Highpoint Village, Station Approach, Hayes, UB3 4FN

Description Highpoint Village is a mixed-use development, spearheaded by the renowned Ballymore Group, offers a dynamic and thriving environment for retail and leisure businesses. The units are ideally located adjacent to the recently opened Hayes & Harlington Crossrail station, ensuring excellent connectivity and an influx of foot traffic. Hayes has seen a steady population increase over the past several years, with ongoing developments attracting a growing number of residents and workers. The local area offers a diverse population, including families, professionals, and students. This is supported by nearby educational institutions and the area's proximity to Heathrow Airport. Hayes is strategically located near Heathrow Airport, with excellent road and rail links to Central London and the Thames Valley. The property is compliant with fire regulations in connection with the cladding (ESW1). Location The property is located just moments from the newly opened Crossrail station, providing fast, direct access to Central London in approximately 20 minutes. This enhanced connectivity will make Hayes one of the most desirable locations for both business and residential tenants. The development is well-connected by road, with easy access to the A40 and M4, offering fast routes into London and the wider Thames Valley area. The property is just a short distance from Heathrow Airport, making it an ideal location for both business and leisure customers. Octmarux Ltd The unit has been occupied by Play Hayes, a soft play business and is now due to re-open as a nursery. The property is occupied as a nursery and play space under Class E. Alternative uses permitted with landlords consent. Held on 10th October 2023 on an effective Full Repairing and Insuring 20 year lease, outside the security of tenure provisions of the Landlord & Tenant Act, expiring on 9th October 2043. The current rent payable is £29,500 pa (equivalent to £20 per sq.ft) with 5 yearly upward only, open market rent reviews, the next in October 2027. There is a tenant only break option on 9th April 2027 on 6 months prior notice. In the event that the break is not operated the tenant will be provided four months rent-free. There is a rent deposit of £11,250. Being offered for sale on a virtual freehold basis (999 years from 2020 at a peppercorn rent) for £312,000 + VAT (equivalent to £211 per sq.ft). A sale at this level would produce a 9.16% Net Initial Yield. The Village Cafe Ltd t/a Momo Rendezvous Momo Rendezvous is a beloved local eatery for residents and visitors specialising in Nepalese cuisine with 5* Tripadvisor reviews. Held on an effective Full Repairing and Insuring lease outside the security of tenure provisions of the Landlord & Tenant Act from 11th February 2020 for 10 years, thus expiring in February 2030, with a tenants rolling break option at anytime with 6 months notice. The current passing rent is £15,000 p.a (equivalent to £11.24 per sq.ft) with the next upward only, open market rent review due in February 2025. Recent comparable evidence in the estate of £20 per sq.ft suggests that this is under-rented. There is a £9,000 deposit. Being offered for sale of on a virtual freehold basis (999 years from 2020 at a peppercorn rent) for £250,200 + VAT (equivalent to £187 per sq.ft). A sale at this level would produce a 5.86% Net Initial Yield with the potential to rise to 9.38% at the next review in February 2025 based on an Estimated Rental Value equivalent to £18 per sq.ft per annum. Proposal The two units are either available separately in the terms set out above or combined for £562,200 + VAT (equivalent to £200 per sq.ft). A sale at this level would produce a 7.5% Net Initial Yield. Anti Money Laundering Regulations In accordance with the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017, the purchaser will be required to complete identity checks and provide evidence of the source of funds.