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Long let, well-secured RPI Linked Income, Virtual Freehold in Marylebone - Fuel Filling Station & Convenience Store
Planning Usage: (uses which do not fall within the specified use classes above)
- Shell branded fuel filling station and Londis convenience store investment, comprehensively refurbished in 2018.
- Attractive guaranteed inflation-linked rental uplifts.
- Rare Central London forecourt in a prime location in Central London with an estimated 94,000 vehicles passing the site each day.
- Prominent and visible situation on the busy junction of Marylebone Road (A501 Westway) and Gloucester Place (A41).
- Virtual Freehold tenure (999-year interest) at a peppercorn ground rent.
- Leased to Malthurst Limited (5A1 D&B Rating) with a surety from Malthurst (UK) Ltd until December 2032, without break. Offers well secured income for 11.75 years term certain.
- Rent reviews are 5-yearly, linked to increases in RPI from October 2017 and subject to a minimum rental uplift at review of 5.1% and a maximum of 15.9%. Vendor will top-up the rent to reflect the increase in RPI between Oct-17 and Oct-20.
- Current rent £150,000 per annum, which the vendor will top up to £160,350 per annum (based on RPI increase from lease start to Oct-2020.
- We are instructed to invite offers in excess of £3,345,000 subject to contract and exclusive of VAT.
- A sale price at this level reflects a net initial yield of 4.50% (based on purchaser’s costs of 6.5%).
Fuel Filling Station & Convenience Store,
London NW1 5AR
TransportMaryleboneHammersmith & City, Bakerloo, CircleBaker StreetBakerloo, Metropolitan, Circle, Jubilee, Hammersmith & City