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Lot 6 Click here for addendum

Commercial Investment – Gross Yield 11.9%
6 Week Completion

Situation

Located between the junctions with Colindale Avenue and Colindeep Lane on the busy A5 Edgware Road, adjacent to The Gym Group, diagonally opposite a KIA Dealership and near to KFC, McDonald's Drive-thru and the Colindale Retail Park, all serving the surrounding residential population.
Colindale Underground Station (Northern Line) lies approx. ½ mile distant and the area is served by numerous bus routes.
Colindale is a popular and sought after north-west London suburb currently benefitting from a major regeneration building programme approx. 8 miles from central London and with easy access to the M1 (Junctions 1 & 2) and the A406 North Circular Road.

Property

Forming part of a modern development comprising a Ground Floor Shop currently partitioned to provide a salon area, 2 treatment rooms, staff room with shower, office and kitchen/laundry room.

Accommodation

Ground Floor Shop
Gross Frontage	26'6"
Return Window Frontage	32'1"
Internal Width	24'2" (max)
narrowing at rear to	22'5"
Shop Depth	57'10"
WC
GIA	Approx. 1,300 sq ft

VAT is applicable to this Lot

Tenure

Leasehold for a term of 125 years from 10th October 2013 (thus having approx. 114 years unexpired) at a peppercorn ground rent.

Tenancy

The property is let on a full repairing and insuring lease to Mira's Beauty Ltd as a nail salon (visit: laskabymira.mytreatwell.co.uk) for a term of 10 years from 10th July 2019 at a current rent of £25,000 per annum exclusive.

Note 1: The Tenant did not operate its July 2024 Break Clause and the rent was increased from £21,000 p.a. to £25,000 p.a. at the July 2024 Rent Review.

Note 2: There is a £12,600 Rent Deposit held which includes an amount equal to VAT in the sum of £2,100.

*Please note:

RESERVE

The 'Reserve' is the minimum figure for which a property can be sold as agreed between the Seller and the Auctioneer. The 'Reserve' is not disclosed and remains confidential between the Seller and the Auctioneer.

GUIDE

Where a 'Guide' is stated, it is an indication of the Seller's current minimum acceptable price ('Reserve') at auction. A 'Guide' is published to assist prospective buyers in deciding whether or not to pursue a purchase.

A 'Guide' does not represent an anticipated sale price or a valuation and the eventual sale price may be higher or lower. The sale price is determined at auction and as such cannot be predicted in advance.

The 'Guide' can be published as follows:

a. 'Reserve below' which means the 'Reserve' will be below the shown amount.
b. A single price figure where the 'Reserve' is not to exceed it.
c. A single price figure with a + symbol where the 'Reserve' is not to exceed that figure by more than 10%.
d. A minimum and maximum price range where the 'Reserve' is to be within that range.

The Seller's expectation as to the sale price may change during the marketing period as a result of interest received from prospective Buyers. Therefore, the Seller may increase or decrease the 'Reserve' at any time up to just before bidding commences. If the 'Reserve' becomes fixed at a level that makes the 'Guide' misleading, the Auctioneers will subsequently issue a revised 'Guide' as soon as is practicable. Accordingly, prospective bidders should monitor the 'Guide' with the Auctioneers prior to the Auction taking place via this website.

In addition to the purchase price the Successful Buyer or Successful Bidder will be liable to pay Barnett Ross Ltd a non-refundable administration fee of £1,500 including VAT or as specified on the Particulars of Sale and there may also be additional non-optional fixed or variable fees and costs. To establish the full cost of purchasing a property please inspect the special conditions of sale and all other documentation in the legal pack. Please also refer to any addendum that may be displayed on this page.

Unit 1 Holborn Parade, The Hyde, Colindale, London NW9 6AZ