Block of flats for sale in Platts Lane, London NW3

Rare opportunity to acquire an income producing residential investment in one of London’s premier postcodes.

The property is located in a highly sought after area, equidistant to Hampstead, West Hampstead, Golders Green and Cricklewood Stations.

Arranged as a block of 20 self-contained flats and benefits from a certificate of lawfulness for the current configuration:
14 studios
4 x 1 bed
2 x 2 bed
5,725 sq ft (gia).

A number of the existing tenancies are historic, therefore the current passing rent of £301,605 pa is reversionary.

Open Market Estimated Rental Value is approximately £405,000 pa.

The erv equivalent to the new lha rates equates to £361,880 pa.

The building offers refurbishment potential to enhance the rental income.

Potential to enlarge the existing footprint of the building by adding additional stories and massing, subject to obtaining the necessary consents.

First time on the market in 20 years.

Freehold.

Guide Price - Offers in Excess of £3,500,000 (Three Million Five Hundred Thousand Pounds) subject to contract. This reflects a gross yield of 8.6%, reversionary to 10.30% off the lha rates and 11.6% off the open market erv.