£700,000
(£741.53/sq. ft)
Retail premises for sale67-69 Essex Road, London N1
1,257 sq. ft
About this property
Desirable Islington location
Annual rental income of £47,000 and ground rents of £650 p.a.
Well let Freehold investment property comprising 2 shops and escalating ground r
Reversionary with next rent review in September 2026 (no.69)
Newly refurbished (no.67)
VAT not applicable
Location
The property is situated on the west side of Essex Road, in a busy
shopping area, running between Angel and Canonbury. Upper Street and
Islington Green are just a 5 minutes walk.
Angel station (Northern line) and Essex Road station (National Rail) are
both within a 5-10 minute walk.
Description
Comprising two attractive, ground floor retail units. No.67 Essex Road
also benefits from a large, trading basement.
The Building’s uppers parts comprise three flats, sold off on long leases, producing ground rent income, as detailed below.
Area
All areas stated approx.
67 Essex Road
Ground floor 410 sq ft/38.09 sqm
Basement 534 sq ft/49.6 sqm
total 944 sq ft/87.7 sqm
69 Essex Road
Ground floor 313 sq ft/29.08 sqm
Highlights
* Desirable Islington location
* Annual rental income of £47,000 and ground rents of £650 p.a.
* Well let Freehold investment property comprising 2 shops
and escalating ground rents from 3 flats
* Reversionary with next rent review in September 2026 (no.69)
* Newly refurbished (no.67)
* VAT not applicable
User
Class E including restaurant, retail, office and medical.
Tenure
67 Essex Road
The premises has been let to London Social Group Ltd. Trading as a
tattoo studio and retail shop, for a term of 12 years from 11th July 2019
to 10th July 2031, on a full repairing and insuring lease, granted inside
sections 24-28 of the Landlord & Tenant Act, for security of tenure.
The passing rent is £27,000 pax and it is considered that the lease is
reversionary with the next rent review being 11th July 2027, upward
only, to open market rental value.
A rent deposit of £12,500 is held for the term of the lease.
69 Essex Road
The premises has been let to Abdul Ghafoor trading as a dry cleaner, for
a term of c. 12 years from 10th September 2018 to 7th September 2030, on a full repairing and insuring lease, granted inside sections 24-28 of
the Landlord & Tenant Act, for security of tenure.
The passing rent is £20,000 pax and it is considered that the lease is
reversionary with the next rent review being 10th September 2026, upward only, to open market rental value.
A rent deposit of £9,500 is held for the term of the lease.
Ground rents (increasing every 25 years)
Flat 1 £250 per annum
Flat 2 £250 per annum
Flat 3 £150 per annum (increasing to £300 from 24th June 2026)
Total ground rents £650p.a.
Price
£700,000 for the Freehold interest.
Business rates
67 Essex Road
We understand the Rateable value of the property is £13,500 and rates
payable are £6,737 per annum.
69 Essex Road
We understand the Rateable value of the property is £11,500 and rates
payable are £5,739.
Rates are paid by the Tenants under the terms of their leases.
Interested parties are advised to make their own enquiries of Islington
Council to confirm all Ratings information provided.
VAT
We understand that the property is not VAT elected and VAT will not be
charged on the sale.
EPC
67 Essex Road - E/121
69 Essex Road - D/79
The property is situated on the west side of Essex Road, in a busy
shopping area, running between Angel and Canonbury. Upper Street and
Islington Green are just a 5 minutes walk.
Angel station (Northern line) and Essex Road station (National Rail) are
both within a 5-10 minute walk.
Description
Comprising two attractive, ground floor retail units. No.67 Essex Road
also benefits from a large, trading basement.
The Building’s uppers parts comprise three flats, sold off on long leases, producing ground rent income, as detailed below.
Area
All areas stated approx.
67 Essex Road
Ground floor 410 sq ft/38.09 sqm
Basement 534 sq ft/49.6 sqm
total 944 sq ft/87.7 sqm
69 Essex Road
Ground floor 313 sq ft/29.08 sqm
Highlights
* Desirable Islington location
* Annual rental income of £47,000 and ground rents of £650 p.a.
* Well let Freehold investment property comprising 2 shops
and escalating ground rents from 3 flats
* Reversionary with next rent review in September 2026 (no.69)
* Newly refurbished (no.67)
* VAT not applicable
User
Class E including restaurant, retail, office and medical.
Tenure
67 Essex Road
The premises has been let to London Social Group Ltd. Trading as a
tattoo studio and retail shop, for a term of 12 years from 11th July 2019
to 10th July 2031, on a full repairing and insuring lease, granted inside
sections 24-28 of the Landlord & Tenant Act, for security of tenure.
The passing rent is £27,000 pax and it is considered that the lease is
reversionary with the next rent review being 11th July 2027, upward
only, to open market rental value.
A rent deposit of £12,500 is held for the term of the lease.
69 Essex Road
The premises has been let to Abdul Ghafoor trading as a dry cleaner, for
a term of c. 12 years from 10th September 2018 to 7th September 2030, on a full repairing and insuring lease, granted inside sections 24-28 of
the Landlord & Tenant Act, for security of tenure.
The passing rent is £20,000 pax and it is considered that the lease is
reversionary with the next rent review being 10th September 2026, upward only, to open market rental value.
A rent deposit of £9,500 is held for the term of the lease.
Ground rents (increasing every 25 years)
Flat 1 £250 per annum
Flat 2 £250 per annum
Flat 3 £150 per annum (increasing to £300 from 24th June 2026)
Total ground rents £650p.a.
Price
£700,000 for the Freehold interest.
Business rates
67 Essex Road
We understand the Rateable value of the property is £13,500 and rates
payable are £6,737 per annum.
69 Essex Road
We understand the Rateable value of the property is £11,500 and rates
payable are £5,739.
Rates are paid by the Tenants under the terms of their leases.
Interested parties are advised to make their own enquiries of Islington
Council to confirm all Ratings information provided.
VAT
We understand that the property is not VAT elected and VAT will not be
charged on the sale.
EPC
67 Essex Road - E/121
69 Essex Road - D/79
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