Income Producing Shop

& 4 Self Contained Flats

(1 x 2 bed & 3 x 1 beds)

98 MILE END ROAD

LONDON E1 4UN

Other Details

Accomodation

ACCOMMODATION: Comprising a four storey plus basement, mixed use commercial & residential property laid-out to provide a ground floor shop with ancillary storage, kitchen & customer seating in the basement , 1 x2 bed & 3 x 1 bed flats located over Lower Ground, 1st, 2nd & 3rd floors. All parts of the demise benefit from having their own self-contained facilities & are separately metered & assessed for Business Rates & Council Tax respectively. EXISTING TENANCIES AND RENTAL INCOMES DERIVED: Shop. A FRI Lease was granted in July 2008 for a term of 20 years. The 2020 rent review was recently settled , effective from 21st August 2021 at a passing rent of £22,000pax. There is one final rent review due on 21st July 2025. There are no tenant Breaks. The shop trades as Sushi & Thai Express Restaurant & take-away. Residential. Comprising 4 flats all of which are Let, producing an income of £60,759.96 per annum. When fully Let the combined rental income will be £82,759.96pax. PRICE: Offers are invited in the region of £1,400,000. TENURE: Freehold to include the benefit of the above tenancies , rental income derived & vacant possession where applicable. SALIENT INFORMATION: All flats are separately metered. Each part of the property is separately assessed for rates. Rent deposits equal to 6 weeks rent are held in respect of each residential Letting & 3 months in respect of the shop. LEGAL COSTS: Each party are to be responsible for their own legal costs borne in this transaction.

Amenities

City of London Fringe Within a short walk of The Royal London Hospital & Whitechapel Station. Self-contained & separately metered throughout Rare Freehold opportunity

Legal Costs

ADMINISTRATIVE FEE: Upon terms being agreed and prior to Solicitor’s being instructed, the prospective tenant or purchaser is to pay an administrative fee of £500 plus VAT to Bennett Phillips Luton. This fee will cover all associated administrative costs including any referencing fees incurred. In the event that the Landlord or Vendor withdraws from the transaction once solicitors are instructed, 50% of the fee will be refunded.

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