Home > Auctions > 8 October 2024 08 October 2024 - 9:00am > Lot 74

8 October 2024: Tuesday 08 October 2024 - 9:00am
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    Key features

    • Moved to the 29th/30th October auction
    • Popular and established location
    • Freehold
    • Comprising of two Retail units on the Basement and Ground floors and four self contained flats on the 1st, 2nd and 3rd floor
    • First time on the market for over 40 years
    • Investment let at £139,160 p.a. (6.9% GIY on Guide Price)

    Description

    An attractive 4-storey, freehold mixed use commercial and residential investment mid-terraced building, plus basements, the property comprises 2 shops on the ground floor, with basements used for ancillary storage; 1 x 2 bedroom flat (with study) and 1 x studio flat on the first floor, 1 x 2 bedroom flat on the second floor and 1 x 1 bedroom flat on the third floor.

    We understand the total floor areas to be as follows. Commercial Total 1,960 sq ft NIA. Residential Total 2,153 sq ft GIA

    Investment fully let and producing £139,160 p.a.

    Additional information

    Tenure

    Freehold

    Planning

    Proposed erection of mansard addition at fourth floor level to provide 1 x self contained residential unit. Permit. Planning elapsed. 

    Rent

    £139,160 p.a.

    Notes

    Please note the areas provided are approximate. The photos and any drawings are for illustrative purposes only and may not reflect the exact boundary of the property. The property has not been internally inspected by Savills. Prospective purchasers must rely upon their own enquiries in this regard. Please refer to the legal pack.

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        Accommodation / Tenancy Schedule

        Local information

        The subject property is situated on the south side of Commercial Road (A13), close to its junction with Hessel Street, within the London Borough of Tower Hamlets, approximately ½ mile from the eastern fringe of the City. The area is well served by road and public transport links. Bus routes pass the property. Whitechapel (Hammersmith & City, District and East London Lines) and Aldgate East (Hammersmith & City & District Line) Underground stations are about ¼ mile to the north and west, respectively. Whitechapel Station (Elizabeth line) is located 0.5 miles away.

        Whitechapel has become one the most sought after locations for investors in recent years, with it's resurgence part of a broader trend that has seen renewed investment and interest in East London, spurred on by the widescale redevelopment of Stratford and surrounding areas for the London 2012 Olympics and the introduction of the Elizabeth Line.

        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.

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