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

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

Freehold

£4,350,000 / NIY 4.59%

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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 ma i n 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 an d 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
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.

Location

Muswell Hill is an affluent suburban district in north London
bordered b y Highgate, Hampstead, East Finchley and Crouch
End, situated approximately 6.5 miles from Central London.

Location

Muswell Hill is an affluent suburban district in north London
bordered b y Highgate, Hampstead, East Finchley and Crouch
End, situated approximately 6.5 miles from Central London.

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