73,000 per annum assuming 4% in May 2024.
- 12 self-contained residential apartments all let to Blue Square Residential Limited let for a term of 5 years from 2022 expiring 5th February 2027. The lease is outside the Landlord and Tenant Act 1954.
- Current passing residential income £183,105 per annum.
- Total current passing rent of £245,505 per annum.
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