Retail investment for sale in Whitechapel

COMMON USE CLASS: A1 Shops

This property is marketed by:
Strettons

Property Description

The property comprises a Victorian inter-terraced building providing commercial space to the ground and lower ground and residential flats to the upper floors.

The fully occupied property would benefit from modernisation and refurbishment throughout as well as offering the potential for additional massing to the rear (subject to planning).

The inter-terraced property is situated on the north side of Whitechapel Road (A11) close to the junction with Commercial Street and Commercial Road. The property is in an area seeing extensive redevelopment owing to its close proximity to the incoming Elizabeth Line (Crossrail) at Whitechapel Station. The area is predominantly retail and is located on a locally prime pitch, benefiting from high footfall. The area is incredibly well connected, with nearby stations including Aldgate East (District and Hammersmith & City Line), Aldgate Station (Circle and Metropolitan Lines), Whitechapel Station (Overground and the District, Hammersmith & City, and Elizabeth lines), and Shadwell (Overground and DLR).

Property Features

• Opportunity to acquire a retail investment with multi-let residential upper parts in a central Whitechapel location
• Located on the bustling retail parade of Whitechapel Road, close to the new Crossrail connected Whitechapel Station
• Retail Area: 2,146Ft2 GIA / 1,679 Ft2 NIA / Residential Area: 2,905 Ft2 GIA / 2,035 Ft2 NIA. Gross Internal Area extending to 5,051 sq. ft (469.3 sq. m)
• Retail element let to a money exchange operator on an a 6-year lease, inside the 1954 Landlord and Tenant Act, expiring 1st November 2026. Passing rent of £40,999 per annum exclusive, with an upcoming rent review in November 2023
• 4 flats fully leased on short term ASTs with a combined income of £66,500 per annum exclusive. Total Gross Rents reserved £110,500
• Offers are sought in excess of £2,200,000 for the freehold interest, representing a low capital value of £435 per sq. ft on the GIA and reflecting a net initial yield of 4.72% assuming standard purchasers' costs of 6.32%