Church Commissioners banks on buyer for Golders Green site

The Church Commissioners for England is seeking a buyer for its Grade II listed building at 897–905 Finchley Road, NW11. The building is being marketed by Colliers for offers over £7m, representing a net yield of 6.5%. The property comprises approximately 10,761 sq ft of retail across four shops, 2,030 sq ft across two offices and 5,755 sq ft of residential over 10 flats. The total current passing rent of the building is £450,615 per annum, of which £245,500 is commercial income with a weighted average unexpired lease term to expiry of 7.4 years and 5.2 years to break. Tenants include Gail’s bakery, Pret A Manger, Lloyds Bank, Moreland Estates and a dental practice. The building was constructed in 1921 for Midlands Bank, which became part of HSBC in 1992. After HSBC vacated the site, Gail’s obtained listed building consent in May 2023 for internal modifications to accommodate its bakery fit-out, including adding a mezzanine over the rear section of the ground floor. Photo © Aung at CP Creative