Property for sale
Property description & features
- The building can be sold by invidivual floors
- 36 two bedroom apartments and 4 one bedroom apartments
- 30 parking spaces
- Ideal invetment/development opportunity
- Walking distance of Potters Bar railway station.
EXECUTIVE SUMMARY
Located in an excellent and highly sought after location Potters Bar is a town in Hertfordshire, 13 miles (21 km) north of central London. In 2011, it had a population of 21,882.
There are two main streets in Potters Bar - Darkes Lane and the High Street, both offering an amazing number of shops, restaurants and amenities.
The town has always been favoured by commuters working in London as Darkes Lane is home to Potters Bar train station which offers frequent trains to London Kings Cross in 16 minutes and also Finsbury Park and Moorgate. Northbound, the service provides a route to Hatfield, Welwyn Garden City, Cambridge and Peterborough. Approximately 3 miles away is Cockfosters Underground station which is on the Piccadilly line.
The Picture House is within walking distance from Potters Bar railway station offering fast service into Central London/Kings Cross,
Comprising of 40 fully let apartments on three floors with a
gross annual income of £820,000.
The Commercial Ground Floor comprises two retail units;
the larger of the two is let to Dreams; an excellent covenant
who is currently paying £120,000 per annum.
And a vacant unit with an ERV of £65,000 per annum totalling £1,005 million per annum income.
Currently the vendors are in the process of applying for
planning permission for two additional floors, one to be added on the roof of the building and which would comprise of 7 penthouse apartments with an approximate GDV of £5.2 million.
The other floor within the current building would be created to provide a further 16 apartments with a GDV of approximately £6.8 million.
There is also an attractive asset management opportunity in
the future on the ground floor should change of use be applied for.
This would create a further 14 apartments with a GDV of
approximately £6 million.
Please contact us for any further information you may require.
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