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Green Lanes, Palmers Green, London N13

A PAIR OF ADJOINING BUILDINGS COMPRISING ELEVEN FULLY LET FLATS IN A PROMINENT NORTH LONDON LOCATION
For sale
  • A pair of adjoining buildings ideally located on Green Lanes only 0.2 miles from Palmers Green Mainline Station.
  • Both buildings are arranged over ground, first and second floors.
  • A total of eleven fully self contained flats arranged as follows:
    • 196 Green Lanes – 1 x Studio and 4 x 1 bed.
    • 198 Green Lanes – 2 x Studio and 4 x 1 bed.
  • The total NIA of the eleven flats is 4,337 sq ft.
  • The flats are fully let and produce a total passing rent of £135,550 pa.
  • There is significant potential to improve the rental level with the majority of flats operating under Periodic Tenancies.
  • The ERV is approximately £150,000 pa.
  • Tenants are responsible for all bills and council tax.
  • Further development is possible by way of loft and rear extensions with the possibility of additional dwellings at the rear all subject to obtaining the necessary consents.
  • Freehold.
  • Offers In Excess Of £2,300,000 Subject to Contract which equates a Gross Yield on the passing rent of 5.9%, a reversionary gross yield based on ERV of 6.5% and a low capital value of £530 sq ft.
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