Investment Consideration:
Gross Initial Yield: 8.22%
Rental Income: £30,000 p.a.
VAT is NOT applicable to this property
Comprises retail premises arranged over ground floor and basement
Forming part of a newbuild (2020) residential block
Situated just off Commercial Road with occupiers nearby including takeaway`s, barbers, butchers, convenience store and many more
Property Description:
Comprises ground floor retail premises with ancillary accommodation at basement, providing the following accommodation and dimensions:
Ground Floor: 57.50 sq m (620 sq ft)
Open plan retail
Basement: 95.50 sq m (1,028 sq ft)
Ancillary, Storage
Total area size: 153 sq m (1,648 sq ft)
Tenancy:
The property is at present let to ASE Textile Limited (with personal guarantee) for a term of 10 years from 7th April 2022 at a current rent of £30,000 p.a. and the lease contains full repairing and insuring covenants. Open market rent review in April 2025, 2028 and 2031. No breaks. Deposit held of £7,500.
Tenure:
Long Leasehold. Held on a 999 year lease from 4th March 2021 at a ground rent of peppercorn.
Location:
The property is located in the heart of Whitechapel on Umberston Street, London, E1. It is surrounded by Commercial Road (A13) to the north and The Highway (A1203) to the south. The area benefits from excellent transport links, with Shadwell London Overground Station just 750m away, and Aldgate East and Whitechapel underground stations within easy walking distance. There are multiple bus routes, including night buses, along Commercial Road. The immediate vicinity consists of a mix of high-density housing, offices, and independent retailers.
