2 STOREY COMMERCIAL UNIT ON GROUND FLOOR WITH. RESIDENTIAL ACCOMMODATION ON FIRST FLOOR. 3 MANCHESTER ROAD,. ISLE OF DOGS,.
FOR SALE F REEHOLD PROPERTY WITH P LANNING P ERMISSION FOR FURTHER I NVESTMENT / D EVELOPMENT O PPORTUNITIES 2 S TOREY C OMMERCI AL U NIT ON GROUND FLOOR R ESIDENTIAL A CCOMMODATION ON FIRST FLOOR .
3 MANCHESTER ROAD, ISLE OF DOGS, LONDON, E14 3BD Ground Fl oor First floor:
171m² / 55m² /
RARE FREEHOLD PROPERTY IN LONDON DOCKLANDS PLANNING PERMISSION FOR 2X2 BED FLATS AND 2 RETAIL UNITS POSSIBLE SCOPE FOR FURTHER DEVELOPMENT OPTIONS TO ENHANCE RENT AND CREATE “MIXED USE” INVESTMENT (SUBJECT TO PLANNING AND USUAL CONSENTS).
The subject property occupies a prominent location on the North Side of Manchester Road (A1206) close to its junction with East Ferry Road. The Isle of Dogs forms an area of Docklands where it is bounded on three sides by the River Thames within the London Borough of Tower Hamlets. The property is also well served by a local bus services and is approx. 0.3 miles South of Mudchute Station DLR and approximately 0.1 miles east of Island Garden DLR Mast house Pier River bus facility is less than a 10 minute walk to the West providing access to Greenwich, City and West End. City Airport is approx. 4.5 miles lying to the east. The property is 1.5 miles South of Canary Wharf commercial district, which is one of Europe’s premier financial district’s with a thriving business, residential and retail/office hub where 120,000 work.
The property is being offered Freehold for Sale with vacant possession if required. Our client’s preference is to lease back a small part of the ground floor unit on a new 10 year F.R.I lease subject to 5 year rent review and tenants break after 5 years, at a passing rental of £20,000 pax, leaving the larger unit to be leased out to another potential tenant. Currently the 1st floor tenant is paying a rent of £13,800 per annum and will vacate on completion if required.
We are instructed to seek offers in excess of £1.25 million subject to contract.
The property comprises of a traditional brick built 2 storey premises behind a parapet wall with a pitch roof to the front and flat roof to the rear single storey extension. Internally the property is laid out with a double retail unit leading through to a workshop and showroom to the rear at ground floor level. A separate entrance leads to a half landing with WC and stairwell into a first floor self contained flat. The flat comprises of a separate kitchen, bathroom/WC, bedroom and separate lounge. Mains, Gas, Electricity, Water and Drainage are all connected.
Gross Internal Area Ground Floor Commercial First Floor Flat Total Area
171m² / 2848ft² 55 m² / 593ft² 227 m² / 2441ft²
The flat is let on an AST producing an income of £13,800pa (£1,150pcm). The first floor has not been relisted as a flat since it was previously in office use.
Planning consent has been secured under reference PA/16/03515 (24th Feb 2017) for the conversion of the existing flat to make a duplex 2 bed flat with a roof terrace and a second self contained 2 bed flat on the 1st floor plus roof terrace. The proposed flats have a gross internal area of Flat (1) - 74.7m² plus terrace Flat (2) - 67.4m² plus terrace The retail units at ground floor will remain the same save for an element to one of the retail units altered to reflect the provision of a bin and cycle storage.
VAT is not applicable to this property.
The EPC of the Ground Floor is D76 The EPC of the First Floor is D63 According to the report obtained the premises does not contain asbestos.
Billing Authority London Borough of Tower Hamlets Rateable Value:
£29,250.00 - 1st April 2017
Each party to bear their own legal costs incurred in this transaction, subject to the prospective purchaser solicitors undertaking to pay the landlord’s abortive costs if the prospective purchaser withdraw from the transaction.
Strictly by appointment through the sole agent:
DOBBIN & SULLIVAN AJAY TOHANI MSC MRICS TEL: 020 8221 9610 e-mail: [email protected]
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