£3,150,000 /Sale price

An opportunity to acquire two residential buildings on the same street in Archway, North London. Both properties are situated just 0.3 miles from Archway Station (Northern Line). The two properties comprise a total of 16 self-contained apartments, 14 x studios and 2 x 1 beds, providing a total NIA of 3,604 sq ft. Both buildings are let on identical FRI leases to Independent Housing UK Limited, expiring September 2037 with a landlord option to extend by a further 5 years. Independent Housing UK Limited (IHL) is a registered charity and a not for profit organisation, incepted in March 2007, their latest reported accounts posted a turnover of £9.3M. They benefit from a D&B rating of A1. Income totals £244,352 per annum, the leases benefit from annual CPI-based rent reviews, capped at 4%. The current rent reflects a low passing rent of £293 per week per unit, which is 12% lower than LHA rates and well below open market rental values. Both held Freehold. OIEO £3,150,000 Subject to Contract, reflecting a Net Initial Yield of 7.33%, assuming standard purchasers costs of 5.8%.