We present a notable mixed-use property that offers a unique opportunity for those looking to invest or renovate in a developing area. This extensive building features eight self-contained one-bedroom flats across four floors, all currently tenanted, ensuring immediate rental income. Additionally, there is a ground floor commercial unit that is currently unoccupied, presenting an appealing prospect for anyone looking to tap into the local rental market.
The basement area of the property holds considerable potential for further development, allowing for creative enhancements that could significantly increase overall value. Moreover, there is ample scope for expansion at the rear of the building, contingent upon obtaining the necessary planning permissions. This could open up avenues for additional residential units or enhance the commercial space.
Currently, the commercial unit has an estimated rental potential of £20,000 to £25,000 per annum once leased. With current tenants occupying the one-bedroom flats at rates below market value, there exists an opportunity to increase these returns over time. The total combined annual income from existing leases is approximately £133,380, with potential earnings rising to around £208,380 once improvements and adjustments are made.
The location benefits from excellent transport links within walking distance to key stations such as Whitechapel and Aldgate East. These stations provide access to Crossrail/Elizabeth Line as well as District and Hammersmith & City Lines, making commuting straightforward and enhancing the area's attractiveness to future tenants. The property is also situated near several amenities and institutions including Queen Mary University of London and Royal London Hospital, which contribute to steady demand in this vibrant part of East London.
This property not only delivers immediate returns but also presents a compelling canvas for future development—a rare find in an area poised for growth.
