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8 7 Muswell Hill Broadway, London, Greater London, N10 3HA

Freehold

£4,350,000 / NIY 4.59%

Property Advisor

Darryl Stevenson

Partner

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Brochure

Rare opportunity to acquire a unique freehold investment in the heart of Muswell Hill, an affluent north London suburb.

Property specification

Freehold restaurant investment situated on Muswell Hill Broadway, Muswell Hill's main thoroughfare
Prominent corner position, surrounded by other well-known retail, leisure and hospitality operators
Grade II listed former church currently arranged as a restaurant over ground and mezzanine levels, totalling 7,946 sq ft
Entire property let to Mitchells & Butlers Retail Limited, an established pub and restaurant operator, trading under their Miller & Carter brand, on a lease expiring 28th March 2032, providing 11 years unexpired
Mitchells & Butlers PL C is one of the UK's largest and most established leisure operators with c.1,800 sites
Miller & Carter is a premium steakhouse restaurant and is one of Mitchells & Butlers most well-established brands
The current passing rent is £179,081 per annum, which is subject to 5 yearly fixed uplifts of 3.5%, compounded annually. The next review date is on the 26th February 2022, where the passing rent will rise to £212,692. The Vendor will top up the passing rent to this level from completion
£4,350,000 / NIY 4.59%

Lease terms

Offers sought in excess of £4,350,000, reflecting a Net Initial Yield of 4.59% based on the topped up rent, assuming standard purchaser's costs. A purchase at this level would reflect a reversionary yield of 5.47% in 2027.