TYPERetail, Mixed use, Other Property Types & Opportunities
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON28th August 2020
LOCATION The shop is located on Roman Road (B119), within an established parade of shops situated within viewing distance to the renowned Roman Road Market. Other notable retailers nearby include Domino’s and Betfed. Mile End Underground Station is situated 0.7 miles to the south of the property and provides frequent access to Liverpool Street Station with an approximate journey time of 6 minutes.
ACCOMMODATION 4 storey mixed-use building constructed circa 1900’s of solid brickwork construction comprising 2 retail units and 6 flats above, with the latter comprising 4 x 2 bedroom flats and 2 x 1 bedroom flats.
LEASE TERMS 2 x leases granted to the ground floor shops for a term of 125 years from 1 January 2007 to Mustak Yakubhai Patel at a nominal ground rent of £500.00 per unit per annum. We are unaware as to whether this is static throughout the duration of the lease or subject to periodic increases.
5 of the flats above are subject to guaranteed rent agreements with Elliot Leigh at a rental of £1,500.00 per two bed and £1,200 for the one bed. Such agreements were granted for a period of 3 years commencing in May 2019.
499c Roman Road will be retained and as such subject to a new long lease of 999 years at peppercorn ground rent upon completion.
In accordance with Section 21 of the Estate Agent's Act 1979 we are obliged to disclose that a member of TFK has a personal interest in this property.