HOWARDSGATE WELWYN GARDEN CITY

AL8 6BB

FREEHOLD RETAIL AND RESIDENTIAL INVESTMENT OPPORTUNITY

61

INVESTMENT SUMMARY

• Welwyn Garden City is an affluent London commuter town in Herts

• The property occupies a prime trading position next to McDonalds and close to the entrance to the Howard Centre and Welwyn Garden City station

• Unbroken freehold with the flats let on AST’s

• Ground floor let to Vision Express franchisee with approx. 5 years unexpired

• Total income current income £171,100 per annum (£93,600 pa from the residential and £77,500 pa from the retail

• Seeking offers in excess of £2,500,000 which shows a net initial yield of 6.43%

LOCATION

Welwyn Garden City is an affluent Hertfordshire commuter town approximately 20 miles north of London. The nearby train station serves London Kings Cross (28 mins) and Moorgate (47 mins). The A1 (M) is situated to the west of Welwyn Garden City and provides easy access to london and the wider motorway network.

Many multiple retailers are present including John Lewis, Debenhams, Next, marks and Spencer and H&M.

SITUATION

The subject property is well located in the pedestrianised section of Howardsgate adjacent to McDonalds and approximately 100 yards from the entrance to the Howard Centre. Other notable retailers in the immediate vicinity include John Lewis, Marks and Spencer, Costa, Pizza Express and Boots.

DESCRIPTION

The property comprises 10 apartments comprising 4 x studios, 2 x 1 beds and and 4 x 2 beds, on the first, second and third floors with a well configured retail unit on the ground floor. The residential is accessed via the rear of the property.

The apartments are currently fully let on AST’s with a current passing rent of £93,600 per annum.

The ground floor is let on full repairing and insuring terms to Welwyn Garden City VE Ltd t/a Vision Express on a 15 year lease from 25th April 2008 expiring 24th April 2023. The passing rent is £77,500 per annum.

ACCOMMODATION SCHEDULERESIDENTIAL

COMMERCIAL

Floor Flat Sq m Sq ft Type Rent pcm Rent pa

First Flat 1 49.5 533 1 bed £875 £10,500

First Flat 2 31.5 339 Studio £720 £8,640

First Flat 3 31.5 340 Studio £695 £8,340

First Flat 4 48.5 522 2 bed £885 £10,620

Second Flat 5 70.3 757 2 bed £925 £11,100

Second Flat 6 36.4 392 Studio £695 £8,340

Second Flat 7 31.6 340 Studio £650 £7,800

Second Flat 8 48.1 518 2 bed £885 £10,620

Roof Flat 9 41.6 448 2 bed £775 £9,300

Roof Flat 10 45.1 485 1 bed £695 £8,340

TOTAL 434 4,674 £7,800 £93,600

Floor NIA Sq m NIA Sq ft ITZA sq ft Rent pa

Ground 185.83 2,000 974 £77,500

RETAILING IN WELWYN GARDEN CITY

Welwyn Garden City has an estimated shopping population of 80,000 people with a town centre retail provision in excess of 500,000 sq ft. The Howard Centre opened in October 1990 and is owned by LaSalle Investment Management. The centre provides 230,000 sq ft across 2 levels with anchor tenants including M&S, Boots, WH Smith and Next.

The centre has direct access to Welwyn Garden City railway station.

The centre also provides parking for 725 cars.

SERVICES

We have been advised that mains water, electricity and drainage are available.

ENERGY PERFORMANCE CERTIFICATES

Available upon request.

GUIDE PRICE

We are instructed to seek offers in excess of £2,500,000 which shows a net initial yield of 6.43% and a capital value of £375 psf

FURTHER INFORMATION

For further information or to arrange a viewing (please note that the residential tenants will require 48 hours notice) please do not hesitate to contact:

Mark Hoffman mark@rib.co.uk T: 0207 927 0634

Damien Field damien@rib.co.uk T: 0207 927 0620

Misrepresentation Act. 1967. These particulars are intended only to give a fair description of the property and do not form the basis of a contract or any part thereof. These descriptions and all other information are believed to be correct but their accuracy is no way guaranteed.

www.rib.co.uk

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