Opportunity to acquire a Freehold detached building, providing a retail investment with 2 residential 2-bedroom units on the first and second floor.
Located on Bow Road, close to Bow Church DLR station and Bow Road Tube station, District line and Hammersmith and City lines.
Total Gross Internal Area extending to 2,767 Sq Ft (257.14 Sq M)
The retail area is 1,471.5 Sq Ft (136.71 Sq M)
The retail shop is let to Bow Cash and Carry on a 15-year lease, inside the 1954 Landlord and Tenant Act, expiring in June 2029. The lease commenced on the 25th June 2014, Passing rent of £12,000 with an upcoming rent review in June 2024.
The 2 X 2 bedroom apartments are accessed from the doorway on Bow Road, each flat is configured as a 2 bedroom flat with a lounge (with a roof terrace with the first floor flat) a kitchen and bathroom. Each apartment has its own utilities and heating boiler, however there is only one entrance and staircase, so it is necessary to walk through the first-floor landing and apartment to gain access to the second-floor apartment.
Both apartments are let on Assured Shorthold Tenancies until 31st December 2022. The first floor let at £9,600 PA the second floor let at £10,800 PA a total rent for the residential element of £20,400 PA.
Total Gross Rents of £32,400 PA.
Our vendors inform us that this property was rebuilt in 1950.
The current vendors purchased this property through Prevost Estate Agency, completing the purchase in October 1974.
Numerous asset management opportunities (subject to consents) including:
- Options for refurbishment and enhancement of the income stream.
- Reconfiguration and modernisation of the upper floors.
- Potential for additional massing / development to the rear and roof
Asking price for the freehold interest in this building £875,000.
Viewings strictly by appointment with the sole agents Look Property.
Communal EPC rating D
1st Floor Flat EPC rating D
2nd Floor Flat EPC rating E
