1 Bruce Grove

For Sale £1,450,000

6 bedroom Flat
Awaiting Images for 1 Bruce Grove EAID:13613 BID:13613

Property Description

Online auction date: 24th May 2022. Bidding opens at 11:00am and closes at 12:00noon. By Auction Property London  www.auctionproperty.co.uk
  Freehold investment with lapsed planning consent

We are delighted to offer to the market this end of terrace investment property with a 6.55% net initial yield based on this guide price. The ground floor is let to a fishmonger. The upper parts have recently been refurbished to provide one self-contained one bedroom flat and five studios.

• Fronts very busy main road (A10) with high footfall, just off Tottenham High Road.
• Less than 50 metres from Bruce Grove Station, 22 mins journey time into London Liverpool Street.
• Total site area 295 sq m (3,175 sq ft).
• Six self-contained studio flats to the upper parts – all occupied.
• Building fully let producing £100,800 per annum.
• Lapsed planning permission to develop 2 x two-bedroom houses and 2 x maisonettes.

According to our Online Mapping system, the building footprint and total site area measurements are as follows:-
Building footprint 143 sq m (1,545 sq ft)
Total site area 295 sq m (3,175 sq ft)

The property lies within an area administered by the London Borough of Harringay and fronts Bruce Grove (A10) near its junction with Tottenham High Road (A1010). It is surrounded by a mixture of both commercial and residential properties.
Bruce Grove Railway Station lies circa 50 metres to the south which provides access to the London Overground Line with the fastest journey time into London Liverpool Street being around 22 minutes.

From enquiry of the London Borough of Haringey we have established that the property is Grade II Listed. It does not lie within a conservation area.
The following planning application was granted by Haringey Council on 29th June 2016 under Planning Reference No. HGY/2016/0172:-
“Listed Building Consent for Conversion of existing Grade 2 listed building from office (B1) to C3 to accommodate 2 x maisonettes. Demolition of 1920s ground floor shop front extension and restoration of historic 19th century facade. Erection of 2 x 2 bedroom houses to rear on former garage court with associated parking provision amenity and refuse storage.”
The approved plans and associated planning documents can be downloaded from the Haringey Planning Website by searching using reference number: HGY/2016/0172.

Rating Assessment:
The ground floor the shop is listed as a ‘Shop and Premises’ and has a rateable value of £14,750 with effect from 1st April 2017. The residential elements are not currently assessed for council tax purposes.

The ground floor and basement shop are let to a Mr. Khan Zazai and a Mrs Akbari Ali Reza from 31st August 2020 for a term of 10 years. The rent passing is £46,800 per annum and the landlord is holding a rent deposit of £6,933. The next rent review dates are 24th September 2024 and 24th September 2028. The lease is contracted outside the security of tenure provisions of the Landlord & Tenant Act 1954 Part II, Sections 24 -28.
The six studio flats to the upper parts are let on 12 month AST agreements.

Please find set out below a summary of the rental income:-
Shop £3,600 pcm £ 46,800 per annum
Flat 1 - Studio £ 750 pcm £ 9,000 per annum Flat 2 - Studio £ 750 pcm £ 9,000 per annum
Flat 3 - Studio £ 750 pcm £ 9,000 per annum
Flat 4 - Studio £ 750 pcm £ 9,000 per annum
Flat 5 - Studio £ 750 pcm £ 9,000 per annum
Flat 6 - Studio £ 750 pcm £ 9,000 per annum
Total £8,160 pcm £100,800 per annum

EPC Rating B

Exchange and administration fee information:  (plus fees)
Buyers Admin Fee Applies Upon the fall of the hammer, the Purchaser shall pay a 10% deposit (subject to minimum of £5,000, whichever is the greater) and a Buyer's Admin Fee of £1200 inc VAT and contracts are exchanged. The purchaser is legally bound to buy and the vendor is legally bound to sell the Property/Lot. The auction conditions require a full legal completion 28 days following the auction (unless otherwise stated).
In addition to the purchase price, buyers may be required to pay additional fees, costs and charges. These may include, but are not limited to, Value Added Tax (VAT), Stamp Duty, ground rents, rent arrears/apportionment of rent, outstanding service charges, sellers search costs/disbursements, reimbursements of sellers solicitors, auctioneer costs, buyer’s premiums or reservation fees.
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