- Rare opportunity to acquire an income producing residential investment in one of London’s premier postcodes.
- The property is located in a highly sought after area, equidistant to Hampstead,
- West Hampstead, Golders Green and Cricklewood Stations.
- Arranged as a block of 20 self-contained flats and benefits from a certificate of lawfulness for the current configuration:
14 studios
4 x 1 bed
2 x 2 bed
- 5,725 sq ft (GIA).
- A number of the existing tenancies are historic, therefore the current passing rent of £301,605 pa is reversionary.
- Open Market Estimated Rental Value is approximately £405,000 pa.
- The ERV equivalent to the new LHA rates equates to £361,880 pa.
- The building offers refurbishment potential to enhance the rental income.
- Potential to enlarge the existing footprint of the building by adding additional stories and massing, subject to obtaining the necessary consents.
- First time on the market in 20 years.
- Freehold.
Guide Price – Offers in Excess of £3,500,000 (Three Million Five Hundred Thousand Pounds) subject to contract. This reflects a gross yield of 8.6%, reversionary to 10.30% off the LHA rates and 11.6% off the open market ERV.
