Investment property in Stoke Newington

Retail Investment - Gross Yield 9.1%. In same family ownership for approx. 18 years. 6 Week Completion. Located close to the junction with Stoke Newington Church Street on this busy retail thoroughfare, nearby such multiple retailers as Pret A Manger, Costa, Savers, Iceland, Sports Direct, NatWest and KFC as well as a host of independent retailers. There is a public car park to the rear of the property. Stoke Newington is a highly sought after commercial and residential area situated midway between Stamford Hill and Dalston and approx. 3.5 miles north of the City of London. Forming part of an end of terrace building comprising a Ground Floor Shop with trap door access to Ancillary Storage in the Basement. In addition, the property includes rear access from Wilmer Place. The ground floor sales/office area is approximately 1,454 sq ft, and the basement is approximately 1,918 sq ft, giving a total area of approximately 3,372 sq ft. VAT is applicable to this Lot. Tenure: Leasehold for a term of 999 years from 1st April 2005 at a peppercorn ground rent. Tenancy: The property is let on a full repairing and insuring lease (subject to a schedule of condition and a capped service charge linked to annual RPI increases currently at approx. £3,448 p.a.) to East Kent Leasing Limited as an adult gaming centre for a term of 15 years from 8th March 2021 at a current rent of £50,000 per annum exclusive. Rent Reviews March 2026 (still outstanding) and March 2031. Tenant's Break March 2031. Note 1: The tenant did not operate their March 2026 Break Clause. Note 2: There is a £15,000 + VAT Rent Deposit held. Tenant Profile: East Kent Leasing Limited is owned by The Godden Gaming Organisation Limited who currently trade from 17 Palace Amusement Arcades and 3 Seaside Amusement Arcades. The lease to East Kent Leasing Limited benefits from an AGA with the original lessee, Merkur Slots UK Limited, who for the Y/E 31.12.25 reported a T/O of £213.7m, Pre-Tax Profits of £13.38m and Shareholders' Funds of £18.78m.