For Sale £1,650,000 OIEO - Commercial, Investments
Investment For Sale
Prominent Freehold Corner Building Close to Kings Cross
Situated at the corner of Lyon Street, in a popular residential area within short walking distance from Caledonian Road’s underground (Piccadilly Line) and overground stations. The property benefits from its close proximity to Kings Cross and Eurostar Link at St Pancras where one of Europe’s biggest regeneration and development projects has been of benefit to the area.
The building is arranged over basement, ground and two upper floors beneath a flat roof. The property is internally arranged to provide a ground floor café with two self-contained flats above. In addition, there is a rear courtyard store and a large basement area.
Accomodation and Tenancies
- Internally arranged to provide a Basement Floor, Ground Floor Café and Two Self-Contained Flats
• Two Flats subject to Assured Shorthold Tenancies, both offered in good and clean condition.
• Site Area Approximately 0.011 Hectares (0.027 Acres)
• Planning Permission for Change of Use of Existing Basement to a Two Bedroom Flat with a Single Storey Extension and Roof Terrace on Top, work already started on basement.
• Total Current Rent Reserved £64,920.04. Upper parts (2 x 2 bedroom flats) £36,920.04 per annum with Ground Floor Café tenancy secured on a new FRI 12 year lease at £28,000 per annum with rent reviews every four years.
Planning: Planning permission was granted on 8th November 2012 (Application No. P122087) for the ‘change of use of existing basement to a two bedroom flat with single storey extension and roof terrace on top’.
The property may afford potential for further development, subject to obtaining all necessary consents.
Local Planning Authority: London Borough of Islington Tel: 020 7527 2000.
