** NEW ** INVESTMENT OPPORTUNITY. Double-fronted retail investment in South Woodford, long leasehold with freehold available, 15 year lease to reputable brand with net initial yield of 5.4%
The investment available is on the ground floor of newly refurbished building located on George Lane, South Woodford. The site is well-connected and benefits from being 50 metres from South Woodford Underground Station (Central Line).
The space is let to Lasercare Clinics (Harrogate) Ltd, trading as SK:N Clinics, at a rent of £36,000 per annum exclusive, based on a new FRI lease for a term of 15 years, contracted inside the Landlord & Tenant Act 1954, with a 10 year break option and 5 yearly upward rent reviews.
Offers in excess of £599,500 for the long leasehold (999 years), which reflects a net initial yield of 5.63% based on purchasing costs at 6.75%.
In addition, the freehold is available for sale and offers are invited in excess of £75,000 which includes 9 flats with the benefit of ground rents.
SK:N is the UK's leading skin and laser care clinic, with a plethora of consultant dermatologists, doctors, plastic surgeons, nurses and therapists. SK:N have a network of over 45 clinics throughout the UK and the company is a very reputable brand. Accounts can be provided upon request.
The property is elected for VAT, however, it is anticipated that the sale will be treated as a 'transfer of going concern' and, therefore, VAT should not be applicable on the purchase.
To be confirmed