602-604 Barking Road, London, E13 9EZ

Guide Price* : £150,000

Freehold Investment producing rent of £20,400 per annum

Upon Instructions of

Trustees in Bankruptcy

  • Freehold retail unit
  • Ground floor let to Learning Hub Education Limited expiring 13/09/2021 and producing £20,400 per annum
  • Upper parts let on a virtual freehold at a peppercorn rent
  • Guide price of £150,000 reflects an attractive Net Initial Yield of 13.6%

Description

The property comprises ground floor retail unit currently being used as an educational facility with residential upper parts that have been sold on a long leasehold basis.

The ground floor comprises a reception to the front, two classrooms and a small garden to the rear, whilst the upper parts comprise two residential flats.

Location

The property is located in Plaistow, within the London Borough of Newham.

Barking Road is an established secondary retail pitch featuring predominantly local covenants. Plaistow Station is approximately five minutes walking distance to the north and provides direct rail services to Central London.

Tenure

Freehold

Tenancy

The ground floor is let to Learning Hub Education Limited for a term of three years from 14 September 2018 and paying a rent of £20,400 per annum, payable by equal monthly installments.

The residential upper parts have been sold off on a 999 year lease at a peppercorn rent.

Planning Authority

London Borough of Newham

VAT

The property is not elected for VAT

Note

The ground floor is let on a long leasehold basis, however the long leasehold interest forms part of the sale. Please consult the legal pack for more information.

Note Overflow

Our Property Finance team have sourced indicative auction finance terms for this property at 66.70% LTV.
For more details please contact:

Adam Klein
aklein@lsh.co.uk
020 7198 2241

Contact

Vendor's solicitor

Occasio Legal
Jeremy Reilly
0161 831 9961
jeremy.reilly@occasio-legal.com

* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.

Administration Fee The successful purchaser will be required to pay the auctioneers administration fee of £990 inclusive of VAT on purchases of £20,000 and above and £240 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.

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Sold for £254,500

This auction lot is now closed.

Auction Ended

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The successful purchaser will be required to pay the auctioneers administration fee of £990 inclusive of VAT on purchases of £20,000 and above and £240 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.


Office Contact

Max Mason
020 7198 2051

Vendor

Trustees in Bankruptcy

Vendors Solicitor

Jeremy Reilly
0161 831 9961

Related Documents

Agreement Documents


Subject to Contract and Exclusive of VAT © Lambert Smith Hampton December 2019

Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries, including 574, and their joint agents if any ("LSH") for themselves and for the seller or landlord of the property whose agents they are give notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of LSH or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of LSH has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of LSH or its employees or agents, LSH will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by LSH. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists’ impressions or architects’ drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and LSH shall have no liability whatsoever concerning any variation or discrepancy in connection with such matters.