Description
The property is a three storey mid terrace property of brick construction, comprising of a ground floor commercial unit and separate upper floor 3 bed flat. The shop and flat are separately occupied and self contained.
To the ground floor is a cafe/ restaurant (approximately 30 covers), which includes a sales / seating area, kitchen, and WC facilities.
The flat is accessed from the front door at street level, entering to a hallway and staircase to the first floor level. At first floor level there is front bedroom (with attached bathroom (shower, WC and wash basin)), bathroom (WC, wash basin and shower), middle bedroom and rear bedroom. To the second floor is a kitchen / lounge area. The flat is appointed to a good standard and includes spot lights, laminate flooring, radiators, warmhouse boiler, double glazed windows, roof lights, decorated surfaces, etc.
There is a rear outdoor / garden area to the first floor level.
Location
The property is located on Roman Road in the Bow area of East London, and within the Tower Hamlets London Borough. The location is a well established and busy retailing area very close to the Roman Road Market entrance. Roman Road hosts a variety of independent traders.
The property is within walking distance of Mile End tube station, Bow Road tube station, Bethnal Green tube station and Victoria Park. There is a wide mix of retailers, restaurants and bars in the locality, with the surrounding area predominately residential flats and houses located off Roman Road. The property benefits from good access into the City of London via tube, bus, cycle routes and by foot.
Tenure
The property is held on a Long Leasehold and Freehold basis (a buyer may decide to merge interests (subject to legal advice)).
Freehold - Title Number: LN125910
Long Leasehold - Title Number: EGL532692
Tenancy Details
The ground floor at 464 Roman Road is let on an informal agreement at £21,000 pa. The tenant is willing to agree a new 15 year lease within the Landlord & Tenant 1954 Act.
The three bed upper floor flat at 464a Roman Road, Bow is let on the basis of a AST to a private individual holding over at £2,550pcm.
Further details are available by request.
Asset Management Potential
We are of the opinion that given the demand of the local residential letting market, the residential rent should have some potential uplift from the current level, and there could be an opportunity for reconfiguration or further development to increase the potential gross rental income. We would advise interested parties to make their own enquiries with their professional advisers on this matter.
Price
£725,000. We understand VAT is not payable on the purchase price.
