239-249 Mare Street Hackney London E8 3NS

239-249 Mare Street
Hackney
London
E8 3NS

Substantial Freehold Mixed Use Parade Investment

Mixed use parade comprising approximately 987.44 sq m (10,630 sq ft)
Providing three ground floor restaurants/cafes with office and residential accommodation
Asset management opportunities with outstanding rent reviews and future Change of Use potential (subject to consents)
Close by to London Fields and Hackney Central Overground Stations
VAT Free Investment

Lot
13
Auction
2nd November 2023
Rent
£219,287 per Annum Exclusive
Status
Sold
Price
£3,425,000
Auction Venue
Live Streamed Auction

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Substantial Freehold Mixed Use Parade Investment

Mixed use parade comprising approximately 987.44 sq m (10,630 sq ft)
Providing three ground floor restaurants/cafes with office and residential accommodation
Asset management opportunities with outstanding rent reviews and future Change of Use potential (subject to consents)
Close by to London Fields and Hackney Central Overground Stations
VAT Free Investment

Lot 13
Auction 2nd November 2023
Rent £219,287 per Annum Exclusive
Status Sold
Price £3,425,000
Sector
High Street Retail, Residential
Auction Venue
Live Streamed Auction

Property Information

Location

Miles: 1 miles east of Dalston, 2 miles north east of the City of London
Roads: A10, A11
Rail: London Fields, Hackney Central (Overground)
Air: London City Airport

Situation

The London Borough of Hackney has benefitted from significant investment over recent years, redevelopments have transformed parts of Hackney to a highly fashionable, cosmopolitan hub. The property is located on the west side of Mare Street (A107), within close walking distance of London Fields and Hackney Central Overground Stations, which provides access across London.

Tenure

Freehold.

Location

Miles: 1 miles east of Dalston, 2 miles north east of the City of London
Roads: A10, A11
Rail: London Fields, Hackney Central (Overground)
Air: London City Airport

Situation

Tenure

Freehold.

Description

The property, a substantial four storey building, currently arranged to provide three ground floor restaurants/cafes and office accommodation on the first and second floor together with two 2 bedroom flats and one 3 bedroom flat on the third floor. The office and residential accommodation is separately accessed from Mare Street and each of the three flats benefit from a roof top balcony/terrace. There is an advertising hoarding on the side of the building.

The property may be suitable for re-development subject to obtaining the necessary consents.

VAT

VAT is not applicable to this lot.

Completion Period

Six week completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

VAT

VAT is not applicable to this lot.

Completion Period

Six week completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Address	Floor	Use	Floor Areas Approx sq m	Floor Areas Approx sq ft	Tenant	Term	Rent p.a.x.	Rent Review	Notes
239, 241 & 243 Mare Street	Ground	Restaurant	148.50	(1,599)	SAWASDEE AR-HAN-THAI LIMITED t/a Sawasdee	12 years from 05/05/2016 until 04/05/2028	£55,987	05/05/2024	Outside security of tenure provisions of 1954 Act
245 Mare Street	Ground	Restaurant	34.19	(368)	TRE VIET 8 LIMITED t/a Tre Viet	5 years from 02/09/2020 until 01/09/2025	£18,500
247 Mare Street	Ground	Restaurant	50.91	(548)	INDIVIDUAL t/a Tre Viet	20 years from 24/06/2008 until 23/06/2028	£21,000	24/06/2023
249 Mare Street	Ground	Restaurant	51.65	(556)	INDIVIDUAL t/a Tre Viet	10 years from 19/07/2016 until 18/07/2026	£26,500	19/07/2021	Outside security of tenure provisions of 1954 Act
249a Mare Street	First/Second	Office	499.80	(5,380)	Live In Guardians Management	5 years from 01/03/2019 until 29/02/2024	£0		Notices have been served to vacate on 23/01/2024
249b Mare Street	Ground/First	Retail	20.35	(219)	INDIVIDUAL t/a La Esquina	5 years from 30/10/2018 until 29/10/2023	£12,000		Outside security of tenure provisions of 1954 Act
Flat 1, 249a Mare Street	Third	2 bed flat	53.97	(581)	INDIVIDUAL	AST until 19/01/2024	£25,800
Flat 2, 249a Mare Street	Third	2 bed flat	60.07	(647)	INDIVIDUAL	AST until 04/4/2024	£25,200
Flat 3, 249a Mare Street	Third	3 bed flat	68.00	(732)	INDIVIDUAL	AST until 31/03/2024	£31,800
Advertising Board					OUTDOOR MEDIA MANAGEMENT LTD	10 years from 14/02/2018	£2500
Total			987.44	(10,630)			£219,287

If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.