93 Praed Street, London, LND

The property comprises a terraced building of London Stock brick construction, arranged over a basement and four upper storeys. The property was constructed around the turn of the 19th century and totals 622 sq ft NIA of commercial space.
The property is located on Praed street in the Paddington area of London's west end, opposite the Imperial College of London Hospital Buildings and a number of other neighbourhood retailers. Paddington Mainline Station and Edgeware Road Underground Station are both within five minutes walking distance.

Sale Notes:
The investment opportunity comprises a well let, mixed retail and residential property with excellent potential for intensive asset management and refurbishment of the residntial upper parts.
Offers are sought for the freehold interest in the region of £1,050,000 (One Million Fifty Thousand Pounds) for the freehold interest subject to the lease of the shop and the income from the upper parts. This equates to an initial yield of approximately 5.5%.
The shop is let to the Baghdad Cafe (with sureties) on a lease for a term expiring in May 2021, outside the Landlord & Tenant Act 1954, at a rental of £22,000 per annum exclusive, rising in May 2014 to £24,000 per annum exclusive, with a rent review in May 2016.
The flats are let on AST Agreements at a combined rental income of £39,000 per annum.