• To be sold by clicktopurchase® online auction – 14th December, 1.00pm

• London investment opportunity

• New letting agreed for the retail accommodation

• FreeholdApportioned residential investment price underpinned by vacant possession value

• Guide price £400,000, subject to contract

• Net Initial Yield 6.4%

• Implied attractive yield of 9.0% in respect of the retail accommodation

The subject property occupies a prominent position on Green Lane, an established retail parade in the Goodmayes area, approximately 3 km (2 miles) north of the centre of Dagenham. Goodmayes Railway Station is 1.3 km (0.8 miles) to the west and Chadwell Heath Railway Station is 1 km (0.6 miles) to the north. The closest London Underground Station is Becontree Station, situated approximately 2.9 km (1.8 miles) to the south.

Green Lane is an established local retail parade with a mix of national, multiple and local occupiers. Nearby occupiers include Tesco Express, Co-operative Funeralcare, Greggs, Lloyds Pharmacy, Paddy Power and Coral.

The property comprises a 2-storey mid-terraced mixed-use building currently arranged over ground and first floor levels.

The ground floor retail unit is currently vacant although terms have been agreed to let to a new occupier.

The first floor currently comprises a self-contained 2-bedroom flat, let on an Assured Shorthold Tenancy Agreement.

Freehold.

The ground floor retail unit is under offer to Knowledge County College Limited on a new lease for a term of 10 years with an option to determine in year 5. The agreed initial rent is £18,000 per annum. The lease incorporates a 4 month rent free period and the tenant is to provide a 3 month security deposit. The agreed rent equates to £32.50 Zone A. Overall, the proposed rent equates to £186 per sq m / £17.32 per sq ft.

The first floor residential accommodation is let to a private individual by way of an Assured Shorthold Tenancy Agreement at a current rent of £8,760 per annum.

Hence, the total income will be £26,760 per annum should the agreed letting complete.

The property has not been VAT elected, therefore the purchase will not be subject to VAT

Guide price £400,000 (Four Hundred Thousand Pounds), subject to contract, representing a net initial yield of 6.4% (purchase costs at 4.18%).

Allocating an investment yield of 9% to the retail accommodation equates to a value of approximately £200,000 in relation to the upper parts which we suggest from our enquiries represents the vacant possession value for the residential accommodation.

Please note that a purchaser will be re-charged the costs of surveys and searches which are provided in the data room.

Please note a purchaser will be charged a transaction fee of £2,000 + VAT.