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Florence Road, Ealing W5

SUBSTANTIAL DETACHED PROPERTY LET TO A HOUSING ASSOCIATION FOR 10 YEARS
For sale
  • Only 0.3 miles (5-minute walk) from Ealing Broadway Station (TFL Rail, Great Western Railway, Crossrail, Central Line & District Line) and 0.5 miles (10 min walk) from Ealing Common Station (Piccadilly and District Underground Lines).
  • The building is arranged as 10 x studios and a 1 x 3-bedroom apartment, with a large front and rear garden.
  • Total NIA of 3,678 sq ft.
  • Total GIA of 4,709 sq ft.
  • The building is single let in its entirety to a Housing Association with net income of £167,541.92 pa for a period of 10 years from February 2022 with no breaks.
  • Planning is granted for a further two units with a scheme for three units due to be submitted shortly.

PROPOSAL

We are instructed to seek:
£3,300,000 (Three Million, Three Hundred Thousand Pounds) subject to contract with the benefit of the planning consent.

Or £3,900,000 (Three Million, Nine Hundred Thousand Pounds) subject to contract on a turnkey completed basis.

After allowing for £300,000 in value for the proposed planning permission in the basement or £900,000 for the completed units, this reflects a capital value of £637 per sq ft, a yield of 5.1% and a reversionary yield of 5.4%.

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