20 Blyth Road, Hayes, Middlesex UB3 1BY
EXCELLENT COMMERCIAL INVESTMENT PRODUCING £90000 PA
This excellent investment opportunity is located in a prime location, a short walk from Hayes and Harlington Main Line station, that connects to London Paddington and forms part of the proposed Crossrail route. Hayes Town Centre is with its shops and numerous bus connections is also close to hand. The property forms part of a new mixed development that consists of 120 flats that have been sold off on long leases. The subject lot is a commercial investment over two floors offering approximately 5575 sf of space. The investment is being sold with the benefit of a 15 year lease that has just commenced at a rent of £90,000 per annum. The lease is granted to a franchisee of Energy Gyms and we understand that there are no break clauses. There are 3 parking spaces as per the plan in the legal pack (P65, P66 and P67). The rent does have concessions in the first five years as noted in the lease within the legal pack. However the seller will make the rent up to £90,000 pa during the rent free and reduced periods. This will be an allowance on completion. We are advised that the tenant is paying for the refurbishment which we understand is in the region of £400,000. They also paid for the planning that has been granted. The head leaseholder is responsible for putting in the mezzanine. We are advised that the building is the only asset in an SPV and accordingly that can be purchased if preferred.
Two floors consisting of approximately 6800 sf. 3 parking spaces: P65, P66 and P67
Long Leasehold 999 years with peppercorn ground rent.
LOCAL AUTHORITY & TAX RATING
London Borough of Hillingdon 01895 250111 Rateable Value to be assessed.
By appointment through the Auctioneers. All viewing are subject to Government Covid 19 guidelines.
*Guides are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Each property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
Please note that the following additional fees will apply to the purchase of your property:
1. Buyers Premium of £600 inclusive of VAT
2. Other fees as listed within the Special Conditions of Sale that form part of the legal pack which is made available to you prior to auction. You will be expected to sign this document as well as the Sales Memorandum at the time of purchase.
3. Stamp Duty - rates easily available on-line
4. Your solicitor fees and any survey fees
5. Insurance - it is your responsibility from the date of exchange to insure the property purchased.