Retail/Residential property for sale in Islington

This property is marketed by:
Strettons

Property Features

• Located centrally between Angel, Highbury & Islington and Essex Road stations in the affluent catchment area in Islington.
• Configured as a retail unit over the ground floor & basement levels with three flats above (sold off on long leases)
• Total commercial Gross Internal Area 2,116 sq ft (196.5 sq m)
• Retail element let to a long-established independent home furnishings retailer trading as Twenty Twenty One
• Total rents reserved £100,375 per annum

Description

A very attractive retail and residential ground rent investment in a prominent corner location on Upper Street. The property comprises a double fronted retail unit over ground and basement levels. The upper floors are in residential use configured as three self contained flats (all sold on long leases).

The ground floor is a double fronted retail unit occupied by Twenty Twenty One, a long-established independent home furnishings store. It has a conventional retail store layout on the ground floor, with the basement used for storage and some display purposes. The retail unit has further staff WC and kitchenette.

The retail tenant is currently holding over under the terms of a lease (contracted inside the Landlord & Tenant Act 1954) which contractually expired in June 2021. and which is subject to ongoing lease renewal discussions. Rents reserved under the current tenancy are £100,000p.a.x.

The three flats have been sold on 125 year leases from 1986 (therefore having appx 89 years unexpired) with ground rents totaling £375 per annum (£125 per annum per unit).

Total rents reserved therefore total £100,375 per annum exclusive.

The freehold is being sold subject to the existing leases and rental income.

Located on the east side of Upper Street at the junction of Florence Street in the heart of Islington in north London. The property lies within easy walking distance of Angel, Highbury & Islington and Essex Road stations.

The location supports a wide variety of quality independent retail and F&B businesses sitting alongside national retail brands. Nearby occupiers include Ottolenghi, Oliver Bonas, Aria, 1281 Bar, Fig & Olive, and Malin & Goetz to name but a few.