12 February 2025: Wednesday 12 February 2025 - 9:00am
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    Key features

    • Of interest to investors
    • A long leasehold ground rent investment (two head leases)
    • Secured upon a substantial mixed use development
    • Comprising 46 apartments and 10 retail units
    • Site area approximately 0.387 hectares (0.957 acres)
    • Total current rents (residential only) £16,500 pa
    • Rent reviews every 25 years by reference to RPI
    • Next reviews 2042
    • Within the Dalston Lane (West) Conservation Area

    Description

    The property comprises a development completed in 2018 comprising approximately 0.387 hectares (0.957 acres), providing 10 ground floor retail units with 46 apartments above.

    Additional information

    Tenure

    Leasehold - The property is held on two separate head leases. Each lease is for a term of 125 years, one from July 2017 and one from October 2018, both at a peppercorn rent.

    Accommodation

    The development comprises

    10 retail units

    Two x studio units

    11 x one bed units

    21 x two bed units

    10 x three bed units

    Two x four bed units

    Tenancy

    All residential sub leases are for terms of 125 years and have index-linked (RPI) rent reviews on the 25th anniversary of the terms.

    Flats 25-44 - the sub leases are from 4th July 2017.

    Flats 1-24 - the sub leases are from 11th October 2018.

    The total current passing rents from 41 units is £16,500 per annum. The remaining flats have no ground rents payable.


    Please refer to the tenancy schedule.


    The 10 retail units are subject to sub leases in favour of the London Borough of Hackney for the full terms of the head leases at peppercorn rents.

    Planning

    The site is located in an area which has been designated as a major town zone by Hackney Borough Council and is within the Dalston Lane (West) Conservation Area. The new borough-wide local plan 2033, known as LP33, was adopted by the council on 22 July 2020.

    Rent

    16500
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      All viewings at this property have now taken place prior to the auction. For further information on the property please download the legal pack or email the property contact.

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      No set viewings will be available on this property prior to auction due to the tenants in situ. Please refer to the legal pack for further information.

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      There are no formal viewings for this property. You can visit during commercial trading hours as a customer.

      Accommodation / Tenancy Schedule

      Local information

      The property is located on the south side of Dalston Lane between Laurel Street and Queensborough Road. The immediate area comprises a mix of commercial and residential uses. A good selection of local shops is within walking distance.

      Transport

      The site is within a short walking distance of both Dalston Junction station (London Overground) and Hackney Central Station (London Overground).

      Legal documents

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      EPC rating

      If no EPC rating appears please refer to the legal pack.

      Guide prices and common auction conditions

      •Guide prices given are indications within 10% upwards or downwards of where the reserve price may be set at the time of going to print. Please note they are not an indication of the anticipated sale price or a valuation.

      •The reserve price is the minimum price at which the property can be sold.

      •Both the guide price and reserve price may be subject to change up to and including the day of the auction.

      •For unsold properties after an auction an Available price may be listed. This is the price that the seller(s) are looking for post auction, subject to contract and no higher offers, and has no relation to the guide prices listed prior to the auction sale.

      Please note that all prices listed, whether prior to or post auction, are subject to contract.

      The Auctioneers and sellers accept no responsibility for any loss, cost or damage that a buyer may incur as a result of relying on any guide price. It is the buyer's responsibility to decide how much they should bid for any lot. Please check with us for regular updates as guide prices are subject to change prior to the auction.

      The guide price does not include the buyer's fee charged by the auctioneer or VAT which may apply to the sale or other amounts the seller may charge. The seller's Special Conditions of Sale will state whether there are other seller's charges and whether the seller has elected to charge VAT on the sale price.

      Addendums