Lot 6
Freehold Ground Rent Investment with 1 Regulated Tenant, 10 Valuable Reversions, Planning for 6 Flats & 4 Vacant Garages
6 week completion
Situation
Located in this popular and highly sought after residential area on the western side of Green Lanes, the southern side of Queen's Drive and the northern side of Riversdale Road.
The open recreational space of Clissold Park is directly opposite the property and the area is well served by the varied local shopping, cafés and restaurants in Green Lanes, Highbury Park and Blackstock Road.
There are good public transport facilities with Finsbury Park Rail (Overground, Victoria and Piccadilly Lines) and Bus Stations along with Canonbury Station (Overground) and Manor House Underground Station (Piccadilly Line) all being less than a mile distant.
Finsbury Park lies just to the north of Islington, approx. 3 miles north of the City and 4 miles north-east of the West End.
Property
Site Area Approx. 0.71 acres
A part 3 and part 4 storey purpose built ‘H' shaped building within the Brownswood Conservation Area comprising 28 Self-Contained Flats - 27 subject to long leases (5 of which have under 80 years unexpired) and 1 subject to a Regulated tenancy) and 12 Garages - 8 subject to long leases (1 of which has approx 56 years unexpired) and 4 vacant as follows:
Alcock House: 7 Flats
Barcham House: 9 Flats
Richard Fox House: 12 Flats
Garage Block: 12 Garages plus Electricity Sub-Station
Other notable points include:
Communal Garden
Drive-in access from both Riversdale Road and Queen's Drive.
A large Basement (GIA Approx. 2,775 sq ft) which is currently divided into circa 30 caged storage units used by the lessees.
We understand each flat has independent gas central heating and hot water
VAT is NOT applicable to this Lot
FREEHOLD
FUTURE DEVELOPMENT & POTENTIAL
ROOF:
On 3rd February 2021 Hackney Planning Sub-Committee recommended ‘Grant planning permission, subject to conditions and completion of a legal agreement' for ‘Erection of single-storey upward extension on existing building to provide six new residential dwellings, associated refuse/recycling and storage facilities'. (Ref. 2020/2610).
According to the floor plans, the scheme comprises 5 x 1 bed flats and a 1 x 2 bed flat (Total GIA Approx. 4,209 sq ft).
Refer to Legal Pack for Planning Documentation, Plans, etc.
On 30th October 2012 Hackney Council gave consent for 4 residential units ( 1 x 1 bed, 1 x 2 bed & 2 x 3 bed) at roof level. This was then varied and work commenced on 28th October 2015 to implement the consent and the CIL payment of £15,809.19 was paid to the Council.
GARAGES:
There is potential to convert the 3 adjoining vacant garages (two of which front on to Riversdale Road) to Residential Use, subject to obtaining the necessary consents.
There is also the possibility to move the occupier of Garage 4 into Garage 6 which would then provide a larger potential site comprising Garage Nos. 1 to 4.
PARKING:
There is potential to create on-site parking areas.
BASEMENT:
There may be potential to convert the Basement into 3 Flats in the future (2 x 1 bed and 1 x 2 bed), subject to obtaining possession and the necessary consents.
Refer to Legal Pack for illustrative floor plan.
Note 1: In accordance with s.5A of the Landlord & Tenant Act 1987, Notices were served on the lessees and they have not accepted the option to purchase.
Note 2: A 3 Bed Flat at 12 Richard Fox House sold in May 2018 for £540,000 and a 1 Bed Flat at 4 Alcock House sold in 2016 for £389,400 (source: zoopla.co.uk).
Note 3: The User Clause in the lease for 11 Richard Fox House (Clause 3 (18)) states ‘to use and occupy the demised premises as a private dwelling house....for the sole occupation of the tenant and his family and members of his household and for no other purpose.' Accordingly, this clause may be replicated in other leases.
Note 4: Each block has a lift shaft without a lift.
Note 5: Each block is subject to separate Right to Manage Companies.
Note 6: There is a 6 Week Completion.
