Block of flats for sale in Andre Street, London E8

Investment Consideration:
Gross Initial Yield: 5.35%
Rental Income: £240,964 p.a.
VAT is not applicable to this property
Comprises newly build mixed-use block of 8 commercial units and 17 apartments (sold-off)
Total Commercial Area: 1,018 sq m (10,980 sq ft)
Commercial units arranged over ground, part-first, part-second and part-third floor
Tenants including Art Gallery, Clothing Brand Headquarters, Bar, Theatre & Art Supply businesses
Additional development potential to extend above, subject to obtaining planning
Situated within 5 min walk from Hackney Downs Overground and Train Station

Property Description:
Comprises mixed-use block of 8 commercial units arranged over ground, part-first, part-second and part-third floor. The property includes 17 apartments, all of which have been sold-off on long leaseholds, providing the following accommodation and dimensions:
No.10 Andre Street:
Ground Floor Unit: 112 sq m (1,200 sq ft)
First Floor Unit: 185 sq m (2,000 sq ft)
Second Floor Unit: 185 sq m (2,000 sq ft)
Third Floor Unit: 185 sq m (2,000 sq ft)
No.12 Andre Street:
Ground Floor Unit: 45 sq m (480 sq ft)
First Floor Unit: 102 sq m (1,100 sq ft)
Second Floor Unit: 102 sq m (1,100 sq ft)
Third Floor Unit: 102 sq m (1,100 sq ft)
No.10-12 Andre Street:
Ground-Third Floor: 17 self-contained apartments (sold-off)

Total Commercial Area: 1,018 sq m (10,980 sq ft)

No.10 Andre Street
Ground Floor Unit is at present let to Goldie Saloon Ltd for a term of 6 Years from 1st July 2024 at a current rent of £29,640 p.a. And the lease contains full repairing and insuring covenants. Rent review on 21.06.26. Tenant option to determine on 21.06.26.
First Floor Unit is at present let to Immediate Theatre Ltd for a term of 15 Years from 8th June 2022 at a current rent of £37,518 p.a. And the lease contains full repairing and insuring covenants. Rent review on 08.06.27. Tenant option to determine on 08.06.27.
Second Floor Unit is at present let to Guts Gallery Ltd for a term of 2 Years from 17th January 2022 at a current rent of £40,000 p.a. And the lease contains full repairing and insuring covenants.
Third Floor Unit is at present let to Miss Patina Ltd for a term of 5 Years from 30th June 2023 at a current rent of £41,000 p.a. And the lease contains full repairing and insuring covenants. Rent review on 30.06.25 open market upward only. Tenant option to determine on 30.01.26.

No.12 Andre Street
Ground Floor Unit is at present let to Chrome & Black Ltd for a term of 6 years from 25th July 2021 at a current rent of £10,900 p.a. And the lease contains full repairing and insuring covenants.
First Floor Unit is at present let to rdy Creative Ltd for a term of 5 years from 29th January 2021 at a current rent of £28,756 p.a. And the lease contains full repairing and insuring covenants. Fixed rental increase to £35,945 on 28.01.25 until the remainder of the term.
Second Floor Unit is at present let to Flippin Campers Ltd for a term of 5 years from 1st June 2024 at a current rent of £24,000 p.a. And the lease contains full repairing and insuring covenants.
Third Floor Unit is at present let to Flippin Campers Ltd from 1st December 2023 until 5th December 2028 at a current rent of £24,000 p.a. And the lease contains full repairing and insuring covenants. Mutual option to determine on 05.12.27.

No.10-12 Andre Street
The residential flats have been sold-off on 125 year leases from 1st January 2018 at a ground rent of £5,150 p.a..

Location:
The property is situated on Andre Street, just moments from the station and green space at Hackney Downs Station, close to all amenities and further Overground station at Hackney Central and the social hotspots of London Fields and Dalston. Retail occupiers nearby include Cafes, Takeaway, Laundrette, Supermarket, Wine Shop and more.