SW1P 4A Monck Street, Westminster, London

The property comprises a ground floor triple glass fronted retail unit with a prominent aspect on Monck Street. The property is fitted to a high standard with a front reception and an open plan dance studio. The unit forms part of the commercial element of Westminster Quarter high-end residential development. The unit is approximately 1,106 sq ft (103 sq m). There is 10 years left on the Tenants Lease, a break clause on the fifth year and an upwards only rent review on the 5th year as well.

The property is let to Step By Me CIC on a new IRI lease for a term of 10 years from July 2023.

There is an upwards only Rent Review on the 5th year of the term, to the higher of open market review or linked to RPI with a cap and collar of 2% and 5% annually.

A rent deposit equal to 6 months' rent is held by the Vendor.

The property is held on Long Leasehold for a term of 999 years from November 2015 at a fixed peppercorn ground rent

Passing rent of £56,000 + VAT per annum

Offers sought in excess of £900,000, reflecting a NIY of 6%, after purchasers costs of 3.4% and a capital value £812 per sq ft

The property is located in the Victoria and Westminster sub-market, which form a core Central London district in the heart of the capital. The area is bounded by Mayfair and St James to the north, Belgravia and Knightsbridge to the west, the River Thames to the east and Pimlico to the south. Westminster Quarter is situated on the west side of Monck Street, close to its junction with Great Peter Street. Monck Street links Horseferry Road to the south with Great Peter Street to the north.

The surrounding area is a hugely popular commercial and residential location, with the European headquarter offices of Giorgio Armani, Tom Ford, Jimmy Choo, John Lewis and Burberry all within close proximity. Situated directly opposite the property is Tesco Express, Itsu, EAT, Starbucks and Pret on Monck Streets respective junctions.

The property benefits from excellent public transport links. St James Park Station (Circle and District) is situated circa 375m to the north west of the property, Westminster Station (Jubilee and Circle and District lines) is 650m to the north east, Pimlico Station (Victoria line) is 850m to the south and Victoria Station (National Rail, Victoria and Circle and District lines) is located circa 900m to the west.There are also numerous bus routes servicing the local area.