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image  George Lane, South Woodford, E18


image Sold

Floor area:
1,007 sq. ft. (94 sq. m.)
image Sold (Freehold)

Property Description

 
** 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%

Investment Profile:

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.

Price:

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.

Tenant Profile:

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.

VAT:

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.

EPC:

To be confirmed


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