Retail and residential investment property for sale in Bethnal Green

This property is marketed by:
Strettons

Key Features

• Retail & residential investment & repositioning opportunity in Whitechapel
• Prominent east London location within close proximity of Whitechapel Station (Elizabeth, District and Hammersmith & City lines, and Overground services)
• Situated within walking distance of Queen Mary University of London, and the Royal London Hospital
• Mixed-use investment and development opportunity comprising 14 residential apartments totalling 10,045 sq ft and 3 retail units totalling 3,829 sq ft
• Total combined floor area of 14,367 sq ft
• Retail income of £136,000 per annum from three independent retailers with a WAULT to break of 12.69 years and WAULT to expiry of 15.80 years
• Residential income of £335,100 per annum with flats leased on ASTs with 2 months prior written notice to break
• Combined passing income of £471,100 per annum
• Further vacant, & un-utilised secure car park to the rear
• Planning permission granted for the redevelopment of part of the yard to deliver 3 further apartments (1x1-Bed, 2x2-Bed) and the creation of additional rear balconies for the existing accommodation
• Part freehold / part long leasehold
• Offers invited in excess of £6,750,000 reflecting a 6.5% Gross Yield and £513 per sq.ft on the residential element and 8.0% Net Initial Yield on the retail element and and overall Gross Yield of 6.95%

Description

The property comprises two interconnecting buildings. 59-65 Mile End Road is a post-war built block arranged over basement, ground and three upper floors. 67 Mile End Road is an attractive Victorian building arranged over basement, ground and three upper floors that occupies a prominent corner position. To the rear of the property is a large secure car park.

The area benefits from excellent transport links to The City, West End, Canary Wharf, and north into Shoreditch. The building is situated an equidistant 5 minute walk from both Whitechapel and Stepney Green stations, whilst Bethnal Green station is a 12 minute walk to the north, providing access to the Elizabeth, Hammersmith & City, District, and Central lines, and Overground services.

Location

59-67 Mile End Road is  strategically located in between Whitechapel and Mile End within  the London Borough of Tower Hamlets, approximately 1.5 miles  to the east of the City of London.