441 Bethnal Green Road, Bethnal Green, London E2 0AN Freehold Mixed-Use Investment For Sale www.kingsbury-consultants.co.uk 441 Bethnal Green Road, Bethnal Green, London E2 0AN
HOME SUMMARY DESCRIPTION & LOCATION DEVELOPMENT TERMS
SUMMARY
• 3-storey (plus basement) building extending to 2,744ft2 comprising a ground floor pub / bar and 2 x 2 bedroom flats
• Fully let producing £103,765 per annum exclusive
• Sought-after East London location approximately 200m from Bethnal Green Underground Station
• Offers are invited in excess of £1,950,000 for the freehold interest which reflects 5% NIY www.kingsbury-consultants.co.uk 441 Bethnal Green Road, Bethnal Green, London E2 0AN
HOME SUMMARY DESCRIPTION & LOCATION DEVELOPMENT TERMS
DESCRIPTION
The property comprises a 3-storey (plus basement) mixed use building occupying a prominent corner position. The ground floor and basement consists of an A4 unit, accessed from Bethnal Green Road, which extends to approximately 1,388ft2. The space is arranged with a bar and seating areas towards the front with kitchen and washroom facilities to the rear.
The upper parts consist of 2 x 2 bedroom flats extending to approximately 646ft2 and 710ft2 respectively which were constructed to a high specification in 2015. The residential element is accessed via Ellsworth Street.
LOCATION
The property is located on Bethnal Green Road which connects Shoreditch and Bethnal Green. The Local Authority is the London Borough of Tower Hamlets.
The immediate area comprises both commercial and residential uses with both Weavers Fields and Bethnal Green Garden (public parks) less than 100m from the property. Bethnal Green is one of London’s most fashionble areas and is a highly sought-after place to live and work. The area benefits from numerous boutique shops, high-end restaurants, bars and other amenities.
Bethnal Green Underground station is located circa 200m from the property providing Central Line services with journey times of 3 minutes to Liverpool Street and 13 minutes to Oxford Circus. www.kingsbury-consultants.co.uk 441 Bethnal Green Road, Bethnal Green, London E2 0AN
HOME SUMMARY DESCRIPTION & LOCATION DEVELOPMENT TERMS
TENANCIES
The ground floor unit is let on a full repairing and insuring lease to Mixology Events Ltd (trading as The Sun Tavern - www.thesuntavern.co.uk) on a 10 year lease from 28th July 2014 (7 years unexpired) at a current rent of £52,500 per annum, subject to an upward only, open market rent review in July 2019.
The flats are both let to individuals on Assured Shorthold Tenancy Agreements for a combined rent of £51,265 per annum.
Unit Description Floor NIA ft2 NIA m2 Lease Terms Tenant Rent P.A.
A4 (Drinking Basement 441 41 10 Years FRI Mixology 441 Establish- £52,500 from 28/07/2014 Events Ltd ment) Unit Ground 947 88
2 Bedroom 12 month AST Private 441A First 646 60 £25,740 Flat until 29/07/2017 Individual
2 Bedroom 12 month AST Private 441B Second 710 66 £25,525 Flat until 31/07/2018 Individual
Total 2,744 255 £103,765 www.kingsbury-consultants.co.uk 441 Bethnal Green Road, Bethnal Green, London E2 0AN
HOME SUMMARY DESCRIPTION & LOCATION DEVELOPMENT TERMS
TENURE
The property is to be sold freehold and subject to the existing tenancies remaining in situ.
VAT
We understand that the property is VAT and the transaction can be treated as a TOGC.
TERMS
Offers are invited in excess of £1,950,000 which reflects a Net Initial Yield of circa 5% when accounting for purchasing costs of approximately 6%.
ADDITIONAL INFORMATION
Further information including tenancy agreements and existing floor plans can be viewed in the dataroom using access code ‘Bethnal’.
CONTACT To discuss any aspect of the property of disposal process, please contact the sole selling agents:
Keir Goldstein 020 7183 2529 [email protected]
Jordan Oldfield 020 7183 2529 [email protected]
Kingsbury 1st Floor, 81 Alie Street, London E1 8NH
Kingsbury on their own behalf and on behalf of the Owner / Landlord of this property whose agents, gives notice that this document does not constitute any form of contract for sale or lease. Statements should not be relied upon, and interested parties are advised to satisfy themselves as to the correctness of each statement. Kingsbury is the trading name of Kingsbury Investment & Development Consultants Ltd registered in England No: 06869268.