Description
Opportunity to acquire a freehold discounted residential investment comprising 18 apartments with significant further development potential, subject to obtaining the necessary consents.
LOCATION
• The property is located on Friern Park, North Finchley and is approximately a 12-minute walk from Woodside Park underground station, providing services to Euston station within 23 minutes.
DESCRIPTION
• The existing property comprises a former B1 use building, comprising 18 apartments (12 x studios, 1 x 1 bed & 5 x 2 beds) arranged across ground and 3 upper floors, extending to a total area of approximately 9,042 sq ft NSA.
• The apartments are let on ASTs, generating a combined passing rent of £262,608 per annum. The property also provides 17 parking spaces which generate a rent of £20,400 per annum.
• We are of the opinion that the units are significantly underlet and have an ERV of approximately £322,800 per annum.
• The property therefore has a total ERV of £343,200 per annum, reflecting an initial yield of 7.15% at the purchase price.
• We have been advised that the property offers significant further development potential via a roof extension, subject to obtaining the necessary consents. The property benefits from lapsed planning for the creation of an additional storey at fourth floor to convert the existing 2 third floor studio flats into 2 two bed duplex flats (Ref: 16.2812/FUL).
TERMS
• The property is available freehold.
• Offers in excess of £4,800,000
