1-10 State Parade & 1-16 State Mansions, High Street, Ilford, London, IG6 2EZ
£353.54 per sq ft
Business rates & charges may apply
- SIZE AVAILABLE
10,890 sq ft
1,012 sq m
- SECTOR
Mixed use property for sale
Key features
- Three-storey mixed-use building
- 10 commercial units and 16 apartments
- 11 of the apartments are let on ASTs
- 1 apartment is let on a Regulated Tenancy
- 4 apartments are sold off on long-leases
- Annual Income is £320,590, with an ERV of approx. £383,780
- There is development potential for two additional floors
Description
10 commercial units on the ground floor and 16 apartments on the upper two floors.
11 of the apartments are let on ASTs, 1 apartment is let on a Regulated Tenancy and 4 are sold off on long-leases.
The total current Annual Income is £320,590, with an ERV of approx. £383,780.
There is development potential for two additional floors under PDR, subject to obtaining all necessary consents.
The property is for sale freehold at the forthcoming Commercial Allsop Auction on 21st March 2024 (unless sold prior) and Offers are sought in excess of £3,850,000, subject to contract.
A sale at this level would reflect a NIY of 8.54% after Puchaser Costs of 6.5% with an allowance made of £350,000 attributed to the airspace development potential.
There is a reversionary NIY of 10.12% after purchaser costs of 6.5% on the ERV with an allowance made of £350,000 attributed to the airspace development potential.
Brochures
1-10 State Parade & 1-16 State Mansions, High Street, Ilford, London, IG6 2EZ
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Fairlop Station0.3 miles
- Barkingside Station0.6 miles
- Hainault Station0.8 miles
About GLPG, Marylebone
3 Fitzhardinge Street, London, W1H 6EF
Notes
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Auction Fees: The purchase of this property may include associated fees not listed here, as it is to be sold via auction. To find out more about the fees associated with this property please call GLPG, Marylebone on 020 3974 2714.
*Guide Price: An indication of a seller's minimum expectation at auction and given as a “Guide Price” or a range of “Guide Prices”. This is not necessarily the figure a property will sell for and is subject to change prior to the auction.
Reserve Price: Each auction property will be subject to a “Reserve Price” below which the property cannot be sold at auction. Normally the “Reserve Price” will be set within the range of “Guide Prices” or no more than 10% above a single “Guide Price.”
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