A mixed-use Victorian terrace building located in central Brixton.
The property comprises a commercial unit and two self-contained flats. The commercial unit is arranged over ground floor and fronts Coldharbour Lane, whilst one of the flats is at the rear of the ground floor, and the other in the upper parts of the building (over first & second floors).
Both of the flats have been sold off on long leases, whilst the commercial unit is let to an established business on an occupational commercial lease.
Leases
The ground floor commercial unit is let to an individual operating a hairdressing business. The lease commenced in June 2015 for a 10 year term (approx. 18 months remaining). The passing rent is £18,000 pa, however this will shortly increase to £19,000 pa for the final year of the term (June 2024 - June 2025). The lease is Fully Repairing & Insuring (FRI), contracted outside the 1954 Landlord & Tenant Act, and there is a deposit equal to over 4 months' held (£6,250). The same tenant has been in occupation since the beginning of the lease and has traded successfully from the premises. Please note the unit is not eligible for business rates, and benefits from the flexible 'E' use class.
Both flats have been sold off on 125 year long leases, which commenced in April 2015 and May 2016 respectively (thus having 116 and 117 years remaining). The current ground rent is £200 pa per flat (£400 pa in total), however, both ground rents double every 25 years for the first 100 years of the long lease.
