- An opportunity to acquire an attractive Victorian building located in the heart of Crouch End, North London.
- The property is located just 0.2 miles from the centre of Crouch End and walking distance to both Harringay (Thameslink) and Crouch Hill (Overground) stations.
- The building comprises a total of 8 self-contained apartments, 7 x studios and 1 x 1 bed, providing a total NIA of 2,070 sq ft.
- The asset 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 £99,962 per annum, the leases benefit from annual CPI-based rent reviews, capped at 4%.
- The current rent reflects a low passing rent of £239 per week per unit, which is 10% lower than LHA rates and well below open market rental values.
- Freehold.
PROPOSAL
Offers in Excess of £1,350,000 (One Million Three Hundred and Fifty Thousand Pounds) subject to contract, reflecting a Net Initial Yield of 7%, assuming standard purchasers costs of 5.8% and a low capital value of £652 psf.
