This property has been taken off the market.
22 Bed Block Of Apartments House For Sale Platts Lane, London, NW3
£3,500,000- Block Of Apartments
1 of 6
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Last Updated: 22nd April 2024
Description
Rare opportunity to acquire an income producing residential investment in one of London's premier postcodes.\r
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The property is located in a highly sought after area, equidistant to Hampstead, West Hampstead, Golders Green and Cricklewood Stations.\r
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Arranged as a block of 20 self-contained flats and benefits from a certificate of lawfulness for the current configuration:\r
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14 studios\r
4 x 1 bed\r
2 x 2 bed\r
5,725 sq ft (GIA).\r
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A number of the existing tenancies are historic, therefore the current passing rent of £301,605 pa is reversionary.\r
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Open Market Estimated Rental Value is approximately £405,000 pa.\r
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The ERV equivalent to the new LHA rates equates to £361,880 pa.\r
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The building offers refurbishment potential to enhance the rental income.\r
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Potential to enlarge the existing footprint of the building by adding additional stories and massing, subject to obtaining the necessary consents.\r
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First time on the market in 20 years.\r
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Freehold.\r
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Guide Price - Offers in Excess of £3,500,000 (Three Million Five Hundred Thousand Pounds) subject to contract. This reflects a gross yield of 8.6%, reversionary to 10.30% off the LHA rates and 11.6% off the open market ERV.
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The property is located in a highly sought after area, equidistant to Hampstead, West Hampstead, Golders Green and Cricklewood Stations.\r
\r
Arranged as a block of 20 self-contained flats and benefits from a certificate of lawfulness for the current configuration:\r
\r
14 studios\r
4 x 1 bed\r
2 x 2 bed\r
5,725 sq ft (GIA).\r
\r
A number of the existing tenancies are historic, therefore the current passing rent of £301,605 pa is reversionary.\r
\r
Open Market Estimated Rental Value is approximately £405,000 pa.\r
\r
The ERV equivalent to the new LHA rates equates to £361,880 pa.\r
\r
The building offers refurbishment potential to enhance the rental income.\r
\r
Potential to enlarge the existing footprint of the building by adding additional stories and massing, subject to obtaining the necessary consents.\r
\r
First time on the market in 20 years.\r
\r
Freehold.\r
\r
Guide Price - Offers in Excess of £3,500,000 (Three Million Five Hundred Thousand Pounds) subject to contract. This reflects a gross yield of 8.6%, reversionary to 10.30% off the LHA rates and 11.6% off the open market ERV.
Agent Details
ESTATE OFFICE INVESTMENTS LIMITED
Ground Floor 1 Finchley Road, London, NW8 9TT
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Nearby Locations
Westminster (City Of)Kensington And Chelsea (London Borough)Haringey (London Borough)Hammersmith And Fulham (London Borough)Childs HillWest HampsteadFrognalVale Of HealthCricklewoodBrondesburyHampstead HeathSouth HampsteadSwiss CottageDollis HillGolders GreenKilburnTemple FortuneBrent CrossStaples CornerHampstead Garden Suburb
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Legal - YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT.
Property Forecaster are working in partnership with Midland Mortgage Bureau Limited. Midland Mortgage Bureau Limited is an appointed representative of The Right Mortgage Ltd, St Johns Court,70 St Johns Close, Knowle, B93 0NH, which is authorised and regulated by the Financial Conduct Authority. Midland Mortgage Bureau Limited financial Services Register number is 756490. The Right Mortgage Ltd Financial Services Register number is 649443.
Property Forecaster are working in partnership with Midland Mortgage Bureau Limited. Midland Mortgage Bureau Limited is an appointed representative of The Right Mortgage Ltd, St Johns Court,70 St Johns Close, Knowle, B93 0NH, which is authorised and regulated by the Financial Conduct Authority. Midland Mortgage Bureau Limited financial Services Register number is 756490. The Right Mortgage Ltd Financial Services Register number is 649443.