High Road, Leytonstone, E11

HIGH ROAD

LEYTONSTONE, E11 3AA

Summary of development: Leytonstone is a suburb of north-east London, which falls within the Borough of Waltham Forest for administrative purposes Road links from the area are very good, as Leytonstone is located just south of the A12, a major route through east London High Road is the principal route through the centre of Leytonstone The subject property is located in the town centre, with a mix of local and national retailers in the vicinity Leytonstone station is around 0.2 mile distant and provides Underground services on the Central line to central London and to Epping Description The subject property is a mid-terrace building, likely to date from the late Victorian period The accommodation comprises three commercial units and 12 self-contained flats Commercial Unit 1 is a Mexican themed restaurant, with a small rear yard and a basement Commercial unit 2 & 3 are both let under a single lease, occupiers are a barbers and soon to be a lawyers firm The residential upper parts comprise 7 x studios, 4 x one bedroom flats and a two bedroom flat The flats and common parts have undergone an extensive refurbishment.

Commercial Floor

Accommodation

Sq M

Sq Ft

Ground

Restaurant, kitchen, WCs

184.72

1,988

Basement

Storage, staff area, WC

42.30

455

Net Internal Area

227.02

2,443

ITZA

93.28

1,004

Floor

Accommodation

Sq M

Sq Ft

Ground

Retail, WC

24.28

261

Net Internal Area

24.28

261

ITZA

19.88

214

Floor

Accommodation

Sq M

Sq Ft

Ground

Retail, kitchen, WC

48.87

526

Net Internal Area

48.87

528

688 High Road

690 High Road

Residential Eleven of the flats are each let on AST. We have been provided with a copy of the tenancy agreements, which appear to be in standard format. We summarise the pertinane details below: Flat

Start Date

Term

Rent PCM

Rent PA

1

10.11.23

6 months

£1,200

£14,400

2

01.11.22

12 months

£900

£10,800

3

04.10.23

12 months

£1,300

15,600

4

16.09.23

12 months

£1,595

£19,140

5

01.08.23

12 months

£800

£9,600

6

11.10.23

12 months

£1,350

£16,200

7

15.09.23

12 months

£1,350

£16,200

8

01.11.22

12 months

£1,000

£12,000

10

16.09.23

12 months

£1,650

£19,800

11

16.08.23

18 months

£1,900

£22,800

12

17.08.23

12 months

£1,550

£18,600

Total

£14,595

£175,140

9

Residential Floor areas below are provided on a gross internal area (GIA) basis.

Floor

Accomodation

Sq M

Sq Ft

Ground

9 - Studio

31.00

334

First

1- Studio

27.50

296

2- Studio

20.70

223

3- Studio

25.80

278

4- One bedroom

38.90

419

5- Studio

22.00

237

6- One bedroom

28.10

302

7- Studio

25.80

278

8- Studio

25.80

278

10- One bedroom

42.40

456

11- Two bedroom

47.40

510

12- One bedroom

40.10

432

Aggregate Gross Internal Area

375.50

4,043

Second

Rental figures Residential : Currently let out at £175,140 per annum. Please note 11 out of 12 flats are currently let under AST's with the remaining refurbishment due to be complete in the next month. Once let, aggregate rent will be £197,800 Commerical: Currently let out on long term leases with a combined rent of £63,000 per annum.

Combined rental achievement : £260,800 The recent bank survey 2023 provided my client with 10 comparable sold developments for both full residential and mixed use developments. Of these comparables the average yield was 5.9% for residential and 5.5% for mixed use buildings, results in a combined yield of 5.7%.

Floorplan

LISTING AGENT Ollie Cruikshank E: ollie@theagency-group.com @theagencygroupessex @olliecruikshank