Investment Consideration:
Gross Initial Yield: 5.42%
Rental Income: £23,596 p.a.
VAT is NOT applicable to this property
Comprises ground floor shop and a studio flat above
Shop let until 2041. No breaks. Rent reviews every 4 years
Residential development potential to extend above, STTP
Located within 2 minute walk to All Saints DLR Station, with direct link to Canary Wharf, Tower Bridge and Bank Station.
Property Description:
The property comprises mid-terrace ground floor shop and self-contained studio flat at first floor, providing the following accommodation and dimensions:
Ground Floor: Shop 35 sq m (376 sq ft)
First Floor: Studio 26 sq m (280 sq ft)
Residential development potential to extend above, subject to obtaining the necessary consents.
Tenancy:
The shop is at present let to an Individual for a term of 20 years from 1st February 2021 at a current rent of £12,000 per annum and the lease contains full repairing and insuring covenants. Rent review every 4 years (open market). Deposit held of £2,000.
The studio flat is at present let on AST to an Individual for a term of 6 months from 24th November 2021 (holding over) at a current rent of £11,596 p.a.
Location:
Poplar is a district in East London, England, the administrative centre of the borough of Tower Hamlets. Five miles (8 km) east of Charing Cross, it is part of the East End. It is identified as a major district centre in the London Plan, with its district centre being Chrisp Street Market, a significant commercial and retail centre surrounded by extensive residential development. Poplar includes Poplar Baths, Blackwall Yard and Trinity Buoy Wharf and the locality of Blackwall. Poplar is well connected to destinations in East London and East Anglia by road: A12, A13, A102, A1261 and well served by London Buses routes 15, 115, 309, D6 and night bus routes N15 and N551. The property is located within 2 minute walk to All Saints DLR Station, with direct link to Canary Wharf, Tower Bridge and Bank Station. Nearby occupiers include Papa John`s Pizza, Cake Box and Pizza Hut, amongst others.
