London, E3 5PZ | Investment Property for Sale | VES-E3-008

Opportunity to purchase an apartment in London generating £16,800 rent pa & gross yield of 6.2%

£270,000

Apartment

VES-E3-008

INITIAL INVESTMENT

£78,100

Based on

deposit: £67,500

stamp duty: £8,100

mortgage fees: £1,500

conveyancing fees: £1,000

GROSS RENT

£16,800

GROSS YIELD

6.2%

ADD TO FAVOURITES

The property

TENANCY

Tenanted

TENURE

Leasehold

GROUND RENT

£10

SERVICE CHARGE

£3,200

1 bedroom

1 bathroom

1 reception room

628

Unfurnished

Please note that this property is for sale only to cash buyers.

Leasehold information

  • Length of lease: 125 years
  • Year lease started: 1989

Property information

  • Located on the 15th floor
  • The property underwent a full renovation, including:
    • Stripping back to the brick work
    • Re-wiring
    • Re-plastering
    • New plumbing
  • Comes with a balcony overlooking London
  • EPC rating D

Rental information

  • Vendor is happy to sell tenanted or vacant
  • Monthly rental income £1,400
  • Currently on a monthly rolling contract
  • Tenant is happy to sign a new 18-month tenancy agreement

Location information

  • The property is a stone's throw from Victoria Park
  • Victoria Park Village and Queen Mary University are also nearby
  • Bow Road and Mile End are the closest tube stations, whilst Hackney Wick is the closest Overground station

Note

Please note that Vesta has not visited this property and that all material has been provided by the vendor.

Tenancy

RENT

£16,800 p.a. / £1,400 pcm

TENANCY DEPOSIT

£0

TENANCY TYPE

AST

TENANCY AGREEMENT STARTED

6 months ago

TENANCY AGREEMENT ENDS

Periodic

Floorplans

Documents available on request, please contact for viewings or further questions.

The information relating to this property is supplied by the vendor and was the latest available information at the time of listing. Certain information may expire or become inaccurate over time.

Vesta makes no warranty as to the accuracy or completeness of the property listing or any associated information. All information should be reviewed by the purchaser and their solicitor.

About Tower Hamlets, E London

  • Tower Hamlets is located east of the City of London and north of the River Thames in East London and includes the postcodes E and EC.
  • The area comprises of 20 districts such as Bow, Aldgate, Canary Wharf, Stratford, Leyton, Poplar, Hackney, Olympic Park.
  • It is also home to a number of famous tourist attractions Tower of London, Tower Bridge, Columbia Road Flower Market and Billingsgate Fish Market.
  • Canary Wharf is located on the Isle of Dogs in East London and is one of the leading financial districts in the United Kingdom. It primarily consists of modern buildings and is one of London’s newest areas, containing many of Europe’s tallest buildings.

Economy

  • 3rd highest economic output of any local authority area in the UK, next to Westminster and the City of London.
  • In 2015, the borough’s economic output was around £29 billion – accounting for 2 per cent of the UK economy.

Population

  • Continues to be one of the fastest growing, youngest, and most diverse populations in the UK - almost half are aged 20-39 (46%).
  • Median age in 2017 was 31.0 years which was the 4th youngest LA in the UK. The median age was 35.1 in London, 39.8 in England and 40.1 in the UK.
  • Population is 308,000 and is projected to reach 365,200 by 2027 – equivalent to around 15 additional residents per day for the next ten years.
  • Since 1986, the population has more than doubled – making Tower Hamlets the fastest growing local authority in the UK.

Households

  • Over 54,000 new homes are expected to be built in the borough by 2030/31.
  • The fastest household increase of all LA’s in England & Wales - +29% between 2001 (78k) and 2011 Census (101k households).
  • The number of households is projected to reach 160k by 2028 (28k over the next decade) from 134k in 2018.
  • There were 101,247 households recorded at 2011 Census, a 29% increase on 2001.
  • The borough has been significant change in the borough’s tenure profile. Around 39% of all households are in private rented accommodation (tax records for 2017 suggest the sector accounts for 39% of the housing).
  • Tower Hamlets accommodates an estimated 12% of all student accommodation in London. The most recent survey data available from 2015 estimates there are approximately 7,000 student bed spaces in the borough, the third highest proportion after Camden and Islington.

Businesses

  • The borough has 16,800 businesses (+55% in the last 5 years), 278,000 jobs and is home to some of world’s largest financial institutions (March 2017)
  • The borough has a wide range of local businesses including small family companies, creatives, start-ups, light manufacturers and small-to-medium-sized enterprises – 98% of local enterprises are small businesses which employ fewer than 50 people.
  • Employment is dominated by the finance industry. 44% of jobs are concentrated in Canary Wharf and 26% are in the finance and insurance industry, making it the borough’s largest employment sector.

Connectivity & Transport

  • The borough’s overall connectivity is high with its surrounding areas.
  • The borough is well served by several train networks and has 31 public transport stations (3 mainline, 12 underground, 16 DLR) and will have, in 2018, two Elizabeth line (Crossrail) stations at Whitechapel and Canary Wharf.
  • The majority of routes are east west in orientation. However, the Overground, parts of the Docklands Light Railway (DLR) and the mainline are north south. These lines link the borough with destinations, such as, central London, Heathrow Airport in the west, Cambridge to the north east, Southend in the east and to Lewisham as well as Crystal Palace in the south.

Prices

  • Prices have decreased -3% over the last 12 months and are now £463,000. On average, there are 239 sales per month (61 sales recorded in Feb 2019).
  • Rents have decreased -4% over the last 12 months and are now £1,800. On average, there are 841 listings per month (946 in Feb 2019) which has decreased from 2468 in Aug 2016. Gross yield is 4.2% have increased over the last 12 months versus 3.6% in Feb 2018.

Hawthorn Avenue,

London,

Greater London,

England,

E3 5PZ

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Important Note

All information contained in this website is provided as a guideline only, is based on estimates and assumptions, may not be accurate or complete, and is subject to change. We make no representations or warranties with regards to this information, expressed or otherwise. A buyer who relies on such information does so at their own risk. Buyers are advised to seek independent financial advice and should undertake their own due diligence.

Your capital is at risk. Property values may decline and the property might not be able to be rented at amounts sufficient to cover debt interest costs, operating expenses and liabilities, and might not result in a positive cash flow. Property is an illiquid asset and should not be viewed as a short-term investment.

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