Block of flats for sale in 59 St Marys Road, Ilford IG1

For sale by auction 06/06/2024 £300,000 plus

freehold residential investment property comprising of three self contained flats (two currently let on ASTs producing £26,640 P.A. And one sold off on A long lease)

Location & Description
Comprising three self-contained flats about mile from Seven Kings station (mainline and Elizabeth line), giving access to Liverpool Street and Heathrow Airport.

Accommodation
Whilst Strettons have not internally inspected the property, we understand that the accommodation comprises the following:
Flat B: Open plan lounge/ kitchen, bedroom and bathroom with toilet.
Flat C: Studio flat and bathroom with toilet.

Tenancy Details
Both properties are let on a 12 month Assured Shorthold Tenancy.
Flat A sold off on a 99 Year lease from 25 June 2006 at a rent of £300 p.a.
Flat B, from 13th April 2023 (holding over) at £1,200 per calendar month.
Flat C, from 5th April 2023 (holding over) at £995 per calendar month.

Note
The seller advises that this is structured for sale as a company entity. The company (Greater London Investments Ltd) will become the property of the new owners by way of share transfer and this property is the only asset the company owns.

The property on its own is not being sold but rather the company is being sold as going concern with the shares being transferred to the successful bidder and he/she being appointed as directors with the current directors and persons of significant control resigning.

This provides a streamlined acquisition process with significant financial benefits for the prospective buyer. Acquiring the properties through a Special Purpose Vehicle (spv) can lead to savings on stamp duty.

1. The photos have been provided by the seller and were taken before the tenants moved in to the properties.

Auction Surveyor: Michael Mercer
Contact:

Equivalent to £26,640 p.a.

EPC Rating
Flat B = C Flat C = C