Freehold Mixed Use Investment in Marylebone
41 Paddington Street is a mixed-use period conversion in the heart of vibrant Marylebone. Comprising a retail element on the lower ground and ground floors with four one bed flats above, three newly refurbished.
The retail element has been let to a high-end beauty salon on a 10 year fully repairing and insuring lease from 2018. The current passing rent is £60,000 per annum (with an upward only rent review scheduled for June 2023).
The residential elements are fully let on Assured Shorthold Tenancies, with a combined annual income of £109,000.
A redevelopment programme was undertaken in 2017. The works increased the useable space in the retail element and optimised the configuration of flats 1,2 and 3. The fourth floor flat is yet to be refurbished, offering the purchaser an opportunity to generate further uplift through modest capital expenditure, together with the potential to increase yields further.
Marylebone High Street and its environs continues to be one of the most exciting and desirable destinations in Prime Central London. The new residential developments Chiltern Place and The Chilterns, on Paddington Street, achieved selling prices in excess of £3,000/sqft and £2,000/sqft respectively and the celebrity hangout, the Chiltern Firehouse, is across the road.
- 4 Flats
- 1 Commercial Unit