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Freehold Mixed Use Investment 1.03 acre urban site providing 56,596 sq ft (5,258 sq m) of residential & retail accommodation producing £754,098 pa. |
The New Era Estate
For further information contact:
Ray Arrowsmith
Direct Dial: 020 8370 2531
Fax:020 8366 0818
Mob 07939 572231
ray.arrowsmith@bowyerbryce.co.uk
Ian Harding
Direct Dial: 020 8370 2536
Fax:020 8366 0818
Mob: 07956 374326
ian.harding@bowyerbryce.co.uk
Whitmore Road, London N1 5QA
Details
The property comprises an island site with 96 flats and 12 retail units offering extensive refurbishment/extension and redevelopment opportunities. The site extends to an area of about 1.03 acres with the building comprising approximately 56,596 sq ft and was constructed in the mid 1930’s and has been in the same ownership since.
84 of the flats are let on Assured Shorthold Tenancies and the remaining 12 flats are let on Regulated Tenancies the total currently producing an annual income of £716,248 per annum exclusive. 8 of the 12 retail units are let, although a number are holding over, and produce a current income of £37,850 per annum exclusive.
The investment therefore currently produces a total income of £754,098 per annum exclusive.
The present landlords have over the years maintained a relatively low rent policy for this area and we are of the view that there is considerable scope for increase in rental income together with further improvement of the flats although all are double glazed and most have the benefit of independent central heating. Subject to planning the building offers scope for an additional floor or redevelopment.
The investment is to be disposed of by way of a company sale. A brochure can be downloaded from this site although further information is available from a data room and will require registration of a named client.
