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.
