Freehold Mixed-Use Property with Development Potential

Mile End Road, Mile End E3

£1,000,000

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Description

An opportunity to purchase a freehold mixed-use property in a prominent location in East London.

The property is a four-storey building comprising a ground floor shop with basement, and a four bedroom plus large sitting room flat above which is vacant. The residential flat measures 1,131 sq ft and has its own dedicated entrance from Brokesley Street. One of the bedrooms has its own kitchenette and en-suite. The commercial premises measures 1,431 sq ft and is let at £22,800 per annum with the lease expiring in 2030.

In September 2020 an application under reference PA/20/01403/A1 was submitted for the construction of a two storey rear extension and reconfiguration of the existing dwelling to provide 1 x 1 bedroom flat and 1 x 3 bedroom maisonette. This application was refused and the appeal is pending.  

Given the proximity to Queen Mary’s University, the upper floors would make an excellent student let or an HMO for young professionals working in the city.

Location

642 Mile End Road, Mile End E3 4LH

The site is located in the heart of East London. The property has frontage to Mile End Road, with various shops and takeaways in the immediate vicinity.  Queen Mary’s University is 0.6 miles away. Other local amenities include the Queen Elizabeth Olympic Park which is 1.3 miles east of the property. Westfield Stratford is a 10-minute journey by car via the A118.

Mile End Underground Station is a two minute walk from the property and provides access to the Central, Hammersmith & City and District Line services. Bank Station is only three stops from Mile End via the Central Line.

Planning History

(PA/20/01403/A1) Construction of a two storey rear extension and reconfiguration of the existing dwelling to provide: 1 x 1 bedroom flat and 1 x 3 bedroom maisonette. Refused 25/09/2020 and the appeal is pending.

(PA/18/02722/R) Three storey rear extension, including the reconfiguration of the existing 1 x 4 bed unit to create four residential units in total ( 2 x 1 bed, 1 x 2 bed and 1 x 1 bed). Refused 25/01/2019.

Fees

City & Counties Commercial require a 2% + VAT fee from the purchaser.

Accommodation

FLOOR GIA (SQM) GIA (SQFT)
Basement 55.4 596
Ground 77.6 835
First 36.1 389
Second 36.9 397
Third 34.3 369
TOTAL 240 2,586

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