Block of flats for sale in Stepney Way, London E1

Investment Consideration:
Gross Initial Yield: 4.95%
Rental Income: £70,500 p.a.
VAT is not applicable to this property
Comprises 2 x 3-bedroom ground floor apartments with large rear gardens
Includes 7 apartments on upper floors, all sold-off on long leaseholds
The residential block has been newly developed in 2017
Situated within 12 min walk from Stepney Green Underground Station

Property Description:
Comprises new-build residential block, consisting of 2 x 3-Bed apartments at ground floor, and additional 7 apartments on upper floors which have been sold-off on long leaseholds expiring 2145.
The property provides the following accommodation and dimensions:

Ground Floor:
Flat 1: 157 sq m (1,689 sq ft)
Gross Internal area: 80 sq m (861 sq ft)
3 bedrooms, kitchen/living room, 2 bathrooms
Garden area: 77 sq m (828 sq ft)
Flat 2: 157 sq m (1,689 sq ft)
Gross Internal area: 80 sq m (861 sq ft)
3 bedrooms, kitchen/living room, 2 bathrooms
Garden area: 77 sq m (828 sq ft)

First-Fourth Floor: 3 x 1-bed and 4 x 2-bed apartments (sold-off)

Tenancy:
Flat 1 is at present let on AST to an Individual for a term of 12 Months from 1st March 2023 at a current rent of £34,800 p.a.
Flat 2 is at present let on AST to an Individual for a term of 12 Months from 21st May 2023 at a current rent of £33,600 p.a.
Flat 3 has been sold-off on long leasehold for a term of 125 Years from 25th March 2020 at a ground rent of £300 p.a. Reversion 2145.
Flat 4 has been sold-off on long leasehold for a term of 125 Years from 25th March 2020 at a ground rent of £300 p.a. Reversion 2145.
Flat 5 has been sold-off on long leasehold for a term of 125 Years from 25th March 2020 at a ground rent of £300 p.a. Reversion 2145.
Flat 6 has been sold-off on long leasehold for a term of 125 Years from 25th March 2020 at a ground rent of £300 p.a. Reversion 2145.
Flat 7 has been sold-off on long leasehold for a term of 125 Years from 25th March 2020 at a ground rent of £300 p.a. Reversion 2145.
Flat 8 has been sold-off on long leasehold for a term of 125 Years from 25th March 2020 at a ground rent of £300 p.a. Reversion 2145.
Flat 9 has been sold-off on long leasehold for a term of 125 Years from 25th March 2020 at a ground rent of £300 p.a. Reversion 2145.

Location:
The property is located in the heart of Stepney, opposite Stepney Green Park and Farmers Market. Stepney Green Underground Station is 12 min walk, providing direct services to central London. Mile End Road is also within close proximity, which hosts retailers such as Asda, Nandos, German Doner Kebab, The Gym Group and many more.