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£500,000 Guide Price
Bedrooms
Planning permission granted to provide 2 residential units measuring 173m2 / 1,862ft2 (NSA) and 1 commercial unit totalling 51m2 / 548ft2
Plot measuring approximately 1,302ft2
Located on Woodgrange Road
Within a 0.1 mile walk to Forest Gate station
Within a 0.3 mile walk to Wanstead Park station
Forest Gate station is going to be a major new station for the Cross-Rail link into London
Freehold
Sold with vacant possession
The existing property is currently occupied by a commercial use on the ground floor, which was previously utilised as a butchers shop with an ancillary residential accommodation above. The proposal seeks the demolition of the existing two storey building, and in its place, construction of a two storey building facing Woodgrange Road to accommodate a ground floor A1 retail unit and a two-bedroom duplex, the proposal also includes a 3 storey Mews House to the rear including a shared courtyard between the front and rear building, associated amenity areas and privacy screening.
Location
The site is located within the London Borough of Newham on the west side of Woodgrange Road, between the junctions of Brooking Road and Forest Lane, in Forest Gate. The surrounding area is vibrant with many local amenities nearby including restaurants, boutique shops and supermarkets. The area is currently undergoing a process of regeneration in which this plot will play a key role. First Steps Montessori Prep School is a very short walk away and is rated good by Ofsted. For Secondary Schools, Forest Gate Community School is outstanding and within a 6 minute walk.
Transport
The property at 103 Woodgrange Road is extremely well connected, especially to London, with Forest Gate station being a 10 minute train from Stratford Station and a 20 minute train to London Liverpool Street. The three local bus stops which are situated along Woodgrange Road also allow easy access links to nearby towns and city.
Planning Permission
Planning permission was granted on the 4th May 2018 under the application number 17/04129/FUL for the demolition of the existing two storey building, and in its place, construction of a three storey building facing Woodgrange Road to accommodate a ground A1 retail unit and a two-bedroom duplex flat, the proposal also includes a 3 storey Mews House to the rear including a shared courtyard between front and rear building, associated amenity areas and privacy screening.
Buyers Note
Planning permission was granted with the ability to construct a 76m2 lower ground floor basement to accommodate freezers.
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.
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