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Residential Investment, Hillside House, 2-6 Friern Park, North Finchley, N12 9AF

9,042 Sq Ft / Other / Residential

For Sale

Available - Last updated: 09 June 2024

Fantastic residential investment opportunity with significant further development potential located in North Finchley.

The apartments are let on ASTs, generating a combined passing rent of £262,608 per annum. We are of the opinion that the units are significantly underlet and have an ERV of approximately £322,800 per annum.

The property provides 17 parking spaces which generate a rent of £20,400 per annum.

The property therefore has a total ERV of £343,200 per annum, reflecting an initial yield of 7.15% at the purchase price.

We have been advised that the property offers significant further development potential via a roof extension, subject to obtaining the necessary consents. The property benefits from lapsed planning for the creation of an additional storey at fourth floor to convert the existing 2 third floor studio flats into 2 two bed duplex flats (Ref: 16.2812/FUL).

Location

North Finchley is a pleasant and vibrant area, centered around Tally Ho Corner, where most of the shops and cafes are located. Gokyuzu and the Two Brothers fish restaurant are favourite restaurants among locals. Great North Liesure Park includes a Vue cinema, a Holywood Bowl and a range of family restaurants.

The property is located on Friern Park, North Finchley and is approximately a 12-minute walk from Woodside Park underground station, providing services to Euston station within 23 minutes.

North Finchley has several major roads passing through the area, linking to the M1 and North Circular road.

North Finchley is an increasingly desirable area, popular among young professionals and families seeking a more suburban location with excellent access to Central London.

Accommodation

The existing property comprises a former B1 use building, comprising 18 apartments (12 x studios, 1 x 1 bed & 5 x 2 beds) arranged across ground and 3 upper floors, extending to a total area of approximately 9,042 sq ft NSA.

Terms

TENURE: Freehold.

ASKING PRICE: Price on Application

METHOD OF SALE: The property will be sold by way of private treaty.

TENANCY SCHEDULE: Please see attached brochure for more information.

Specification

  • Opportunity to acquire a freehold discounted residential investment comprising 18 apartments with significant further development potential, subject to obtaining the necessary consents.
  • 12 minute walk to Woodside Park underground station.
  • Former B1 use building comprising 18 apartments (12 x studios, 1 x 1 bed & 5 x 2 beds), extending to approximately 9,042 sq ft NSA.
  • Residential currently generating £262,608 per annum with an ERV of £322,800 per annum.
  • 17 parking spaces at a rent of £20,400 per annum.
  • Total ERV of £343,200 per annum, reflecting an initial yield of 7.15% at the purchase price.
  • Lapsed planning to convert 2 studio flats into 2 x 2 bed duplex via roof extension.
  • The property is available freehold.

Property Quote Price(s)

DescriptionSale typeGuide pricePrice type
Price on Application For Sale Freehold NA NA

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Contact agents

Alex Hogge

DI Properties Development and Investment

020 3369 0215



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