FREEHOLD INVESTMENT
(WITH DEVELOPMENT POTENTIAL)
GRADE
II* LISTED BUILDING
375.33 m² (4,040
sq.ft.)
FOR SALE
LOCATION: Within
the Bloomsbury Conservation area, on the west side of Great James Street. Kings
Cross BR, St Pancras BR & Eurostar Stations are within walking distance, as
are Russell Square, Farringdon, Chancery Lane and Holborn Underground Stations.
DESCRIPTION: The
building forms part of an elegant 5 storey Grade II* Listed Terrace, which
dates from circa 1721 and the subject property has retained extensive period
features.
THE
BUILDING: The property comprises a total Gross
Internal floor area of 375.33 m² (4,040 sq .ft.). As
existing, the property comprises lower ground and ground floor commercial use
(B1 – Office), with full site coverage, while each of the three upper floors
are arranged as flats with 1 bedroom, bathroom/wc and
lounge/kitchen.
The property has the potential to be
converted to provide a family house subject to the
receipt of the necessary Planning and Listed Building consents.
TENANCIES: The building is income producing.
Lower ground floor: Is
occupied by Link Chartering Ltd, who are holding over,
following a lease expiry in January 2009. The rent received is £4,000 per annum
exclusive.
Ground floor: Is
occupied by Survivors (UK) Ltd on a lease which expires 8th January
2014 who are paying a rental of £19,000 per annum exclusive. The lease has a tenant
only break clause in January 2012, which it is believed will not be
implemented.
Residential: Each
of the 3 flats have recently been let on new AST’s, which produce a rental
income of £3,792 per calendar month, i.e. £45,500 per annum.
CAR
PARKING: It is believed that each of the flats on the
upper part would have the right to Resident Parking Permits in the area.
PRICE: The
price required for the unencumbered Freehold interest, subject to the tenancies
as described is £2,000,000.
VIEWING: By
appointment with:-
Morgan
Lambert & Partners – 020 7405 1686
JULY/2011
Subject to Contract.