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Interested in this property? Call +44 20 8022 4551 * or Request Details

* Calls to this number will be recorded for quality, compliance and training purposes.

Property description

Key Points

Retail & residential investment & repositioning opportunity in Whitechapel

Prominent east London location within close proximity of Whitechapel Station (Elizabeth, District and Hammersmith & City lines, and Overground services)

Situated within walking distance of Queen Mary University of London, and the Royal London Hospital

Mixed-use investment and development opportunity comprising 14 residential apartments totalling 10,045 sq ft and 3 retail units totalling 3,829 sq ft

Total combined floor area of 14,367 sq ft

Retail income of £136,000 per annum from three independent retailers with a WAULT to break of 12.69 years and WAULT to expiry of 15.80 years

Residential income of £335,100 per annum with flats leased on ASTs with 2 months prior written notice to break

Combined passing income of £471,100 per annum

Further vacant, & un-utilised secure car park to the rear

Planning permission granted for the redevelopment of part of the yard to deliver 3 further apartments (1x1-Bed, 2x2-Bed) and the creation of additional rear balconies for the existing accommodation

Part freehold / part long leasehold

Offers invited in excess of £6,750,000 reflecting a 6.5% Gross Yield and £513 per sq.ft on the residential element and 8.0% Net Initial Yield on the retail element and and overall Gross Yield of 6.95%

Description

The property comprises two interconnecting buildings. 59-65 Mile End Road is a post-war built block arranged over basement, ground and three upper floors. 67 Mile End Road is an attractive Victorian building arranged over basement, ground and three upper floors that occupies a prominent corner position. To the rear of the property is a large secure car park.

Location

The area benefits from excellent transport links to The City, West End, Canary Wharf, and north into Shoreditch. The building is situated an equidistant 5 minute walk from both Whitechapel and Stepney Green stations, whilst Bethnal Green station is a 12 minute walk to the north, providing access to the Elizabeth, Hammersmith & City, District, and Central lines, and Overground services.

Transport Schools Healthcare Food stores Restaurants/bars Sports/health clubs Parks/recreation

* Sizes listed are approximations. Please contact the agent to verify actual sizes.

Disclaimer

Property descriptions and related information displayed on this page, with the exclusion of Running Costs data, are marketing materials provided by Strettons City & City Fringe Commercial Agency, and do not constitute property particulars. Please contact Strettons City & City Fringe Commercial Agency for full details and further information. The Running Costs data displayed on this page are provided by Zoopla to give an indication of potential running costs based on various data sources. Zoopla does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions, related information or Running Costs data provided here.

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