ENTER Mixed-Use Investment Opportunity For Sale
HOME DESCRIPTION & LOCATION TENANCY Recently developed block containing 7 residential apartments (6 x 1 bed & 1 x 3 bed units) totalling 3,465ft 2 and a commercial unit of 1,991ft 2 Fully let and producing a total net rental income of 162,564 per annum Popular location close to Hackney Downs and Clapton Station which provides trains to Liverpool Street in 14 mins Offers are invited in excess of 2,500,000 which reflects 6.1% NIY overall, or 7% NIY on the commercial element and 566 per ft 2 on the residential element
HOME DESCRIPTION & LOCATION TENANCY DESCRIPTION Grace Lodge is a mixed-use building extending to approximately 5,456ft 2 (NIA) across basement, ground and three upper floors. The property was originally a Public House which was converted and refurbished (via full planning permission) in 2015, to provide a bar / restaurant extending to 1,991ft 2 across the ground floor and basement with 7 residential apartments within the 1st, 2nd and 3rd floors. The apartments comprise 6 x 1 bedroom and 1 x 3 bedroom units extending to 3,465ft 2 in total, which have been built to a high specification. The property is fully let with the commercial unit producing 40,000 per annum and the 7 flats producing a further 122,564 per annum. LOCATION The property is located on the corner of Clarence Road and Cricketfield Road in Clapton, within the London Borough of Hackney. The property is in walking distance to both Hackney Downs and Millfields Park which provide open public space. There are a number of shops and amenities available on nearby Lower Clapton Road. The nearest station is Clapton which is located approximately 0.5 miles to the north of the property, providing direct London Overground services to Liverpool Street in 14 minutes.
HOME DESCRIPTION & LOCATION TENANCY TENANCIES Grace Lodge Apartments The ground floor and basement commercial unit is let to Grace Land (Clapton) Ltd on an FRI lease from 30th September 2016 expiring on 5th February 2029. The current rent is 40,000 per annum, subject to RPI linked reviews in January 2019 and January 2024. The Tenants have paid a rent deposit of 24,000. The premises trades as The Mermaid as a resturant and bar. All 7 apartments are let on separate Assured Shorthold Tenancy agreements producing a total rental income 122,564 per annum. The average rent for the 1 bedroom units is 15,574 per annum ( 1,298 PCM) and the top floor 3 bedroom apartment produces 29,120 per annum ( 2,427 PCM). The total rental income is therefore 162,564 per annum exclusive. TENANCY SCHEDULE Unit Floor Description Size ft 2 Lease Terms Rent P.A. Commercial Basement & Ground A4 Commercial Unit 1,991 FRI Lease from 30/09/16-05/02/2029 40,000 Residential 1 First 1 Bedroom Flat 417 AST from 03/04/2017-02/04/2018 14,664 2 First 1 Bedroom Flat 426 AST from 20/05/2017-19/05/2018 16,640 3 First 1 Bedroom Flat 431 AST from 30/10/2017-29/10/2018 15,600 4 Second 1 Bedroom Flat 417 AST from 08/12/2016-07/12/2017 15,600 5 Second 1 Bedroom Flat 426 AST from 29/04/2017-28/04/2018 15,600 6 Second 1 Bedroom Flat 431 AST from 18/07/2017-17/07/2018 15,340 7 Third 3 Bedroom Flat 917 AST from 20/09/2017-19/09/2018 29,120 Resi Total 3,465 122,564 Grand Total 5,456 162,564
HOME DESCRIPTION & LOCATION TENANCY RESIDENTIAL CLAPTON *Properties approximately within a 800m radius Below are a selection of residential apartments which have recently been sold or are currently on the market in close proximity to Grace Lodge. Sales values for flats (new build and good quality Period conversions) are currently averaging at approximately 800 per ft 2 in most areas of Clapton. The anticipated break-up value for the 7 apartments at Grace Lodge is approximately 2,750,000 which reflects circa 794 per ft 2 on average. It is expected that 350,000 is achievable for the 1 bedroom units and 650,000 for the top floor 3 bedroom apartment. Map Number Address Description NIA ft 2 Price /ft 2 Sold Date 8 GRACE LODGE 10 9 13 5 12 1 Cricketfield Road, London E5 2 Bedroom Flat 630 525,000 833 11th August 2017 2 St. John's Mansions, London E5 2 Bedroom Flat 831 650,000 782 14th July 2017 3 Queensdown Road, London E5 2 Bedroom Flat (New Build) 689 550,000 798 4th May 2016 4 Lower Clapton Road, London E5 1 Bedroom Flat (New Build) 339 330,000 973 On Market 5 Millfields Road, London E5 1 Bedroom Flat (New Build) 586 495,000 845 On Market 6 Linscott Road, London E5 2 Bedroom Flat 691 516,000 747 21st June 2017 7 Goulton Road, London E5 2 Bedroom Flat 628 475,000 756 28th April 2017 8 Powell Road, London E5 2 Bedroom Flat 1,019 715,000 702 5th December 2016 11 3 1 6 7 4 2 14 9 Mildenhall Road, London E5 1 Bedroom Flat 549 550,000 1,002 On Market 10 Millfields Road, London E5 1 Bedroom Flat 595 525,000 882 On Market 11 Queensdown Road, London E5 1 Bedroom Flat 690 499,995 725 On Market 12 Millfields Road, London E5 3 Bedroom Flat 1,219 900,000 738 On Market HACKNEY DOWNS 13 Millfields Road, London E5 3 Bedroom Flat (New Build) 1,090 845,000 775 On Market 14 Kinnoul Mansions, London E5 3 Bedroom Flat 946 750,000 793 On Market Average: 811 HACKNEY CENTRAL
HOME TENURE The property will be sold freehold and subject to the existing tenancies remaining in-situ. VAT The property is elected for VAT, although the sale can be treated as a Transfer of Going Concern (TOGC). Offers are invited in excess of 2,500,000 which reflects a 6.1% NIY overall, or 7% NIY on the commercial element and 566 per ft2 on the residential element. ADDITIONAL INFORMATION Further information including tenancy agreements and floor plans are available within our dataroom using the access code Gracelodge. CONTACT To discuss any aspect of this property or the disposal process, please contact the sole selling agents: Paul Heale 020 7183 2529 paul.heale@kingsbury-consultants.co.uk Jordan Oldfield 020 7183 2529 jordan.oldfield@kingsbury-consultants.co.uk Kingsbury 1st Floor, 81 Alie Street, London E1 8NH Kingsbury on their own behalf and on behalf of the Owner / Landlord of this property whose agents, gives notice that this document does not constitute any form of contract for sale or lease. Statements should not be relied upon, and interested parties are advised to satisfy themselves as to the correctness of each statement. Kingsbury is the trading name of Kingsbury Investment & Development Consultants Ltd registered in England No: 06869268. DESCRIPTION & LOCATION TENANCY