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3 bedroom block of apartments for sale
Green Lanes, Newington Green, N16
£1,100,000
Green Lanes, Newington Green, N16
£1,100,000
Our Summary
- *Precedence from neighbouring properties to build up and also build back, subject to planning permission**Fantastic opportunity for an end user looking for some income or a developer to add value* - Commercial Unit producing £16,500 PA - Rent Review Due - 1st Floor Flat 2 bedroom producing £22,800 PA - 2nd Floor Top Flat 1 bed producing £18,000 PA*Units currently producing £57,300 PA total current yield 5
- 21%, great potential to increase these yields with refurbishments or development*
- Potential to extend
Description
This freehold building in Newington Green offers a unique opportunity for an end user or developer to capitalize on its prime location and excellent planning potential. The property comprises a large commercial unit on the ground floor, a 2-bedroom apartment on the first floor, and a 1-bedroom apartment on the top floor. The commercial unit, currently producing £16,500 per annum, has a rent review due, while the two apartments generate £22,800 and £18,000 per annum, respectively. With a total current yield of 5.21%, there is great potential to increase these yields through refurbishments or development. The property is conveniently located near Canonbury Train Station, Homerton University Hospital, and a variety of amenities, including bars, restaurants, and shopping centers. The sought-after location offers a vibrant atmosphere, with Clissold Park nearby. With precedence from neighboring properties to build up and back, subject to planning permission, this property presents a fantastic opportunity for an end user or developer to add value.