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Lot IB2 - Freehold • Quick sale required – vacant and unencumbered

Crusader House Investment – Cricklewood NW2

Guide price £ 3,000,000

Type of Sale

Private Treaty (Off-Market)

Key Features

  • 18602 sq ft over basement ground and four upper floors
  • Article 4 area: full planning consent required for change of use
  • Co-living consent held for wider portfolio (ref. 21/07390/FULL)
  • Freehold vacant building (no existing lease)
  • Prime high-street location on Cricklewood Broadway
  • VAT elected – buyers to verify liability
  • Well-known gym operator interest (details on request)
Property for sale Aerial view of a row of buildings along Cricklewood Broadway, with Crusader House, 283 Cricklewood Broadway, London NW2 6NX outlined in yellow. Rooftops, parked cars, and trees are visible nearby. Presented by Palace Auctions
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Property for sale Aerial view of a row of buildings along Cricklewood Broadway, with Crusader House, 283 Cricklewood Broadway, London NW2 6NX outlined in yellow. Rooftops, parked cars, and trees are visible nearby. Presented by Palace Auctions
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Description

The Crusader House investment opportunity at 283 Cricklewood Broadway represents a rare freehold acquisition in NW2. Immediately available for a quick sale, this vacant commercial building spans 18,602 sq ft of high-street accommodation, guiding at just £161 per sq ft. Moreover, while a leading gym operator has offered to take a lease on the ground floor, the vendor prefers an unconditioned sale—though lease details are available on request.

Investment

Secondly, Investors will appreciate the quoted ERV of £358,220 pa (≈£19.26 per sq ft). Which sits just below prevailing asking rents of £20.00–£22.50 per sq ft for comparable units on Cricklewood Broadway. With a guide price of £3 million plus fees (total cost £3.06 million), the scheme delivers a gross yield of 11.7% and an estimated net yield of 9.95%, implying a simple payback of just 8.5 years.

Redevelopment

Thirdly, there is significant upside through redevelopment available.  Westminster City Council planning ref. 21/07390/FULL for the wider portfolio. Shows co-living massing on Crusader House’s footprint. Subject to a full planning application in this Article 4 area. Moreover, developers could introduce studios or cluster units. In turn harnessing strong demand for flexible, managed accommodation. Notably, capital values for smaller comparable range between £400–£627 per sq ft, indicating a substantial 60%+ discount on the current cost basis.

Consequently, purchasers can either hold for immediate income. Conservative letting scenarios delivering net yields of 7.2%–10.9% depending on occupancy and rent. Whereas owners could adopt moderate risk, or pursue a higher-risk co-living conversion. In turn producing (yield 7.8%, payback 12.8 years) with enhanced density and long-let certainty.

Key Call-to-Action. last but not least Contact our off-market team today to discuss viewing. Due diligence packs, and next-steps for this prime Cricklewood Broadway opportunity.

Income & Investment Metrics

Quoted ERV: £358,220 pa
Price per sq ft: £161
Gross Yield: 11.71%
Net Yield (est.15% costs): 9.95%
Simple Payback: 8.5 years

 

https://palaceauctions.com/london-area-of/barnet/

housemetric.co.uk/analysis/sector/NW2-2/Cricklewood

brent.gov.uk/planning-and-building

Listing Updated: 01 August 2025, 12:06

Get in touch

Edward Swindells Auctioneer Consultant Auctioneer & Valuer

Location

Crusader House, 283 Cricklewood Broadway, London NW2 6NX

Map

Income
Income & Investment Metrics (H2) Quoted ERV: £358,220 pa Price per sq ft: £161 Gross Yield: 11.71% Net Yield (est.15% costs): 9.95% Simple Payback: 8.5 years
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Mapping data licensed from Ordnance Survey with the permission of the Controller of Her Majesty’s Stationery Office. © Crown Copyright. All rights reserved. Licence number 100022432. Location plans are reproduced from the Ordnance Survey mapping with the permission of Ordnance Survey on behalf of the Controller of Her Majesty’s Stationery Office, © Crown copyright and Database Rights 2018 OS 100060020

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