For sale

• Freehold investment comprising a block of 36 flats
• Current income £5,400 pa
• Development Opportunity
• Planning granted for 9 additional residential units

** DEVELOPMENT OPPORTUNITY & INVESTMENT FOR SALE ** - Situated on Harts Lane in Barking, north of the Barking Northern Relief Road (A124). The A124 interconnects with the North Circular Road (A406) to the west and access to the Motorway Network is via Junction 31 of the M25. Ashdown Court comprises a part 3, part 4 storey building of traditional masonry construction, forming a block of 36 flats which are sold off on long leases, producing a current income of £5,400 per annum. Planning consent has been granted for the addition of 9 further residential units above the existing building. Further details are available upon request. Please call CLARKE HILLYER on 020 8501 9220 for further information or to arrange a viewing.

Location
Situated on Harts Lane in Barking, north of the Barking Northern Relief Road (A124). The A124 interconnects with the North Circular Road (A406) to the west and access to the Motorway Network is via Junction 31 of the M25. Barking Train Station, which is on the Hammersmith and City and District Lines, as well as the Overground and National Railway Network, is less than 1.5 miles from the property. The area is also served by local buses.

Description
Ashdown Court comprises a part 3, part 4 storey building of traditional masonry construction, forming a block of 36 flats. Beside the building is a car park for existing residents.

Leases
The 36 flats in the existing block have all been sold off on long leases of 125 years from 1989 and 1990. The initial ground rent per flat was £75 per annum, increasing by a further £75 every 25 years. Therefore, the current ground rent per flat is £150 per annum or £5,400 per annum in total.
Section 42 Notices have recently been served by 13 of the long leaseholders and suitable premiums for the lease extensions will be agreed in due course. One of the leases in the block was extended earlier this year for a premium of £3,000.

Planning
Planning consent has been granted for the addition of 9 further residential units above the existing building. Further details are available upon request.

Terms
The freehold and the airspace above is available for offers in excess of £600,000.

Viewings
Strictly via agents Clarke Hillyer, tel 020 8501 9220.