- Ideally located on a tree-lined residential road, 0.7 miles (15-minute walk) to Crouch Hill Overground Station and 0.9 miles (16-minute walk) to Highgate Underground (Northern
Line) Station. - The building is a detached double fronted period property arranged over lower ground, ground and two upper floors with a large share d garden.
- Comprises 15 fully self-contained flats - 12 x studios and 3 x 1-bedroom flats with a total NIA of 3,679 sq ft.
- The building is let on an FRI lease to Independent Housing UK Limited, expiring October 2037 with a landlord option to extend by a further 5 years.
- Independent Housing UK Limited (IHL) is a registered charity and a not for profit organisation, incepted in March 2007, their latest reported accounts posted a turnover of £9.3M. They benefit from a D&B rating of A1.
- Income totals £210,908.47 per annum, the leases benefit from annual CPI-based rent reviews, capped at 4%.
- The current rent reflects a low passing rent of £270 per week per unit, which is 19% lower than LHA rates and significantly below open market rental values.
- Freehold.
PROPOSAL
We are instructed to seek £2,850,000 (Two Million Eight Hundred and Fifty Thousand Pounds) subject to contract. This equates to a Net Initial Yield of 7% and a capital value of £774 per sq ft.
