Home > Auctions > 21 November 2023 21 November 2023 - 9:00am > Lot 34

21 November 2023: Tuesday 21 November 2023 - 9:00am
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    Key features

    • Of interest to investors
    • A freehold temporary living facility housing key workers
    • Comprising 23 self contained units each with bathroom and kitchen facilities
    • GIA approximately 645 sq m (6945 sq ft)
    • Site area approximately 0.1 hectare (0.25 acre)
    • Generous car parking to rear with further spaces to the front
    • Subject to a 10 year lease in favour of Housing Action Management Ltd expiring 30 January 2033
    • Currently producing £220,800 pa NET (8.8% on guide)
    • The property is let at a reversionary rent equivalent to approximately 80% of the Local Housing Allowance rates (which total £275,247.44 pa for all units)
    • Three yearly CPI rent reviews
    • Rent reviews are subject to a 2% minimum and a 4% maximum collar and cap.
    • FR&I
    • 12 weeks completion available

    Description

    The property comprises a temporary living facility for key workers. Accommodation is arranged over ground, first and second floors. There are 23 units with bathroom and cooking facilities as well as some communal rooms for cooking and laundry.


    The site is largely hardscaped with off-street parking available from the front and rear.

    Additional information

    Tenure

    Freehold

    Accommodation

    The internal accommodation is arranged to provide 23 self contained units each with bathroom and kitchen facilities, as well as some communal rooms for cooking and laundry.

    The property offers a variety of 2 to 4 person units including ground floor disabled access units.

    The gross internal floor area (GIA) is approximately 645 sq m (6945 sq ft).

    The site area is approximately 0.1 hectare (0.25 acre)

    There may be longer term potential for redevelopment (subject to the requisite consents)

    Tenancy

    The property is subject to a lease in favour of Housing Action Management Ltd. for a term of 10 years expiring 30 January 2033 at a rent of £220,800 per annum, subject to rent reviews every third year by reference the consumer price index (CPI). The lease contains full repairing and insuring covenants.

    The freeholder has agreed with the lessee in principle, and subject to contract, an extension of the lease for a further five years. The purchaser will have the option to pursue this agreement.

    Rent reviews are subject to a 2% minimum and a 4% maximum collar and cap.

    The passing rent is equivalent to approximately 80% of the Local Housing Allowance rates which total £275,247.44 pa for all units. The full LHA rates would represent an 11% yield on guide.

    Rent

    £220,800 per annum

    Notes

    • The tenant is currently undertaking a schedule of energy efficiency works that are due to be complete in December, as a result they expect the new EPC to be a minimum of a 'C'.
    • 12 weeks completion available

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        Local information

        The town of Harrow is situated approximately 12 miles north west of central London and approximately 3.5 miles north west of Wembley. The property lies on the north side of Pinner Road (A404) approximately 0.2 miles to the west of Harrow town centre and immediately south of Harrow Recreation Park.

        Transport

        Harrow has good road communications, with the nearby A409 providing access to the north and linking with the M1 motorway. The nearby A312 links with the A40 to the south which in turn connects with the M40 and M25 motorways.


        Harrow-on-

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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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