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602-604, Barking Road, London, E13 9EZ

Freehold Investment producing a combined rent of £20,500 per annum
Location: 602-604 Barking Road, London, E13 9EZ
Property type: Flat, General Retail, Residential, Retail
Tenure type: For Sale Freehold
Tenancy type: Investment
Freehold retail unit with residential upper parts
Ground floor let to Learning Hub Education Limited expiring 13/09/2021 and producing £20,400 per annum
Residential ground rent to the upper parts producing £100 per annum
Guide price of £150,000 reflects an attractive Net Initial Yield of 13.5%
DESCRIPTION
The property comprises ground floor retail unit currently being used as an educational facility with residential upper parts that have been sold on a long leasehold basis.

The ground floor comprises a reception to the front, two classrooms and a small garden to the rear, whilst the upper parts comprise two residential flats.

LOCATION
The property is located in Plaistow, within the London Borough of Newham.

Barking Road is an established secondary retail pitch featuring predominantly local covenants. Plaistow Station is approximately five minutes walking distance to the north and provides direct rail services to Central London.

TENURE
Freehold

TENANCY
The ground floor is let to Learning Hub Education Limited for a term of three years from 14 September 2018 and paying a rent of £20,400 per annum, payable by equal monthly installments.

The residential upper parts are let long leasehold with a term of 99 years from 2 October 1997 (approximately 77 years unexpired). The current rent is £100 per annum and doubles every 33 years.

PLANNING AUTHORITY
London Borough of Newham

VAT
The property is not elected for VAT

NOTE
The ground floor is let on a long leasehold basis, however the long leasehold interest forms part of the sale. Please consult the legal pack for more information.

CONTACT
Max Mason Call me 020 7198 2051
VENDOR'S SOLICITOR
Irwin Mitchell LLP
Emma Watson
0370 1500 100
emma.watson@irwinmitchell.com
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