Freehold retail investment for sale in Hackney

2 Westgate Street, Hackney, London, E8 3RN
For sale
£1,250,000 Offers In Excess Of
This property is marketed by:

Key Features

  • Rare freehold opportunity in the London Fields area of Hackney situated just off Mare Street and close to the famous and hugely popular Broadway Market
  • Close to London Fields and Cambridge Heath Overground stations, both providing direct access to Liverpool Street Station
  • Building configured as a self-contained retail premises on ground and basement floors, with 2 office units on the upper floors
  • Total Net Internal Area of 2,189 sq ft (203.37 sq m)
  • Retail unit let to Sichuan Fry Limited on a 15-year lease expiring 3 May 2037 (14 years unexpired/term certain). Lease is contracted out of the 1954 Act protection
  • Retail unit providing a total passing rent of £60,000 per annum, with open market rent reviews at 31st May 2027 and 31st May 2032
  • Office units to be sold with the benefit of vacant possession, having been recently refurbished to an excellent Cat-A specification in a media style. Currently marketed to rent at £39.83 per sq. ft, which would equate to an ERV of £47,398 per annum on an inclusive basis
  • Potential for conversion of the upper floors to residential use, as well as additional mansard floor development to mirror the neighbouring building, subject to necessary planning consents

Property Description

The property comprises an inter-terraced brick building constructed in 1890 forming a self-contained retail unit over the ground and basement floors with an active frontage by way of a glazed shopfront entrance onto Westgate Street, with two upper floors each providing office units with a separate entrance benefiting from shared WC and kitchen facilities on the top floor. The office floors have been recently newly refurbished.

The property is located in east London within the London Borough of Hackney, and is situated on the north side of Westgate Street at its junction with Mare Street, and in close proximity to London Fields. Mare Street remains one of the most popular destination retail pitches in the London Fields area of Hackney being the host of Broadway Market, Netil Market, and the Mare Street Market. Broadway Market is a thriving street full of coffee shops, bars, pubs, and restaurants, as well as many independent retail shops. Weekends see street markets on Saturdays and Sundays with over 50 stalls. The area is well connected, with London Fields and Cambridge Heath Overground stations both within a short walk providing direct access to Liverpool Street station.