- An opportunity to acquire a charming mixed-use building in prime Kentish Town, NW5.
- Located 0.3 miles from Kentish Town Station (Northern Line & Thameslink) and Kentish Town West Station (Overground).
- Arranged as a vacant Public House on the ground floor and basement, the upper parts comprise a 14 unit House in Multiple Occupation (HMO), there is also a one bedroom apartment in the basement (Use Class C3).
- The HMO element is fully let, currently producing £136,320 per annum.
- Total existing GIA 6,679 sq ft / Proposed GIA 8,138 sq ft.
- Planning permission has been granted to increase the HMO accommodation to 22 units by way of rear and upward extensions, with the retention of the existing pub and C3 dwelling.
- The estimated rental value of the residential element is in the region of £486,000 per annum.
- The estimated rental value of the commercial element is in the region of £60,000 - £75,000 per annum.
- Total ERV £561,000 per annum.
- There is potential to further enhance the scheme by reconfiguring the existing layout to create 32 Self-contained studios subject to obtaining the necessary consents. Indicative plans are available within the data room.
- The existing planning use of the commercial unit is Sui Generis.
- The building is not elected for VAT.
- Freehold.
PROPOSAL
Offers in excess of £3,000,000 (Three Million Pounds). A purchase at this level reflects an incredibly low capital value of £389 against the consented GIA.
