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Development Opportunity / Investment Prominent Corner Restaurant And Residential Building For Sale
The property is situated in a prominent location on the corner of Kingsland Road and Dalston Lane immediately adjacent to the new Dalston Junction London Overground Station. The immediate area has undergone a major development of newly constructed residential and commercial buildings. In addition Dalston Kingsland Rail Station is within a few minutes walk. Numerous bus routes also serve the area.
The building is arranged over basement, ground and three upper floors currently arranged as a ground floor restaurant with basement kitchen. The upper floors presently comprise 17 self- contained studio flats accessed via its own entrance on Kingsland Road. Each flat comprise studio room with kitchen, separate room/WC. The property may also suit development, subject to receipt of Planning Permission.
Ground Floor Restaurant & Basement
Let on a Full Repairing and insuring lease for a term of 20 years from October 2000, subject to 4 yearly rent reviews at a current rental of £75,000 per annum exclusive.
The flats are all currently let on assured shorthold tenancy agreements and produce an income of £238,572.60 per annum exclusive.
There is an advertising hoarding on the building that provides an income each time the space is sold which on average produces a further £8,000 per month.
Actual and Estimated Income: £409,572 pax
Under the Money Laundering Regulations Act 2004, we are obliged to verify the identity of proposed tenants prior to instructing solicitors in order to assist in preventing fraud and money laundering. This information is required by Law.
COMMERCIAL LEASE CODE
Christo & Co have advised their clients about The Code for Leasing Business Premises in England and Wales 2007. The code strongly recommends seeking professional advice from a qualified surveyor, solicitor or licensed conveyancer before agreeing or signing a business tenancy agreement. The code is available via the website www.leasingbusinesspremises.co.uk
Strictly by appointment through owners’ Sole Agents as above
SUBJECT TO CONTRACT
NOTICE RELATING TO THE PROPERTY MISDESCRIPTIONS ACT
Christo & Co as Agents and for the Vendors/Lessors of this property give notice that: 1) These particulars have been checked and are understood to be materially correct at the date of publication. The content however, is given without responsibility and should not, in any circumstances, be relied upon as representations of fact. Intending Purchasers/Lessees should satisfy themselves as to their correctness and as to the availability to the property prior to arranging viewings of the property. 2) These particulars are a guide only and do not form part of an offer or contract. 3) Christo & Co, their employees, nor the Vendors/Lessors make or give any representation or warranty in relation to the property. 4) No representation or warranty is given in respect of any part, equipment or services at the property. 5) Unless otherwise stated, prices, rents or other prices quoted are exclusive of VAT. Intending Purchasers/Lessees must satisfy themselves independently as to the incidence of VAT in respect of any transaction relating to this property. 6) Date of Publication: January 2018.
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