Executive Summary
- Mixed-use investment opportunity comprising 1 x retail unit and 1 x flat
- Located on Preston Road in Wembley, a desirable London suburban area
- The commercial unit is let to D4S Heating and Plumbing Ltd. The flat is let on an APT
- The property has an ERV of £46,400 per annum
- Offers are invited in excess of £600,000, which represents a gross yield of 7.7% based on the ERV
- EPC Rating - E (both shop and flat)
Location
The property is located in a prime position on Preston Road, Wembley, within the London Borough of Brent. The Preston Road area is a popular London suburban area, characterised by an affluent and established residential catchment. The area has a strong sense of community and a diverse mix of independent businesses, restaurants, cafés, local amenities, and greens spaces.
The property benefits from excellent transport links, situated 160 yards from Preston Road underground station (Metropolitan line), providing direct access to Baker Street and the City. Preston Road also benefits from close proximity to Wembley Park, Kenton, and Harrow, with convenient access to the A406 North Circular Road and M1 motorway network. The area is well-served by buses.
Please note all time and distances are approximate only.
Description
The property comprises a ground floor commercial unit with additional basement storage, plus a two bedroom flat on the first floor, providing a total of 2,294 square feet (213 square metres), as follows:
The ground floor commercial unit measures 1,080 square feet (100.3 square metres) plus 557 square feet (51.7 square metres) of additional basement storage, providing a total of 1,637 square feet (152 square metres).
The first floor flat measures 657 square feet (61 square metres).
Please note that these sizes given are approximate only. All interested parties are advised to rely on their own inspection and survey.
Tenancy
The commercial unit is let to D4S Heating and Plumbing Ltd for £21,000 per annum on a 10-year lease from December 2020. There is an outstanding rent review from December 2025. The rent increase has been assessed as £26,000 per annum. Further information on the outstanding rent review can be provided upon request.
The first floor flat is let on an APT for £1,700pcm / £20,400 per annum.
The total ERV for the property is £46,400 per annum.
Terms
Offers are invited in excess of £600,000, which represents a gross yield of 7.7% based on the ERV.
Tenure
The freehold interest is to be sold subject to the existing tenancies.
VAT
We are informed that the property has not been elected for VAT.
Viewings
Viewings are strictly by appointment through sole agents Harston&Co.
