- An opportunity to acquire a newly refurbished residential property providing specialist supported accommodation. Let on a new 25-year FRI lease to One CIC uncapped annual increases.
- The building is arranged as 19 self-contained units plus games room, staff office, staff accommodation, library, meeting rooms and communal lounge measuring 6,696 sq ft GIA (622 sq m).
- The property has been redeveloped to a high standard, increasing the energy efficiency of the building to EPC rating B.
- Planning consent granted for the conversion of the former care home to sui generis for the use of supported housing. Planning Ref: P0364.22.
- Alton House is ideally located in the popular Hornchurch 0.7 miles from Hornchurch Station (District Line).
- Current passing rent of £225,155 per annum.
- The property has a long-term nomination agreement with Havering Council.
- Council driven project and designed in partnership with Havering Council housing team.
TO BE SOLD AT SAVILLS AUCTION 28TH FEBRUARY 2024 - UNLESS SOLD PRIOR
Offers in excess of £2,650,000 (Two Million Six Hundred Fifty Thousand Pounds) subject to contract.
A purchase at the asking price would reflect a Net Initial Yield of 7.98% assuming standard purchaser’s costs.
