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49-51 Black Prince Road, Lambeth, London SE11 6AB

Zone 1 Mixed-Use Freehold Investment Opportunity
For sale
  • The property is situated within Zone 1 in Central London.
  • Attractive mixed use investment newly refurbished in 2021.
  • Located in close proximity to the River Thames and accessible within 7 minutes of Oxford Circus on the London Underground.
  • Freehold – 10,173 sq ft.
  • The property is arranged over basement, ground and three upper floors.
  • Let to 2 tenants producing a total current income of £300,000 pa.
  • WAULT to expiry of 9.84 years and 8.67 years to break.
  • The property comprises a pub/restaurant on ground floor & a hotel above, comprising 19 en-suite bedrooms.
  • 78% of the income is let to Sonder UK Limited guaranteed by Sonder Canada Inc on a 10 year lease at a passing rent of £230,000 pa (£12,105 per room).
  • CPI linked rent reviews with the next review in September 2023.
  • The ground floor and basement is let on a 15 year lease at a passing rent of £70,000 pa (£16.46 per sq ft).
  • The lease benefits from personal guarantees.
  • Uncapped RPI linked rent reviews with the next review in June 2023.
  • The property has been in the same ownership for 20 years.
  • We are instructed to invite offers in excess of £4,000,000 (Four Million Pounds), subject to contract and exclusive of VAT.
  • A purchase the asking price would reflect an attractive Net Initial Yield of 7.04% assuming purchasers’ costs of 6.54% and a Capital Value of £393 per sq ft.
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