•Available subject to auction terms and conditions
•Guide price: £450,000+
•Potential To Add A Balcony Space To Flat 2 (subject to consents)
•Current Rental Income: (See Tenancy)
•Estimated Full Rental Value: £30,160 pa
•15 minutes’ walk to Turnpike Lane
•Adjacent to Priory Park
•Recently Renovated To A High Standard
An investment opportunity comprising two one-bedroom apartments on the High Street, Crouch End with good potential for capital value increase. There are two flats spread across the upper floors of the building which have recently been renovated to a high standard.
Both flats underwent an extensive refurbishment completed in September 2016. The building was stripped back to brick and brought up to modern new build standards with new double glazing, new roofing, engineered wood flooring, new bathrooms & kitchens, and new services. As a duplex, flat 2 benefits from a substantial unofficial roof terrace; during the refurbishment works the roof of flat 1 which makes up this terrace was strengthened for this purpose and now needs only a balustrade to complete the outside space (subject to consents).
An inventory of the works carried out can be made available at request.
Lounge/Diner – 7.26 x 5.08 max
Bedroom – 3.25 x 3.12
Bathroom - TBC
TOTAL – 49 Meters Sq (Taken From EPC)
Lounge/Diner – 5.05m x 5.49 max
Bedroom – 4.88m x 4.72m
Bathroom – 3.02m x 2.33
TOTAL – 67 Meters Sq (Taken From EPC)
Flat 1 is currently tenanted with an assured short-hold tenancy in place until 24th January 2020 at a monthly rental of £1,180PCM.
Flat 2 is currently tenanted with a 2-month rolling contract on a reduced monthly rental of £750PCM for the provision of viewings. Two months’ notice to vacate can be given by the tenant or landlord at any time.
We understand the property has mains gas, electricity, water and drainage however interested parties should carry out their own investigations in this respect.
As a welcome addition to any performing lettings portfolio, once fully let at full market rent the combined rental income from both flats is expected to be in the region of £30,160 pa. Flat 2 is currently let at below market rent, however, this can be increased by negotiation with current tenant or by re-letting the flat once vacant possession has been obtained.
The scope of the works completed in 2016 would mean that little money would need to be injected into the properties in the short term.
The service charge is zero and the ground rent is £500 pa
Leasehold - 97 years remaining
Buyers premium of 2% (inc VAT) payable (min £3,600).
If you are thinking of selling your property, contact us now for a free appraisal and benefit from:
•0% Seller Fee
•£0 Entry Fee
•£0 Marketing Costs
•20 Working Day Completion