HIGH ROAD
LEYTONSTONE, E11 3AA
Summary of development:
Leytonstone is a suburb of north-east London, which falls within the Borough of Waltham Forest for administrative purposes
Road links from the area are very good, as Leytonstone is located just south of the A12, a major route through east London
High Road is the principal route through the centre of Leytonstone
The subject property is located in the town centre, with a mix of local and national retailers in the vicinity
Leytonstone station is around 0.2 mile distant and provides Underground services on the Central line to central London and to Epping Description
The subject property is a mid-terrace building, likely to date from the late Victorian period
The accommodation comprises three commercial units and 12 self-contained flats
Commercial Unit 1 is a Mexican themed restaurant, with a small rear yard and a basement
Commercial unit 2 & 3 are both let under a single lease, occupiers are a barbers and soon to be a lawyers firm
The residential upper parts comprise 7 x studios, 4 x one bedroom flats and a two bedroom flat
The flats and common parts have undergone an extensive refurbishment.
Floor Accommodation Sq M Sq Ft Ground Restaurant, kitchen, WCs 18472 1,988 Basement Storage, staff area, WC 4230 455 Net Internal Area 227.02 2,443 ITZA 93.28 1,004 Floor Accommodation Sq M Sq Ft Ground Retail, WC 2428 261 Net Internal Area 24.28 261 ITZA 19.88 214 688HighRoad Floor Accommodation Sq M Sq Ft Ground Retail, kitchen, WC 4887 526 Net Internal Area 48.87 528 690HighRoad
Commercial
Residential
Eleven of the flats are each let on AST We have been provided with a copy of the tenancy agreements, which appear to be in standard format We summarise the pertinane details below:
Flat Start Date Term Rent PCM Rent PA 1 101123 6 months £1,200 £14,400 2 011122 12 months £900 £10,800 3 041023 12 months £1,300 15,600 4 160923 12 months £1,595 £19,140 5 010823 12 months £800 £9,600 6 11.10.23 12 months £1,350 £16,200 7 15.09.23 12 months £1,350 £16,200 8 011122 12 months £1,000 £12,000 9 10 160923 12 months £1,650 £19,800 11 160823 18 months £1,900 £22,800 12 17.08.23 12 months £1,550 £18,600 Total £14,595 £175,140
Floor Accomodation Sq M Sq Ft Ground 9 - Studio 31.00 334 First 1- Studio 2750 296 2- Studio 2070 223 3- Studio 25.80 278 4- One bedroom 3890 419 5- Studio 2200 237 6- One bedroom 2810 302 7- Studio 25.80 278 8- Studio 2580 278 Second 10- One bedroom 4240 456 11- Two bedroom 47.40 510 12- One bedroom 4010 432 Aggregate Gross Internal Area 37550 4,043
Floor areas below are provided on a gross internal area (GIA) basis. Residential
Rental figures
Residential :
Currently let out at £175,140 per annum. Please note 11 out of 12 flats are currently let under AST's with the remaining refurbishment due to be complete in the next month. Once let, aggregate rent will be £197,800
Commerical:
Currently let out on long term leases with a combined rent of £63,000 per annum.
Combined rental achievement : £260,800
The recent bank survey 2023 provided my client with 10 comparable sold developments for both full residential and mixed use developments. Of these comparables the average yield was 5.9% for residential and 55% for mixed use buildings, results in a combined yield of 5.7%.
Floorplan
OllieCruikshank
LISTINGAGENT
E: ollie@theagency-groupcom
@theagencygroupessex
@olliecruikshank
