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40-56 City Rd - The Lexington 1,047 - 1,775 sq ft Retail Units Offered at £650,000 - £825,000 Per Unit in London EC1Y 2AN
INVESTMENT HIGHLIGHTS
- Close to Old Street Station
- Ideal for a range of retail/office occupiers
- Edge of City location - good level of commuter footfall
- Benefits from a double fully glazed frontage
EXECUTIVE SUMMARY
The Lexington Building is a modern mixed-use development comprising a mix of residential flats and three commercial units. The unit is located just south of Old Street Station which is undergoing significant redevelopment. A number of new mixed-use commercial and residential developments are in close proximity and this section of City Road also benefits from high commuter footfall. The unit is located opposite Pret A Manger and close to a Sainsbury Metro store. This is an ideal opportunity to secure a commercial unit in a developing edge of City location. The unit is located on City Road (A501), just south of Leonard Street and Old Street Station. Shoreditch, Hoxton, Finsbury Square and Moorgate are all within approximately 5-10 minutes' walk.
PROPERTY FACTS
| Total Property Size | 6,027 sq ft | Floors | 12 |
| Property Type | Retail | Typical Floor Size | 833 sq ft |
| Property Subtype | Shopfront Retail / Residential | Year Built | 1959 |
| Costar Property Class | B | Total Plot Size | 0.56 ac |
| Total Property Size | 6,027 sq ft |
| Property Type | Retail |
| Property Subtype | Shopfront Retail / Residential |
| Costar Property Class | B |
| Floors | 12 |
| Typical Floor Size | 833 sq ft |
| Year Built | 1959 |
| Total Plot Size | 0.56 ac |
AMENITIES
- Bus Route
- Public Transport
- Security System
- Storage Space
2 UNITS AVAILABLE
Unit B
| Unit Size | 1,047 sq ft | Sale Type | Investment |
| Price | £825,000 | Tenure | Freehold |
| Price Per sq ft | £787.97 | Net Initial Yield | 8.18% |
| Unit Use | Retail | NOI | £67,500 |
| Unit Size | 1,047 sq ft |
| Price | £825,000 |
| Price Per sq ft | £787.97 |
| Unit Use | Retail |
| Sale Type | Investment |
| Tenure | Freehold |
| Net Initial Yield | 8.18% |
| NOI | £67,500 |
DESCRIPTION
Unit B offers retail accommodation on the ground floor.
SALE NOTES
The opportunity represents an attractive income producing investment situated in a prime location on City Road, just moments from the Old Street Roundabout forming part of a parade of three retail units.
The unit forms part of a parade of three fully let retail units and is situated in the midst of a thriving commercial hub close to offices, retail and leisure occupiers, including being opposite Pret A Manger and multiple household name F&B operators.
Let to Early Bees Coffee Limited at a topped-up passing rent of £72,000 per annum reflecting £68.77 per square foot until 24 April 2035.
Offers invited in excess of £750,000 reflecting an NIY 9.00% (assuming purchaser’s costs of 6.80%) and a capital value £716 psf.
Unit C
| Unit Size | 1,775 sq ft | Unit Use | Retail |
| Price | £650,000 | Sale Type | Owner Occupier |
| Price Per sq ft | £366.20 | Tenure | Long Leasehold |
| Unit Size | 1,775 sq ft |
| Price | £650,000 |
| Price Per sq ft | £366.20 |
| Unit Use | Retail |
| Sale Type | Owner Occupier |
| Tenure | Long Leasehold |
DESCRIPTION
The unit is divided over ground floor and basement with a prominent fully glazed frontage.
SALE NOTES
This is an ideal City retail/office/showroom opportunity.
Floor Plan
NEARBY MAJOR RETAILERS
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Research In Progress - Research In Progress
Presented by
Research In Progress
40-56 City Rd - The Lexington
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