Harts Lane, Barking IG11 8LE
Offers in excess of £600,000
The existing property comprises a block of 36 flats with associated surface level car park.
The flats within the block have all been sold off on 125 year leases from 1989 with each flat paying £150 per annum in ground rent giving a total income of £5,400 per annum.
The property is located on the northern side of Harts Lane in Barking, within the London Borough of Barking & Dagenham.
Barking town centre, which is host to numerous shops and commercial amenities, is located approximately 0.5 miles to the south-east of the site.
The site is located circa 0.5 miles from Barking Station which provides London Underground and National Rail services into Central London with journey times into Monument (District Line) in under 27 minutes.
Planning permission was granted on 17th February 2020, under reference 19/01341/FUL for the erection of part third and part fourth floor extension to provide 9 additional flats comprising 7 x
studios, 1 x 1 bed and 1 x 2 bed units and extending to approximately 5,062 sq.ft.
As part of the planning permission the existing lift within the property needs to be replaced and will need to be extended to the fourth floor.
The planning consent is subject to a CIL liability of circa £54,817.
Now that the principle of development has been established, there is potential to re-configure the internal layouts of the units to convert the studios to 1 bed units.
The property will be sold freehold with the existing tenancies remaining in-situ.
Offers are invited in excess of £600,000.
We understand that the property is not elected for VAT.
Further information including approved planning documents can be found in our dataroom using the password ‘Ashdown’.
Disclaimer - Kingsbury on its own behalf and on behalf of the Owner / Landlord of this property whose agent Kingsbury is, gives notice that this document does not constitute any form of contract for sale or lease. Statements should not be relied upon, and interested parties are advised to satisfy themselves as to the correctness of each statement. Kingsbury is the trading name of Kingsbury Investment & Development Consultants Ltd registered in England No: 06869268.
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- Freehold block comprising 36 flats sold on 125-year leases from 1989 (94 years unexpired) producing ground rent income of £5,400 per annum
- Planning permission for part third / fourth floor extensions to provide an additional 9 flats (7 x studios, 1 x 1 bed and 1 x 2 bed units) extending to approximately 5,062 sq.ft.
- Located approximately 0.5 miles from Barking Station and the town-centre
- Offers are invited in excess of £600,000 for the freehold interest
To discuss this opportunity further, please contact Jordan Oldfield or Chris Incledon on 020 7183 2529