2, 4 & 6 Station Parade, Willesden Green, London NW2 4NH

Description

Freehold Investment entirely let Foxtons Limited. In the same family ownership for over 20 years. 8 week completion. A substantial mid terraced building comprising a Ground Floor Triple Shop with internal and separate front access to Offices on the first floor and Ancillary Accommodation on the second and third floors. The second and third floors are not currently being used.

Accommodation

Ground Floor Triple Shop: gross frontage 62'8", internal width (max) 53'2", shop depth 47'5", area approximately 1,836 sq ft. First Floor Offices: approximately 1,871 sq ft, 4 WCs. Second Floor Ancillary: 2 rooms, approximately 1,162 sq ft. Third Floor Ancillary: 3 rooms with kitchen, shower room/WC and separate WC, approximately 795 sq ft. Total area approximately 5,664 sq ft. The first and second floor areas are taken from the VOA. The second and third floor areas are gross internal, excluding stairs. Suggested future scheme: 9 studio flats, comprising 6 studios on the second floor ranging between 150 sq ft and 215 sq ft, and 3 studios on the third floor ranging between 100 sq ft and 170 sq ft, plus shared kitchen/dining/laundry room.

Location

Located at the junction with Walm Lane, almost adjacent to Willesden Green Underground Station (Jubilee Line). Nearby multiples include Sainsbury's Local, Co-op and Gail's, as well as a variety of local shops and restaurants serving the surrounding residential area. Willesden Green is approximately 7 miles north-west of central London and benefits from road links via the M1, Junction 1, just over 2 miles away.

Tenure / Property Information

Investment Analysis

The £1,250,000+ guide equates to approximately £221 per sq ft across the stated 5,664 sq ft, before acquisition costs, but no sufficiently comparable commercial investment evidence has been supplied to support a market value or GDV. The four sold comparables are nearby but lack sufficient detail on size, income, lease terms and condition. The property is fully let to Foxtons Limited on an FRI lease, with a rent review outstanding and the landlord having quoted £97,000 per annum; this is not confirmed passing rent or an agreed reviewed rent. The £44,612.49 rent deposit and right to retain increased rent and interest are relevant, but the full legal pack and lease terms require review.

Investment Snapshot

Strategy Recommendation

Prioritise an income-led commercial investment appraisal and detailed review of the Foxtons lease and outstanding rent review. Do not underwrite the nine-studio scheme or bid above a level justified by independently verified rent, valuation, lease strength and legal-pack review.

Works Required

No definite refurbishment works are evidenced. The building is occupied by Foxtons under an FRI lease, although the second and third floors are unused and subject to a schedule of condition. The suggested conversion to nine studios is only a future scheme; planning, building control, fire safety, access, layout, utilities, viability and costs are not evidenced and should not be assumed.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A refinance assessment cannot be completed because no supported market value or GDV, refurbishment budget, finance terms or confirmed rent have been supplied. The existing commercial lease may support lending, but the outstanding rent review, unused upper floors and proposed studio conversion require specialist valuation, legal and planning due diligence.

Buy-to-Let Analysis

This is a commercial investment rather than a residential BTL. Income is supported by the existing Foxtons lease, but the passing rent, current rent payable and lease covenant details have not been supplied. The £97,000 per annum figure is the landlord's quoted rent review figure, not an agreed or achieved rent, so a reliable yield cannot be established. The outstanding review may provide upside, subject to the lease, valuation process and legal costs.

Flip Analysis

A flip calculation is not supported. No evidence establishes a resale value, conversion costs, planning permission, vacant possession or an appropriate selling-cost allowance. The existing Foxtons occupation and 8-week completion requirement also make a simple vacant resale assumption inappropriate.

Investor Risks & Due Diligence

• The £97,000 per annum rent-review figure is quoted by the landlord and is not confirmed as agreed or passing rent.

• The current passing rent and complete lease rent history have not been supplied.

• The rent review is outstanding and may involve valuation, negotiation or legal costs and an uncertain outcome.

• The second and third floors are currently unused and their conversion to nine studios is only a suggested future scheme.

• No planning, building-control, fire-safety or residential conversion evidence has been supplied.

• Additional non-optional auction fees may apply beyond the stated £1,500 administration charge.

• The full repairing and insuring lease is subject to a schedule of condition for the second and third floors.

• No formal valuation or sufficiently detailed comparable evidence has been supplied.

Recommendation

Prioritise an income-led commercial investment appraisal and detailed review of the Foxtons lease and outstanding rent review. Do not underwrite the nine-studio scheme or bid above a level justified by independently verified rent, valuation, lease strength and legal-pack review.

Strategy Rating

Analysis Confidence

The property description, tenancy structure, quoted rent-review figure, floor areas and guide price are supplied, but passing rent, agreed reviewed rent, valuation evidence, condition costs, planning position, full fees and lease documentation are incomplete.