849, 849a & 849b High Road, North Finchley, London N12 8PT

Description

Freehold - Pizza Restaurant/Take-Away & 2 Flats On behalf of an Executor 6 Week Completion A mid terraced building comprising a Ground Floor Pizza Restaurant/Take-Away with separate front entrance to 2 Self-Contained Flats on the first and second floors. In addition, the property includes a Rear Yard. Tenancy: The entire property is let on a full repairing and insuring lease to U. Ozdemir as a Wood Fired Pizza Restaurant/Take-Away for a term of 20 years from 25th December 2019 at a current rent of £56,000 per annum exclusive. Rent Reviews 2029 and 2034 £9,500 Rent Deposit held.

Accommodation

Ground Floor Restaurant/Pizza Take-Away Gross Frontage 19'0" Internal Width 14’0’’ Restaurant Depth 39’6’’ Built Depth 55'6" Area Approx. 758 sq ft1 External Store Area Approx. 141 sq ft1 WC First Floor Flat 2 Bedrooms, Living Room, Kitchen, Shower/WC (GIA Approx. 706 sq ft) Second Floor Flat 2 Bedrooms, Living Room, Kitchen, Shower/WC (GIA Approx. 845 sq ft) 1Areas taken from VOA.

Location

Located close to the junction with Woodside Park Road, directly opposite Sainsbury's Supermarket and amongst such multiples as Merkur Slots, Lloyds Bank, Paddy Power, Barnardo's, William Hill and Barclays as well as a host of independent retailers. North Finchley is a well known shopping retail centre serving the surrounding residential population of this popular suburb located approx. 8 miles north of central London.

Auctioneer Source Facts

Investment Analysis

Investment Snapshot

Strategy Recommendation

Initial strategy: Commercial Investment. Verify the legal pack, tenancy schedule, title, condition, finance and local market evidence before fixing a maximum bid.

Works Required

Obtain a survey and contractor quotations. Allow for services, compliance, repairs, decoration and any structural, roofing, fit-out, common-parts or development works identified.

Rental & Market Context

Where the auctioneer publishes passing rent, that figure should take priority over HB modelling. Otherwise, HB income/value figures are indicative appraisal ranges and require local verification.

Sold within approximately 5 miles

Check recent HM Land Registry transactions and closely matched commercial or residential comparables for tenure, covenant, size, condition and location.

Potential BRRR Position

Refinance potential depends on lender valuation, lease/title, income covenant, completed condition and stress testing. Commercial and mixed-use assets may require specialist finance.

Flip Analysis

Any resale margin must include SDLT, auction/legal fees, finance, holding costs, professional fees, contingency, selling costs and tax.

Investor Risks & Due Diligence

• Read the complete legal pack and special conditions

• Verify tenure, occupational leases and rent schedule

• Inspect condition and obtain contractor quotations

• Confirm planning/use class and development constraints

• Confirm finance, VAT and insurance position

• Allow for Barnett Ross administration fee and any seller costs in the legal pack

Recommendation

Proceed only where verified total project cost and income support the intended commercial investment strategy with adequate contingency and margin.

Strategy Rating

Commercial Income: ★★★★☆ | Development: ★★★☆☆ | Resale: ★★★☆☆