42 Lavender Hl 596 SF 100% Leased Retail Building London SW11 5RL $906,269 CAD ($1,520.59 CAD/SF)

Investment Consideration:
Gross Initial Yield: 5.09%
Rental Income: £24,700 p.a.
VAT is NOT applicable to this property
Comprises ground floor restaurant and 2 self-contained flats, which have been sold off
Restaurant let until 2038 (No Breaks). Rent review in October 2028 open market upward only
Pizzeria Pellone is in the “Top 10 Pizzerias in London” lists by CNN Traveller, Conde Nasté and others
Prominent corner location, with outdoor terrace, in one of Battersea`s busiest streets.
Nearby occupiers include Co-op Supermarket, Sainsburys, Pizza Hut and Café Nero, amongst many more.
Property Description:
Comprises end-of-terrace building arranged as a ground floor restaurant with two residential flats above (sold-off). The restaurant has undergone a full refurbishment and kit-out upon commencement of tenancy in 2018, and provides the following accommodation and dimensions:
Ground Floor: 55 sq m (596 sq ft)
Open plan restaurant, kitchen, storage, wc
Rear Ground Floor Flat: Sold-off
First & Second Floor Flat: Sold-off
Tenancy:
The ground floor restaurant is at present let to Albarella Limited t/a Pizzeria Pellone (with personal guarantee) for a term of 20 years from 30th October 2018 at a current rent of £24,000 per annum and the lease contains full repairing and insuring covenants. Rent review in October 2028 open market upward only. No break clause. Deposit held of £10,000. Tenant paid £50,000 premium for the lease.
The rear ground floor flat has been sold off on a 125 Year lease from 3rd June 2014, at a ground rent of £300 p.a. Rent increasing by £250 every 25 years.
The first and second floor flat has been sold off on a 125 Year lease from 16th May 2014, at a ground rent of £400 p.a. Rent doubling every 25 years.
Location:
Battersea is a district of South West London, England, within the London Borough of Wandsworth. It is located on the south bank of the River Thames, 2.9 miles (4.7 km) southwest of Charing Cross. Transport links are provided by Clapham Junction rail station and Clapham Common underground station (Northern Line). Nearby occupiers include Co-op Supermarket, Sainsburys, Pizza Hut and Café Nero, amongst many more.