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311 High Street North, London, E12 6SL
£1,100,000 OIRO
Fantastic opportunity to acquire a Freehold Investment opportunity consisting of 2 x commercial Properties and 2 x 2 bedroom flats with an additional rear yard currently used as a workshop.
Location:
The property is situated in a busy location on Romford Road within a very busy parade, opposite Woodgrange park station and also benefiting from being a short walk to Manor Park Station (therefore benefits from a very busy footfall).
Description:
Arranged as mid-terraced mixed-use property trading as a an Accountants office and an Estate Agent on the ground floor with 2 x self-contained 2 bed flats accessed from the rear of the property.
617 Romford Road, E12
Ground floor area: 32.76 m 352 sq. ft
Lower ground floor: 16.71 m 180 sq. ft
Basement: 25.2m 271 sq. ft
Total: 74.67m 803 sq. ft
Tenancy Details:
Held on an FRI lease for a term of 10 years from April 2018 at a yearly rent of 13,000 pax subject to 5 yearly rent reviews.
619 Romford Road, E12
Ground floor area: 32.19 m 346 sq. ft
Lower ground floor: 16.5 m 177 sq. ft
Basement: 25.16 m 270 sq. ft
Total: 74.29 m 793 sq. ft
Workshop at rear: 58.85 m 633 sq. ft
Dead of Variation re lock up workshop to rear completed on 21st September 2020 - 6,000.00 pax.
(Rent review in line with 619 Romford Road, E12 below)
Tenancy Details:
Held on an FRI lease for a term of 15 years from July 2018 at a yearly rent of 13,000 pax subject to 4 yearly rent reviews.
Residential:
617A First floor flat let on an Assured Shorthold Tenancy - Rent is 1,150.00 per calendar month paid in advance619A First floor flat let on an Assured Shorthold Tenancy - Rent is 1,300.00 per calendar month paid in advance
Your property may be repossessed if you do not keep up repayments on your mortgage.
Monthly Payment: £ 8,216.87
Monthly Payment: £ 8,216.87
Monthly Payment: £ 8,216.87
Amortization For Monthly Payment: £8,216.87 over 30 years ( Based on 3.20% Interest )
Using your investment as a 25.00% deposit and £ 5,833 in costs for purchasing and getting ready to let.
Stamp Duty is a tax paid on completion via your solicitor, the calculation includes the 3% surcharge for second homes.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The refurbishment budget is set to 2.50% of the purchase price, but this will vary dependent on the suitability of the property for the rental market. Select a value that you feel is appropriate to the condition of the property.
This will vary between lenders, type of report and whether or not you are buying with a mortgage, for advice on which type of survey would be appropriate speak with an advisor from Preston Baker Financial Services.
Lenders will often charge a fees for the arrangement of a mortgage, for advice on what lenders may charge, speak with an advisor from Preston Baker Financial Services. Your home may be repossessed if you do not keep up repayments on your mortgage.
This is the sum of mortgage admin, land registry, search, bank transfer and any other fees incurred.
Purchase costs include assumed mortgage and survey costs which are estimated. For a quote contact a Preston Baker Financial Services mortgage advisor who can provide you with current and accurate information. The stamp duty calculation has applid the 3% stamp duty surcharge on the basis that this will be a second property.
The mortgage is assumed to be interest only. Your home may be repossessed if you do not keep up repayments on your mortgage.
This is the percentage of the rent that you will spend maintaining the property.
Ground Rent only applies to leasehold properties. This is an assumed ground rent, the confirmed figure can be found in the Property Information Questionnaire.
Service charge only applies to leasehold properties. The correct figure can found in the Property Information Questionnaire answered by the seller.
This is a standard, indicative figure only. Properties that have a service charge often have this included withing that charge. Please consult the Property Information Questionnaire for more information.
Final Equity Profit = Final Property Value - Mortgage Required - Investment
Cumulative Rental Profit = Annual rental profit x Time of Investment
This is the assumed rate of house price inflation.
This is the property value at the end of the investment based on an assumed rate of % house price inflation.
311 High Street North, London, E12 6SL
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