Prominent Investment For Sale in Ealing W5. 999 Year Lease of 2 Retail Units The property is prominently located beneath the prestigious Arc Tower on the north side of the busy Uxbridge Road, which leads directly into Ealing Broadway. Ealing’s main shopping area providing numerous shops and restaurants is within a short walk. Nearby Ealing Broadway Underground (Central and District Lines) and National Rail, Mainline Station provide access to Central London and to the West, and Crossrail will connect Ealing to the West End and Canary Wharf in 11 minutes and 25 minutes respectively. Both the A40 Western Avenue and the A4 are within 1 mile, providing access to the national motorway network and Heathrow Airport.
- The property is sold with the benefit of a 12 month rent guarantee for Unit 1 from the vendor to ensure an investor has no issue receiving rent in light of the Coronavirus Act 2020 Part 1 Section 82.
- Located in the highly affluent London Borough of Ealing.
- Tenure – 999 Year Lease from 1st January 2012, at a peppercorn rental.
- Unit 1 – let to F45 Training franchisee, LB Fitness Ltd, on a new 15 year lease from 16th May 2018 at a rent of £58,000 per annum exclusive.
- Unit 2 – vacant – estimated rental value (ERV) of £17,000 per annum exclusive (not guaranteed, and subject to a purchaser arranging the matters/works and obtaining planning permission for commercial use etc. all as noted under the heading Unit 2, below**). The vendor is prepared to pay the purchaser a rental top up capped at £17,000 per annum exclusive until the unit is let and income producing up to a maximum period of 18 months.
- Offers sought in the region of £1,120,000 (One Million, One Hundred and Twenty Thousand Pounds), subject to contract and exclusive of VAT.
DESCRIPTION – The subject property is arranged as two commercial units on the ground floor beneath the Arc Tower, which is a 21 storey luxury residential tower rising to nearly 250 ft and a major skyline landmark in Ealing.
ACCOMMODATION – The property provides the following approximate floor areas:
|Unit||Sq ft||Sq m|
|Unit 1 – Ground Floor &
1 Basement Car Space
area provided by vendor
area provided by vendor
|Unit 2 – Ground Floor &
1 Basement Car Space
|The 999 Year Lease also grants exclusive use of an outside seating area adjacent to Unit 1.|
TENANCY – Unit 1 is let to F45 Training franchisee, LB Fitness Ltd, on an effective full repairing and insuring lease, at a rent of £58,000 per annum exclusive, for an original term of 15 years from 16th May 2018 with approximately 13 years unexpired, a mutual break option on 16th May 2028 on 6 months notice, and RPI linked rent reviews on 16th May 2023 and 2028 capped at 4% and collared at 2%. A rent deposit with a required credit level of £14,500 plus VAT is reserved in a Rent Deposit Deed dated 16th May 2018, with a release date of 16th May 2023. The tenancy is protected by The Landlord and Tenant Act 1954.
CORONAVIRUS ACT 2020 – UNIT 1 – The property is sold with the benefit of a 12 month rent guarantee for Unit 1 from the vendor to ensure an investor has no issue receiving rent in light of the Coronavirus Act 2020 Part 1 Section 82.
UNIT 2 – VACANT – Currently in shell and core condition and has the following approximate dimensions: a maximum internal shop width of 22.03 ft (6.71 m); a maximum internal shop depth of 29.21 ft (8.9m); and a floor to ceiling height (slab to slab) of 15.43 ft (4.7m). There is potential for a small number of outside tables and chairs subject to obtaining consent from the freeholder.
**A purchaser will need to arrange for the following for Unit 2: the provision of independent utilities supplies e.g. electricity, gas and water direct from the utilities suppliers; the installation of a WC; the installation of a front entrance door in the glazed frontage for which planning permission has been granted, now lapsed: Planning Application No:166120FUL; obtain planning permission for commercial use (the 999 Year Lease permits any use within use classes A1, A2, A3 and D2). The unit has not been assessed for rating purposes.
RENTAL TOP UP – UNIT 2 – The vendor is prepared to pay the purchaser a rental top up capped at £17,000 per annum exclusive until the unit is let and income producing up to a maximum period of 18 months.
TENURE – 999 Year Lease from 1st January 2012, at a peppercorn rental.
CLADDING REPLACEMENT – The external cladding to Arc Tower is to be replaced in order to conform with fire safety regulations. The vendor will indemnify the purchaser for its proportion of the cost of such works.
ENERGY PERFORMANCE CERTIFICATE (EPC) – UNIT 1 – EPC Rating C74; Unit 2 – EPC Rating D80.
VAT – The property has been elected for VAT.
PROPOSAL – We are instructed to seek offers in the region of £1,120,000 (One Million, One Hundred and Twenty Thousand Pounds), subject to contract and exclusive of VAT.
LEGAL COSTS – Each party to be responsible for their own legal and professional costs