Key details:
▪ Tenancy: The property is currently let to a private organisation working with the Home Office to accommodate asylum seekers.
▪ Rental income: £530,000 per annum, significantly above the market estimate of £120,000 per annum as assessed by a RICS surveyor.
▪ Lease terms: Approximately 5 years remain on the current lease. The tenant has expressed interest in continuing on a rolling contract. The landlord can provide six months’ notice to reclaim possession if desired.
▪ Redevelopment potential: Planning consent has been granted to redevelop the property into an 18-storey building, featuring:
- 102 flats and 6 retail units

Further details, including plans, can be provided upon serious interest, proof of funds, and a letter of intent.

▪ Valuation: A RICS survey conducted in April 2023 provided the following valuations :
▪ Market value (vacant possession): £4,950,000
▪ Financial Advantage: The property is available for purchase through an SPV, offering significant stamp duty land tax savings. For example, buying through the SPV reduces SDLT to £25,250 compared to £242,000 in a conventional transaction.

Buyer’s fee: A 2% buyer’s fee applies, payable in 2 instalments
- 50% upon agreement of heads of terms and solicitor instruction.
- 50% upon exchange of contracts.

The financials:
▪ Purchase price: £5,050,000
▪ GDV: £5,290,000
▪ Purchase costs: £16,500

Sourced endeavour to make our particulars accurate and reliable, however, they do not constitute or form part of an offer or any contract and are not to be relied as statements of representation or fact. The selling agent may or may not be the sole agent and will provide confirmation upon request. Any services, systems and appliances listed in this specification have not been tested by us and no guarantee as to their operating ability or efficiency given. All measurements have been taken as a guide and are not precise, please be aware some of the details may be waiting vendor approval. If you require confirmation or further information, please contact the selling agent. Fixtures and fittings are to be confirmed with the seller and not relied upon when listed. Sourced are not responsible for any loss of monies due to the purchase or purchase process with any property listed.