The chrome portfolio - NAMA Wine Lake

58 & 59 Myddelton Square,London EC1R 1TBsavills.co.ukProperty 3Investment Considerations• Freehold• Central London location• Commercial investment with the benefitof planning permission for conversionto 2 residential houses• Strong residential market and growthprospects• Producing £113,468 per annumLocationMyddelton Square is located to the south of Pentonville Road on the borders of Clerkenwell and Islington. Angel station(Northern Line) is located approximately 230 metres to the north east, whilst King Cross is roughly 1 kilometre to thenorth west and provides Northern, Piccadilly, Circle, Metropolitan, Hammersmith & City and Victoria Line undergroundservices and national and international rail services.The A1 is circa 350 metres to the north east of the property and provides a direct link to both the North Circular (A406)and the M1.DescriptionThe investment comprises two occupied offices with a combined gross internal area of approximately 717 sq m (7,718sq ft) and a total gross annual rent of £113,468. The property was granted planning and listed building consent by theLondon Borough of Islington on 3 rd August 2011 (ref: P111171 / P11172) for change of use to residential and minor rearextensions. The scheme will deliver two single townhouses with a combined gross internal area of approximately 752 sqm (8,094 sq ft).Both properties back onto Ingle Mews which is included within the sale portfolio. Parking for 10 cars is available to therear of the properties, accessed via Ingle Mews.TenureFreehold.Tenancy InformationThe pertinent tenancy details are as follows:-TenantLeaseStart DateLeaseExpiryRentReviewDateCurrentGross Rent(£pa)Current Rent(£psf)ERV(£pa)First Security (Guards) Plc 25-Dec-89 24-Dec-12 - £66,248 £20.70 £66,248First Security (Guards) Plc 19-Feb-92 24-Dec-12 - £47,220 £20.93 £47,220TOTAL £113,468 £113,468