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Freehold Shop and Upper Parts For Sale - London E8

For sale: £2,200,000.00|4512 Sq Ft|Residential, Mixed use, Office, Other Property Types & Opportunities, Offices

PROPERTY DETAILS

FOR SALE£2,200,000.00
SIZE4512 Sq Ft
ADDRESS411 Mare Street, London, E8 1HY
TYPEResidential, Mixed use, Office, Other Property Types & Opportunities, Offices
TENUREFor Sale Freehold
POSTED ON15th January 2020

DESCRIPTION

Freehold Shop and Upper Parts For Sale - London E8

Fully let income producing investment - £157,400 per annum
411 Mare Street,
Hackney,
LONDON, E8 1HY

Area
Gross Internal Area: 419 sq.m. (4,512 sq.ft.)

Price
Guide price £2,200,000 subject to contract

Property Description
The property is a five storey mid-terraced mixed use building located in the pedestrian part of Mare Street (northern
end) and comprises; a bar/nightclub, shop (café) and residential upper parts.

Accessed via Mare Street, at basement level, with separate entrance is the popular 'Behind the Wall' bar/nightclub. At
ground floor level is Palm Vaults café. The basement and ground floors (front) are both let on a single 20 year lease
from 1st October 2015 at an initial rent of £35,000 per annum. The rent review dated 1st October 2019 has not yet been
implemented.

Accessed from Dalston Lane, the residential upper parts comprise 3 x two bedroom flats and 1 x studio flat let on
individual ASTs with a passing rent equating to £70,200 per annum. To the rear of the property at basement and ground
floor level, there are two additional self contained units let on individual separate 5 and 6 year leases from 2018, with a
passing rent equating to £52,200 per annum.

The property currently has planning permission for an A1 café, A4 bar/nightclub and 3 x 2 bedroom flats and 1 x studio
flat.

> Freehold shop and upper parts investment
> Commercial ground floor and lower ground floor Net Internal Area: 119.16 sq.m (1,283 sq.ft)
> Residential Gross Internal Area: 300.09 sq.m (3,230 sq.ft)
> Current income £157,400 per annum
> Rent review of ground floor and basement café, bar/nightclub: 1st October 2019
> Excellent public transport links
> Hackney Downs and Hackney Central Overground Station are both within 0.4 kilometres (0.25 miles)
> Liverpool Street Station and Stratford Station only c.12 minutes travel via Hackney Overground Stations

https://www.gilmartinley.co.uk/properties/for-sale/investment/hackney/london/e8/27187 Our ref: 27187
Freehold Shop and Upper Parts For Sale - London E8

Fully let income producing investment - £157,400 per annum

Accommodation
Accommodation Area sq.m. Area sq.ft. Comments
Basement Bar / Nightclub 65.90 709 Let with the Ground Floor café on a single FRI lease from 21st October 2015 with passing rent £35,000 per annum.

Measured NIA.

Ground Floor Café 53.26 573 See above

Basement Rear Flat 1 (2 bed) 47.79 514 Let on a 5 year FRI lease from February 1st 2018 with a passing rent of £22,800 per annum Ground Floor Rear Flat 2 (3 bed) 59.99 645 Let on a 6 year FRI lease from July 1st 2018 with a passing rent of £29,400 per annum

First Floor Flat 3 (2 bed) 51.35 552 Let on an AST generating and income equating to £18,600 per annum
First Floor Flat 4 (studio) 36 387 Let on an AST generating and income equating to £14,400 per annum
Second Floor Flat 5 (2 bed) 51.22 551 Let on an AST generating and income equating to £18,600 per annum
Third Floor Flat 6 (2 bed ) 53.74 578 Let on an AST generating and income equating to £18,600 per annum

Property Location
The subject property is located at the northern, pedestrianised part of Mare Street (known as The Narroway), at the junction with Dalston Lane (A107) and Lower Clapton Road (A107).

Occupiers located within circa 100 metres include; Percy Ingle, Halifax Bank, Hackney Post Office, Boots, Greggs, Nationwide Building Society, Sainsbury's Local, Primark, McDonalds, Marks and Spencer and TK Maxx.

Public transport communications are excellent. Hackney Downs Overground Station is circa 400 metres to the west and
Hackney Central Overground Station is circa 257 metres to the south west, which provide frequent services to Liverpool
Street Station and Stratford Station, respectively (journey time of only 12 minutes).

There are numerous bus services operating in the vicinity connecting to Finsbury Park, Euston, Holloway, Victoria, London Bridge, Aldgate and Holborn, amongst others.

2017 Rateable Value £31700.00
Estimated Rates Payable £15216 per annum
Service Charge p.a. TBC
Terms Freehold for sale subject to the various leases and ASTs currently in operation and generating a current income of £157,400 per annum.
Legal Fees: Each party is to bear its own legal fees
Local Authority: London Borough of Hackney

LOCATION

Location: 411 Mare Street, London, E8 1HY

Bethnal Green (1.5 miles)

Mile End (1.9 miles)

Stepney Green (1.9 miles)

Hackney Central (0.1 miles)

Hackney Downs (0.3 miles)

London Fields (0.5 miles)

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