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Florence Road, Ealing W5

SUBSTANTIAL DETACHED PROPERTY LET TO A HOUSING ASSOCIATION FOR 10 YEARS
For sale
  • A substantial, detached, double-fronted property on a quiet residential road.
  • Ealing’s Public transport accessibility level (PTAL) is rated 6a meaning it has excellent access to public transport being 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.
  • All studios have their own kitchens and a separate, private, external bathroom.
  • Fully renovated and refurbished throughout.
  • 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.
  • The lease is contracted out of sections 24-28 of the Landlord and Tenant Act 1954.
  • The rent is reviewed, upwards only, in line with maximum Local Housing Allowance (LHA) rates for the location.
  • The building benefits from planning permission (including S106 agreement) for conversion and extension of the existing basement into two additional studios which can also be lease to the tenant on practical completion. Ealing Council Planning Ref: 216607FUL.
  • The vendors have submitted an application for a further unit totalling three in the basement.
  • The ERV therefore when all works are completed is £210,285.92 pa.
  • Scope to increase ERV further through subdivision of the 3-bedroom flat into studios and rear extensions, subject to obtaining the necessary consents.
  • We also believe there is further potential to obtain planning for a house or pair or houses in the rear garden, subject to obtaining the necessary consents.
  • Freehold
  • Offers in Excess of £2,700,000 (Two Million, Seven Hundred Thousand Pounds) subject to contract This reflects a low capital value of £552 per sq ft, against the current GIA and a net initial yield of 6.06% assuming purchasing costs of 6.25% based on a value of £2,600,000 for the commercial lease and an £100,000 for the consented planning permission.
  • To be sold at Allsop auction on Thursday 22nd September unless sold prior.
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