Retail property (high street) for sale
Property description & features
- Tenure: Freehold
- Prime Central London Mixed Use Investment arranged over five floors (3,190 Sqft)
- Total current annual income of £123,240 (rising to £128,240 on the completion of the new commercial lease).
- Ground and lower ground floors are let to Efes Restaurant while the three upper flats are let on ASTs.
This opportunity comprises a well-maintained mixed-use building spanning five floors. The property is fully let, with Efes Restaurant occupying the lower ground and ground floors. The current passing rent is £60,000 per annum, albeit a new 25 year lease has been agreed at £65,000 per annum.
The upper three floors consist of one 2-bedroom and two 1-bedroom apartments, collectively producing an additional £63,240 per annum. All flats are well-maintained, benefiting from natural light from both Cleveland Street and Maple Street. Once the commercial lease is completed, the property will generate £128,240 per annum, which is viewed as revisionary given the low passing rents on the residential element.
Location
The property is prominently positioned on the corner of Maple Street and Cleveland Street, in the heart of Fitzrovia—one of London’s most coveted neighbourhoods. This vibrant area is renowned for its eclectic mix of trendy restaurants, independent bars, and luxurious hotels. Notable destinations include Berners Tavern, Charlotte Street Hotel, The Langham, and the Mandrake Hotel.
The Fitzrovia sub-market is currently benefiting from extensive inward investment and a number of exciting schemes, including 101-on-Cleveland and the upcoming redevelopment of the iconic BT Tower.
101-on-Cleveland is a primarily residential complex consisting of 88- apartments, co-working and office spaces as well as F&B and retail units. Entry level residential units in the scheme are achieving £2,000 plus. Ted Baker have also taken 30,000 sqft of space to house the company’s new Global HQ.
The iconic BT Tower was purchased by MCR Hotels in February 2024. The luxury American hotelier have confirmed that they intend to repurpose the tower into a luxury hotel and discussions are ongoing to potentially reinstate the iconic revolving restaurant. It is expected that the reimagined landmark will draw footfall to the already popular district.
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