- An opportunity to acquire two residential buildings on the same street in Archway, North London.
- Both properties are situated just 0.3 miles from Archway Station (Northern Line).
- The two properties comprise a total of 16 self-contained apartments, 14 x studios and 2 x 1 beds, providing a total NIA of 3,604 sq ft.
- Both buildings are let on identical FRI leases to Independent Housing UK Limited, expiring September 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 £244,352 per annum, the leases benefit from annual CPI-based rent reviews, capped at 4%.
- The current rent reflects a low passing rent of £293 per week per unit, which is 12% lower than LHA rates and well below open market rental values.
- Both held Freehold.
OIEO £3,150,000 Subject to Contract, reflecting a Net Initial Yield of 7.33%, assuming standard purchasers costs of 5.8%.
