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Upper Clapton Road, Clapton E5

MIXED USE RETAIL & RESIDENTIAL INVESTMENT WITH DEVELOPMENT POTENTIAL
For sale
  • Ideally located on Upper Clapton Road at the junction with Mount Pleasant Lane and only 0.2 miles to Clapton Overground Station.
  • Arranged over ground and three upper floors.
  • Ground floor retail unit measuring 2,129 sq ft and let on a 20 year lease expiring in July 2034 at a passing rent of £40,000 pa – equivalent to a low passing rent of £18.78 sq ft.
  • The residential upper parts are split into two elements:
    • 2 x 3 bed flats that are sold off on long leases with only 65 years remaining which produce £225 pa each in ground rent income which we believe today would receive a total premium in the region of £100,000 should they be extended.
    • 2 x 3 bed flats totalling 2,054 sq ft with their own access, which will be sold with vacant possession.
  • Our clients have prepared indicative plans to convert the two vacant flats into 4 and 5-unit HMOs respectively under Permitted Development Rights as the London Borough of Hackney is not subject to relevant Article 4 Directives.
  • The ERV on a 9-unit HMO would be expected to be in the region of £90,000 - £100,000 pa.
  • There is additional potential to extend and infill at the side and rear elevation subject to receipt of the necessary planning consents.
  • Freehold.
  • Guide Price - £1,500,000 (One Million, Five Hundred Thousand Pounds) subject to contract.
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