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
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.
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
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.
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.
