London Retail and Residential Investment / Development Opportunity
222 Graham Road | Hackney | London | E8 1BP
£800,000
subject to contract
GALLERY
Summary
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To be sold by clicktopurchase® online auction – 2nd March, 11.00am
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Located in a thriving and vibrant London borough
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Prominent position on Graham Road, close to its junction with Mare Street
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Commercial premises & large residential apartment
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Available with vacant possession
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Upper parts offer development opportunity
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Freehold
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Guide price £800,000, subject to contract
Location
Hackney Central is the administrative heart of the Borough of Hackney and the second most populated borough in London. Hackney has seen the largest growth in house prices out of all London boroughs in the past 25 years, rising by 845% (Source: Mortgage Introducer).
Hackney Central sits approximately 4 miles (6.4 km) north east of Central London and is served by 17 bus routes, with six of London’s 10 most popular routes starting, ending and moving through the area. This totals over 80 million journeys per year, (www.hackney.gov.uk). London City Airport is approximately 6.7 miles (11 km) south east of Hackney Central.
Hackney Central station has benefitted from £1bn of investment to the London Overground network, with a frequent service linking Hackney Central to large parts of the rest of London and to underground connections at Highbury & Islington and Stratford stations. An eastern line of Crossrail 2 is in the consultation stage and would travel through Hackney Central and Hackney Wick stations.
Hackney Central is a vibrant location experiencing major rejuvenation, partly driven by an increasing number of start-up businesses in the creative media and fashion industries, (www.london.gov.uk).
In recent years, over £150 million of inward investment has been secured against major regeneration projects in Hackney Central, with no other London borough undertaking as many transport, street and urban design improvements, (www.designcouncil.org.uk).
The Hackney Central masterplan improves the viability of the town centre by creating space for 3,000 new jobs, 1,000 new homes and supporting the location as a retail destination. An example of this includes the plans to redevelop the Tesco Superstore on Morning Lane, 500 metres from the property. Plans will see the construction of three, nine and 13 storey buildings, providing retail, office and leisure accommodation. Further proposals include 134 new homes, 414 car parking spaces and 252 cycle spaces and landscaping works, (www.london.gov.uk).
Situation
The subject property is situated in the heart of Hackney occupying a prominent position on Graham Road close to its junction with Mare Street, the main retail thoroughfare in Hackney. Hackney Central Station is within a two minute walk and Hackney Downs Station is less than 0.8 km (0.5 miles) to the north-west. Numerous bus routes operate along Graham Road and Mare Street.
The tenant mix in the area provides a selection of national multiple retailers along with independent shops, cafes, restaurants and pubs that give Hackney its increasing popularity. There are many artisan breweries and bakeries within walking distance. Occupiers nearby include JD Sports, Boots Opticians, Iceland and Specsavers. The renowned Hackney Empire and Hackney Picturehouse are also in close proximity.
The Hackney Gardens development is some 300 metres from the property and we understand will comprise 58 luxury apartments split between three buildings surrounded by landscaped pathways and gardens. The focal point of the development will be Prodigal Square, a semi-public space, accessed from Dispensary Lane.
Mare Street is at the heart of Hackney Central with an excellent offer of leisure, retail and creative businesses all grouped around Mare Street corridor, which links Shoreditch and Hackney Central.
Description
The property comprises a 3-storey mid-terraced mixed-use building currently arranged over basement, ground, first and second floor levels.
The retail unit, arranged over ground floor and basement, is currently vacant. The previous tenant used the unit as a hot food take-away for many years prior to vacating.
The first and second floors comprise a large, self-contained 3-bedroom flat which is currently vacant.
Development Potential
We suggest that there is potential to reconfigure and redevelop the existing first and second floor 3-bedroom apartment to create 3 x 1-bedroom self-contained flats. We believe there is also the potential to add a mansard roof, offering further scope for redevelopment. We recommend purchasers make their own enquiries in regard to planning requirements.
Accommodation
The property has been measured by BKR Floor Plans and provides the following areas:
| Ground & Basement Retail | ||
|---|---|---|
| Gross Frontage | 5.16m | 16’11” |
| Net Frontage | 3.02m | 9’11” |
| Zone A | 21.09 sq m | 227 sq ft |
| Zone B | 16.81 sq m | 181 sq ft |
| ITZA | 318 | |
| Basement | 30.38 sq m | 327 sq ft |
| Total (NIA) | 68.28 sq m | 735 sq ft |
| Gross Internal Area (GIA) | 77.11 sq m | 830 sq ft |
| First & Second Floor Residential | ||
| First Floor | 46.82 sq m | 504 sq ft |
| Second Floor | 47.19 sq m | 508 sq ft |
| Total Residential (GIA) | 94.01 sq m | 1,012 sq ft |
| TOTAL (GIA) | 171.12 sq m | 1,842 sq ft |
The measured survey report is available to download and will be assigned to a purchaser at a cost of £275 + VAT.
Rateable Value
According to the Valuation Office website the rateable value for the property is as follows:
| Address | Description | Rateable Value |
|---|---|---|
| 222 Graham Road | Shop & Premises | £10,000 |
The business rate multiplier is 49.1 pence per pound.
Planning
The property is not listed. It is within the Graham Road and Mapledene Conservation Area.
Tenure
Freehold.
Tenancy
The property is offered for sale with vacant possession.
VAT
The property has not been elected for VAT.
Proposal
Guide price £800,000 (Eight Hundred Thousand Pounds), subject to contract, for the freehold interest.
Please note that a purchaser will be re-charged the costs of searches and measured survey which are provided in the data room.
Please note a purchaser will be charged a Transaction Fee of £5,000 + VAT.
Important Notice to Auction Bidders
Please visit the clicktopurchase® Knowledge Base for Auctions which contains important information you should review if you are intending to bid in a clicktopurchase® auction. Note: we are not responsible for your failure to adequately prepare for auction.
Investment Considerations
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An opportunity to acquire a freehold retail and residential investment / development opportunity in a thriving and vibrant London borough;
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The property occupies a prominent position in Hackney town centre;
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The property is offered with vacant possession;
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Upper parts offer development opportunity;
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As an indication of the attractiveness of the Hackney area, it has been reported on Zoopla that the average price paid for a house in Hackney over the past 12 months is approximately £631,000. Hackney has seen the largest growth in house prices out of all London boroughs in the past 25 years, rising by 845%.
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Attractive lot size to an investor;
Data Room and clicktopurchase®
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Finance
We have partnered with a leading finance adviser to provide loan services. To learn more, please visit our “Finance” section.
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Contact Us
| Singer Vielle | +44 (0) 207 935 7200 | |
|---|---|---|
| Dale Henry | dale@singervielle.co.uk | +44 (0) 203 701 1356 |
| Neil Singer | neil@singervielle.co.uk | +44 (0) 203 478 9120 |
Vendors Solicitor
| Yugin & Partners | +44 (0) 208 954 2410 | |
|---|---|---|
| Michele Marrafino | mm@yuginlaw.com | |