Freehold Mixed-Use Property with Development Potential

Freehold Mixed-Use Property with Development Potential / Mile End Road, Mile End E3 / OIEO £1,000,000 / For further information, please contact Philip Hoodless / philip@cityandcounties.com or Latif Acisu / latif@cityandcounties.com

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.