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Block of apartments for sale
165 North Street, Barking, Essex, IG11 8LA
£250,000
165 North Street, Barking, Essex, IG11 8LA
£250,000
Our Summary
- Auction Sale - 28/01/2025
- A freehold ground rent investment comprising 9 flats with planning permission for an additional 6 flats together with a vacant commercial unit on the ground floor
- Planning permission for a further 6 flats
- Existing commercial unit with potential to convert to residential subject to requisite consents
- Planning permission was granted in 2022 (ref: 21/00739/FULL) for 'Construction of a six-storey building comprising 15 residential dwellings (Use Class C3) and ground floor commercial floorspace (Use Class E), with associated cycle parking, refuse storage and other associated works
Description
A freehold block of flats is being sold, comprising nine flats already sold on long leases, with planning permission for an additional six flats. The property also features a vacant commercial unit on the ground floor, which could be converted to residential use subject to necessary consents. The location is well-suited for developers and investors, with proximity to Barking town center, good road links, and access to public transportation including the Overground and Underground. The flats are sold on 125-year leases from 2021, with peppercorn ground rents. The property offers a unique opportunity for investors to capitalize on the growing demand for housing in the area.