NELSON STREET, E1

62, 62a, 64 & 66 Nelson Street, London E1
(Off Commercial Road)

Reversionary Investment For Sale
Warehouse & Shops

Total approx 3,200 sq ft (297 sq m)

Location
On the south side of Nelson Street, a road which runs parallel to Commercial Road on the north side, close to the junction of Philpot Street and between New Road & Sidney Street. The area is a mixture of commercial and residential buildings, shops, offices and industrial buildings. Traditionally the area has been allied to textiles, although new mixed schemes and large projects, such as the stunning architecture of the Whitechapel Hospital, are regenerating the area. Whitechapel & Aldgate Underground Stations are close by. Adjacent is a large site for development of 16 flats and further along, a proposal for a 150-room hotel.

Description
Of brick construction comprising part of the ground floor of the building known as Philson Mansions. There are three interlinked shops, which have frontage to Nelson Street and an adjoining rectangular warehouse, which has the benefit of high ceilings and natural light on two sides, comprising approximately internally as follows:-

Warehouse/Store - 2,261 sq ft
Shops (3 x interlinked) -939 sq ft
Total - 3,200 sq ft (297 sq m)

Tenure
Freehold, subject to (a) the tenancy set out below and (b) the residential upper parts sold off on a lease of 999 years from 25th May 1986 at a peppercorn rent. Tenancy The entire ground floor premises are leased (by assignment) to Sleeptex Ltd, (No. 1832634), trading as Firemount Textiles, with guarantor A.Kohli, upon full repairing and insuring basis, for a term of 60 ½ years from December 1963 (approximately 17 years unexpired) subject to five yearly rent reviews. Next review on 25th December 2011. Current rental £24,500 per annum exclusive. Occupier company accounts available.

Uses
We believe that a variety of alternative uses will be considered by the local authority, subject to necessary consents, such as residential uses.

Price
£550,000 for the Freehold. Proof of funding will be required.

Market Values
We are of the opinion that the estimated rental value of the entire ground floor property is in excess of approx £32,000 pa, using £10 per sq ft overall. There is a large demand for small support storage areas within easy reach of the City. We are of the opinion that the capital value of the ground floor overall, assuming vacant possession, is a little over £200 per sq ft, and represents good value.

Legal costs
Each party to bear their own legal costs. A legal undertaking will be required for the vendor’s legal costs in the event that a purchaser withdraws from the transaction after receipt of draft contract for whatever reason.

Further Information– please call sole agents:-

Daniel Harris
0207 763 6375 / 07834357260
daniel@sint.co.uk

Aubrey Sint
0207 763 6366 / 07778600004
aubrey@sint.co.uk