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Home , Bethnal Green, Mile End, Old Ford, Stepney, Stepney (parish), St Katharine Docks

59-67 Mile EndLONDON Rd E1

RARE MIXED-USE INVESTMENT & DEVELOPMENT OPPORTUNITY 59-67 Rd E1

RARE MIXED-USE INVESTMENT & DEVELOPMENT OPPORTUNITY

Mile End Rd

Investment Considerations

• Mixed Use investment and development opportunity currently comprising 3 retail units and 14 residential apartments.

• Commercial accommodation extends to a GIA of 2,212 sq m (4,322 sq ft).

• Residential upper parts extending to 933 sq m (10,045 sq ft) NSA.

• Located within close proximity of (Central Line) and Station (Overground and District and & City lines).

• Residential Income: £252,618 per annum (one flat currently vacant that was previously let at £18,960 per annum).

• Commercial Income: £121,750 per annum.

• Total Income: £374,368 per annum.

• Estimated Rental Value: £435,250 (assuming residential is refurbished and fully let).

• Planning permission granted for 3 apartments (1 x 1 bed, 2 x 2 bed) and the creation of additional rear balconies for the existing accommodation.

• Offers in excess of £8,000,000 are invited, subject to contract and exclusive of VAT. THE CITY RARE MIXED-USEINVESTMENT &DEVELOPMENT OPPORTUNITY Mile Rd End 59-67 LONDON E1

WHITECHAPEL STATION

ELIZABETH LINE ENTRANCE

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O R N Limehouse E S E I S L T V T E CO R MME RCIAL ROAD A13 R Blackfriars O T O Fenchurch Street A W Cannon Street D OUSE L All Saints AD Mansion EH INK RO N TREET IM CK LE S L DO W CAB EAST INDIA House R A E ST EET EA Y CABL ST AD INDIA DOCK RO R

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Bermondsey A A City, Spitafields, Old Truman Brewery, The property is within walking distance of East n

T EET D n H STR I D Y BBE M L A A l O O l R A N V and and accordingly has London’s most fashionable locations being 1.0 a D P E N E R w C O R l S l N i H S R T L R O R O D E T become a sought after destination to live, work mile (1.6 km) from Brick Lane, 1.1 miles (1.8 km) A M O S G A E W O M E A D E R T O E F IL D T IF E R R R LE G D R E R RE N ’S and play. from Spitafields market and 1.8 miles (3.0 km) N R RO O I A A Crossharbour O U D D M A G W R D AN to the . B A G L Y NEW E A K R k C EN oc K T R O D W OA A nd D D nla A ee L Gr L T U N N E L S O U T H E R N

59-67 Mile End Rd LONDON E1

RARE MIXED-USE INVESTMENT & DEVELOPMENT OPPORTUNITY

CONNECTIVITY

The property benefits from excellent transport links to The City, West End and Canary Wharf. Whitechapel Underground stations ( and Hammersmith & City Line) is located 0.3m (0.55 km) from the property and Bethnal Green (Central Line) is located 0.5 miles (0.85 km) to the north. will benefit from (Elizabeth line) which is due to complete in 2021.

6 mins 25 mins 40 mins ELIZABETH LINE Stanstead 2 mins Stratford Shenfield The Elizabeth Live will provide 29 mins 12 mins 6 mins unrivalled connectivity across Liverpool London with direct access from Hayes & Harlington Court Road Street Whitechapel to Canary Wharf in 4 minutes, Bond Street in Bond Farringdon WHITECHAPEL 9 minutes and Heathrow Reading Broadway Street

Airport in 43 minutes. 63 mins 20 mins 9 mins Canary Custom Abbey Heathrow Luton Wharf House Wood Airport & Gatwick

43 mins 4 mins 4 mins 8 mins 16 mins

WHITECHAPEL REGENERATION

The Whitechapel area has undergone significant regeneration in over the last few years, most recently with the imminent arrival of Crossrail and the Elizabeth Line. Tower Hamlets have drawn up plans for a proposed £900m redevelopment of the area, focusing on transforming the , through the introduction of new offices, shops and homes.

The Whitechapel Vision aims to deliver over:

• 3,500 new homes by 2025 • Create a world class Life Science Campus at Queen Mary University London which • Generate 5,000 new jobs operates 5 campuses centred around • Deliver 7 new public squares Whitechapel and has over 17,500 students.

Numerous bus routes Served by overground, Heathrow in operation along underground and the Airport in Mile End Road Elizabeth line (2021) 43 minutes 59-67 Mile End Rd LONDON E1

RARE MIXED-USE INVESTMENT & DEVELOPMENT OPPORTUNITY

DESCRIPTION The property comprises two interconnecting buildings. 59-65 Mile End Road is a multi-mixed use block arranged over basement, ground and three upper floors. 67 Mile End Road is a Victorian building arranged over basement, ground and three upper floors that occupies a prominent corner position. To the rear of the property is a large courtyard with car parking. The commercial is split into 3 x commercial units whilst the upper residential is internally arranged to provide 14 residential apartments. Apartment 1 to 6 (2 x one bed; 3 x two bed and 1 x three bed) are accessed from a main entrance on Cleveland Way and Apartment 7 to 14 (4 x one bed; 4 two bed) are accessed to the rear of 59- 65 via the vehicular gated access on Cleveland Way. The apartments are in good tenanted condition and TENURE have been periodically redecorated for re-letting. 67 Mile End Road is held Freehold. We are of the opinion there is further scope to refurbish the accommodation to increase rental return. 59-65 Mile End Road is held long leasehold expiring March 2170. For further information and floor plans please see the dataroom. 59-67 Mile End Rd LONDON E1

RARE MIXED-USE INVESTMENT & DEVELOPMENT OPPORTUNITY

TENANCY SCHEDULES

RESIDENTIAL

Size Passing Rent ERV* Flat Floor Beds Amenity space SQ FT SQ M PCM PA PCM PA Tenancy Type Tenancy Start Date Tenancy End Date 1 1F 2 bed 498 46.3 Vacant Vacant £1,700 £20,400 Vacant 2 1F 2 bed 910 84.5 £1,842 £22,100 £1,950 £23,400 AST 24/08/2020 23/08/2021 3 1F 1 bed 650 60.4 £1,300 £15,600 £1,625 £19,500 AST 20/08/2020 19/08/2021 4 2/3F 2 bed Terrace 787 73.1 £1,712 £20,544 £2,000 £24,000 AST 21/07/2020 20/07/2021 5 2F 1 bed 686 63.7 £1,343 £16,120 £1,600 £19,200 AST 05/09/2020 04/09/2021 6 2/3F 3 bed 1,424 132.3 £2,750 £33,000 £2,800 £33,600 AST 30/08/2020 29/08/2021 7 1F 2 bed 689 64.0 £1,400 £16,800 £1,900 £22,800 AST 01/11/2020 31/10/2021 8 1F 1 bed 578 53.7 £1,473 £17,680 £1,625 £19,500 AST 02/02/2019 04/07/2020 9 1F 1 bed 504 46.8 £1,300 £15,600 £1,600 £19,200 AST 04/03/2020 03/03/2021 10 2F 1 bed 504 46.8 £1,250 £15,000 £1,600 £19,200 AST 14/08/2020 13/08/2021 11 2F 2 bed 689 64.0 £1,583 £19,000 £1,900 £22,800 AST 08/02/2020 07/02/2021 12 2F 1 bed 579 53.8 £1,571 £18,850 £1,625 £19,500 AST 14/09/2020 13/09/2021 13 3F 2 bed Terrace 745 69.2 £1,609 £19,308 £2,100 £25,200 AST 04/04/2020 03/04/2021 14 3F 2 bed Terrace 802 74.5 £1,918 £23,016 £2,100 £25,200 AST 03/06/2020 02/06/2021 10,045 933 £21,052 £252,618 £26,125 £313,500

*Once refurbished COMMERCIAL

Size Passing Rent Address SQ M SQ FT Tenant Term Break Option PA PSF Tenancy Start Tenancy End Term remaining Comments Date Date 59 58.9 634 Compass - Services to Tackle 4.5 years Mutual break option from £27,000 £42.59 30/11/2018 23/05/2023 0.6 years Mile End Road Problem Drug Use 23/05/2021 with 6 months notice (2.6 years to expiry)

61/65 169.8 1,828 Maritime Venues Ltd 10 years Mutual break option from £57,750 £31.59 04/02/2020 03/02/2030 2.3 years Rent review on 5th year. Mile End Road 02/02/2023 with 6 months notice (9.3 years to expiry)

67 143.2 1,541 Hyper Reality Ltd 10 years Mutual break option from £37,000 £24.01 30/07/2019 29/07/2029 3.8 years Permitted trading time 9am to 11 pm. Mile End Road 30/07/2024 with 6 months notice (8.8 years to expiry)

371.9 4,003 £121,750 £30.41 59-67 Mile End Rd LONDON E1

RARE MIXED-USE INVESTMENT & DEVELOPMENT OPPORTUNITY

CLEVELAND WAY

MILE END ROAD

© Crown Copyright, ES 100004106. For identification purposes only.

DEVELOPMENT OPPORTUNITY Planning permission was granted on 21 May 2020 for ‘rear ground floor extension and a three storey rear building to accommodate 1x 1-bedroom unit and 2x 2-bedroom units; and rear terraces. Change of use to rear of house from A1 (retail) to C3 (residential). Refurbishment works to the rear facade of the existing building’ (Ref no: PA/20/00021/A1) The property further offers the opportunity to reconfigure the larger apartments to create additional apartments within the building creating additional income and maximising value.

ASSET MANAGEMENT The subject property is located in a sought after location which experiences high rental demand. We are of the opinion that the current rent is below market rent and there is an opportunity to increase rental income / maximise individual resale values by refurbishing the existing accommodation. We are of the opinion the estimated rental value (ERV) of the existing residential accommodation after refurbishment has been undertaken is in the region of £313,500per annum. All interested parties should make their own enquiries. 59-67 Mile EndLONDON Rd E1

PLANNING Local Planning Authority Tower Hamlets Tel: 020 7364 5009 www.towerhamlets.gov.uk

We have been informed by the Local Planning Authority that the property is in part located within the Stepney Green Conservation Area. The building is neither statutorily nor locally listed. EPC EPC Ratings are available to download from the dataroom. VAT The property is not elected for VAT. ANTI-MONEY-LAUNDERING A successful bidder will be required to provide information to satisfy the AML requirements when Head of Terms are agreed. FURTHER INFORMATION https://datarooms.allsop.co.uk/register/Mileendroad ASKING PRICE Offers in excess of £8,000,000 are invited, subject to contract and exclusive of VAT.

For further information or to make arrangements for viewing please contact:

Michael Linane​ Owen Rees​ Florence Rothwell 07970 807 011 07391 407 620 07341 000 121 [email protected] [email protected] [email protected]

allsop.co.uk

Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertaking’s and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. The market statistics, rental and investments comparables have been supplied by third parties and their accuracy cannot be guaranteed. Allsop is the trading name of Allsop LLP. Design CommandD www.commandHQ.co.uk 10.20