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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.
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