SoldUnbroken Residential Investment - Planning Permission for Two Flats - London N11

Freehold available for the first time since the 1930s

Belmont Court,  Gordon Road, Bounds Green, LONDON N11 2NX

Features

  • Passing rent: £89,760 per annum (Flat 6 is vacant)
  • Potential to increase annual income in the short term to £103,560 pa once Flat 6 & the two garages are let
  • Further potential to improve the rental income by increasing rents to market levels on expiry of ASTs
  • Planning permission to build 2 additional apartments within the roof space
  • Tranquil & picturesque setting
  • Excellent road and public transport communications
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Location

The subject property is located on the west side of Gordon Road, bounded on two sides by green space and woodlands known as Scout Park.

Located on the borders of Muswell Hill and Alexandra Palace, this area has improved immensly over recent years and continues to improve.

The location has superb travel and communication links. Bounds Green London Underground Station (Piccadilly Line) is less than 0.15 miles to the north-east and Bowes Park Railway Station (providing frequent direct services to London Moorgate with a travel time of 22 mins) is less than 0.25 miles, also to the north-east. Numerous bus routes can be accessed in the immediate vicinity.

The property is located less than 0.15 miles from the intersection of Bounds Green Road (A109), Durnsford Road and Brownlow Road, approximately 0.25 miles to the south of the North Circular Road (A406).

Net internal area 597.27 sq.m. /6428 sq.ft. 

Flat 163.92 sq.m. / 688 sq.ft.
Let on an AST at a rent of £850 p.c.m
Flat 271.44 sq.m. / 768 sq.ft.
Let on an AST with private section of garden at a rent of £1,050 p.c.m
Flat 363.73 sq.m. / 685 sq.ft.
Let on an AST at a rent of £900 p.c.m
Flat 463.92 sq.m. / 688 sq.ft.
Let on an AST at a rent of £850 p.c.m
Flat 571.44 sq.m. / 768 sq.ft.
Let on an AST at a rent of £850 p.c.m
Flat 663.73 sq.m. / 685 sq.ft.
Being kept vacant for viewing purposes
Flat 763.92 sq.m. / 688 sq.ft.
Let July 2013 on AST at a rent of £1,050 p.c.m
Flat 871.44 sq.m. / 768 sq.ft.
Let on an AST at a rent of £900 p.c.m
Flat 963.73 sq.m. / 685 sq.ft.
Let on an AST at a rent of £900 p.c.m
  • Proposed Flat 10 33.00 sq.m. / 355 sq.ft.
    Studio Flat Not built. Planning permission granted.
  • Proposed Flat 11 62.00 sq.m. / 667 sq.ft.
    One Bedroom Flat Not built. Planning permission granted.
  • Garage 1 
    Vacant - available at a rent of £50 p.c.m
  • Garage 2 
    Let on licence at a rent of £50 p.c.m
  • Garage 3 
    Vacant - available at a rent of £50 p.c.m
  • Garage 4 
    Let on licence at a rent of £40 p.c.m
  • Garage 5 
    Let on licence at a rent of £40 p.c.m
Plus:


Description

A RARELY AVAILABLE OPPORTUNITY TO BUY A FREEHOLD RESIDENTIAL INVESTMENT WITH DEVELOPMENT POTENTIAL IN A DESIRABLE PART OF NORTH LONDON.

The property is a three storey 1930s purpose-built block currently comprising a total of nine flats (three per floor). Each flat has two bedrooms, a kitchen, bathroom / WC, lounge and the benefit of communal gardens. The property has vehicular access via a driveway to the garages.

All are in reasonable condition with individual gas-fired central heating and double glazing. All the flats except Flat 6, which is being kept vacant for viewing purposes, are let on Assured Shorthold Tenancies.

Planning permission was granted on 9th August 2012 for the conversion of the existing roof space to create an additional two flats.

In addition there is a terrace of five lock-up garages, of which two are vacant, two are let together on an annual licence and the other is let on a monthly licence.

There is a right of way in favour of the adjoining property to the north through the driveway.

Terms

Freehold for sale subject to: 9 x flats let on assured short-hold tenancies 3 x garages let on annual licences 2 x garages with vacant possession Planning consent to construct another 2 x flats Joint sole agents / auctioneers: Allsop LLP (the property will be sold at auction on 18th September 2013 if not sold prior).

Service charge: n/a

Local authority: London Borough of Haringey


Property reference: 20267 Updated: 04 Dec 2015