LOT 55 - London

403/405 and Flats 1 & 2, 403A Roman Road, Bow, London, E3 5QS

INVESTMENT/DEVELOPMENT - Two adjoining Freehold Mid Terrace Buildings with Development Potential

Sale Price

£1,107,000

Gross Initial Yield 5.52%Residential - 9th Nov 2021
Key Features
  • Arranged to provide a Ground Floor Bookmaker's Shop with Basement, together with Two self contained Flats above (One x 2 Bed Flat & One x 1 Bed Flat) and a Rear Yard containing an Outbuilding
  • Bookmaker's Shop subject to an FR&I Lease in favour of Coral Bookmakers with approximately 4 years remaining. Each Flat subject to an Assured Shorthold Tenancy
  • Possible Potential for Residential Redevelopment of Outbuilding within the rear yard and the Erection of Additional Floor(s) above the Main Buildings, subject to consents
  • Coral Bookmakers undertook Strengthening Works to the Buildings when they took up occupation, which could help facilitate an upwards extension (Refer to the Legal Pack for further information)
  • Mile End underground station, Victoria Park, Roman Road Market, Mile End Hospital and Queen Mary University of London's Mile End Campus are all within easy reach
  • In Same Ownership since 1981
  • Virtual Tour available below

Total Current Rent Reserved
£55,176 p.a. (equivalent)
with Rear Yard and Outbuilding Vacant
Tenure

Freehold


Location
  • The property is located on the north side of Roman Road (B119), to the west of its junction with Ellesmere Road
  • Local shops and amenities are immediately available along Roman Road, which also hosts a renowned market on Tuesdays, Thursdays and Saturdays.The further and more extensive facilities and shopping centres of both Stratford and central London are also within easy reach
  • Mile End station (Central, District and Hammersmith & City lines) station is approximately a 15 minute walk to the south and multiple bus routes also serve the area
  • The A12 and A11 are both within easy reach to the east and south respectively
  • The open spaces of Victoria Park with its boating lake are 0.3 miles to the north. Mile End Park and the Queen Elizabeth Olympic Park are also within easy reach
  • Mile End Hospital is close by to the south
  • Queen Mary University of London's Mile End Campus is also within easy reach
Additional Information
  • The Mixed Use Stamp Duty Rate would apply to this sale
  • Coral Bookmakers undertook Strengthening Works to the Building when they took up occupation, which could help facilitate an upwards extension (Refer to the Legal Pack for further information)
  • A Six Week Completion period applies to this Lot
Accommodation
  • Total GIA (excluding the Outbuilding and Basement) approximately 211.36 sq m (2,275 sq ft)
Note regarding Virtual Tour
  • Please navigate to the front door of Flat 2, which opens on the below link and options will appear to view either the Shop Unit, or Flat 1
Planning
Local Authority: Tower Hamlets Council
Tel: 020 7364 5009
Website: https://www.towerhamlets.gov.uk/lgnl/planning_and_building_control/planning_and_building_control.aspx

The property offers possible potential for residential redevelopment of the outbuilding within the rear yard and the erection of additional floor(s) above the main buildings, subject to obtaining all necessary consents

Note 1. Coral Bookmakers undertook strengthening works to the buildings when they took up occupation, which could help facilitate an upwards extension. (Refer to the legal pack for further information including structural plans)
Note 2. The rear yard is currently only accessible via the bookmakers shop. A separate access would be negotiated with the tenant, or an alternative access created, possibly via the adjacent building fronting Ellesmere Road. Prospective buyers are advised to undertake their own investigations as to the viability of such an access and are deemed to bid accordingly
Virtual Tour
Click here to view
VAT

VAT is not applicable to this lot.

Viewings

The property will be open for viewing on Thursday 4th November between 12:30-13:30. This is an open viewing and there is no need to register. It is strongly encouraged that all viewers have appropriate PPE (mask and gloves) when viewing the property. If you are showing any Coronavirus symptoms then you will not be allowed to view the property. If you cannot attend the viewing you are advised to view the images and any available virtual tour on our website before bidding.

Additional Charges
  • Additional charges and fees might be charged by the seller and/or other third parties. You are strongly advised to read the Special Conditions of Sale for the Lot prior to bidding to check for any additional charges and fees and to check the addendum which might also (but does not always) contain details of such amounts.
Contacts
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