**Description**
This double fronted retail unit (7. 5 m gross frontage) comprises a large open
plan office area behind a small, intriguing retail showroom/display area which
fronts onto Hoxton Street. There is also an office/ meeting room, kitchen,
toilet and separate disabled toilet. The property also benefits from having an
access point to the rear. The retail investment includes the ground floor only
as the upper parts are solely owned by the freeholder. The planning falls
under Class E
**The tenant**
The subject property has been underlet to Ministry of Stories, a Registered
Company limited by guarantee (07317370) and also a Registered Charity
(1138553). The Tenant, Ministry of Stories are a creative writing and
mentoring centre for young people in East London and have been around since
August 2010.
**Under lease**
Current full repairing and insuring under lease contracted outside the
Landlord and Tenant 1954 Act (as amended) which commenced in August 2023 for a
term of 8 years with an open market rent review at the end of the 5th year.
The passing rent is £36, 000. 00 per annum exclusive. There is a mutual break at
the end of the 4th year with prior written notice and a rpi Rent Review
increase at year 5, 6, and 7
**Long leasehold**
The property is currently held on an original 125 - year lease, dated from 1st
September 2001 for a term of 125 years and expiring 30th August 2126 (103
years unexpired). The lease is subject to a rent of £1 per annum if demanded.
**Asking price**
We are seeking offers above £375, 000 (VAT is not payable) for the long
leasehold interest subject to the underlease to Ministry of Stories. The
investment reflects a gross yield of 9. 6% and applying a purchasers costs of
5. 25% would reflect a net yield of 9. 12%

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