OPPORTUNITY TO ACQUIRE A MIXED-USE INCOME PRODUCING ASSET COMPRISING 16 FLATS AND 1 COMMERCIAL UNIT
LOCATION
• The property is situated on the northern aspect of Coleridge Road approximately 50 meters west of its junction with The Broadway (A103). The property is located approximately a 15-minute walk to Crouch Hill overground station.
DESCRIPTION
• The property comprises a four-storey mixed use terraced building. No.44-50 was constructed in 2012, whilst No.52/54 is a refurbished and converted Victorian structure. No.44-50 comprises 11 self-contained flats on first to third floors in a front block with 2 maisonettes at the rear. No.52/54 comprises 3 self-contained flats, one on each floor level.
• The property sits on a site of irregular shape facing Coleridge Road sits on a site area that extends to approximately 0.198 acres.
• The property comprises, 7 x 1 bed, 7 x 2 bed, 2 x 3 bed extending to approximately 9,496 sqft (NSA).
• All flats are currently let on AST’s, the residential element is currently generating £327,000 per annum.
• The residential element has an estimated market rental value of £352,200 per annum.
• In total there are six ground floor commercial/retail units, all but one having been sold off long leasehold.
• The ground floor commercial unit (No 3) is understood to be let on a 15-year lease from December 2019 at a rent of £24,000 per annum, subject to rent review on the 5th anniversary and a break clause 18th month, 5th year and 10th year from the commencement date.
• There is also a rear garage and under cover storage area, currently owner occupied that extends to approximately 910 sqft.
• The property is producing a current rental income of £351,000 per annum.
TERMS
• The property is not elected for VAT
• The property is available freehold.
• Price On Application
