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Apartment / Flat
3
1
1038 sqf/96 sqm
Guide Price £800,000
Set on the 3rd floor of an attractive mansion building next to Shaftesbury Theatre, this spacious three double bedroom apartment is full of character, with large period-style windows and high ceilings creating a wonderfully bright and welcoming feel. The property offers generous proportions and plenty of natural light, making it an appealing central London home as well as a strong investment opportunity.
Currently let at approximately £50,000 per annum, there is also significant potential to add further value by extending the existing lease, creating an excellent opportunity for future capital growth. This is a very rare turn-key investment within a much sought after part of the West End theatre district. The apartment has a compliant HMO license.
Our client has commissioned an independent valuation, which places the apartment’s value at £1,125,000 assuming an extended lease. The estimated cost of extending the existing lease is £203,091, plus associated professional and legal fees.
However, the forthcoming implementation of the Leasehold and Freehold Reform Act 2024 is expected to remove marriage value from lease extension calculations. Depending on the final regulations and when the reforms come into force, a purchaser may therefore benefit from a significantly reduced lease extension premium.
This property is for sale by Modern Method of Auction allowing the buyer and seller to complete within a 56 day reservation period. Interested parties personal data will be shared with the Auctioneer (Iamsold Ltd).
If considering a mortgage, inspect and consider the property carefully with your lender before bidding. A Buyer Information Pack is provided. The buyer will pay £360 incl VAT for this pack which you must view before bidding (only the successful bidder pays for the pack).
The buyer signs a Reservation Agreement and makes a payment of a Non-Refundable Reservation Fee of 4.5% of the purchase price, including VAT, subject to a minimum fee of £9,600 inc VAT. This fee is paid to reserve the property to the buyer during the Reservation Period and is paid in addition to the purchase price. The fee is considered within calculations for stamp duty.
Services may be recommended by the Agent / Auctioneer in which they will receive payment from the service provider if the service is taken. Payment varies but will be no more than £450. These services are optional.
Situation
Grape Street is a short, narrow road which runs north off High Holborn in the heart of the West End, adjacent to Shaftsbury Avenue and close to Covent Garden and The British Museum. This is a busy and vibrant location known for a wide range of bars, restaurants, shops and theatres, within walking distance of Holborn (Central line) and Tottenham Court Road (Elizabeth, Central and Northern lines) underground stations.
Property Ref Number:
HAM-67778Additional Information
This property is for sale by Modern Method of Auction allowing the buyer and seller to complete within a 56 day reservation period. Interested parties personal data will be shared with the Auctioneer (Iamsold Ltd).
If considering a mortgage, inspect and consider the property carefully with your lender before bidding. A Buyer Information Pack is provided. The buyer will pay £360 incl VAT for this pack which you must view before bidding (only the successful bidder pays for the pack).
The buyer signs a Reservation Agreement and makes a payment of a Non-Refundable Reservation Fee of 4.5% of the purchase price, including VAT, subject to a minimum fee of £9,600 inc VAT. This fee is paid to reserve the property to the buyer during the Reservation Period and is paid in addition to the purchase price. The fee is considered within calculations for stamp duty.
Services may be recommended by the Agent / Auctioneer in which they will receive payment from the service provider if the service is taken. Payment varies but will be no more than £450. These services are optional.
These results are for a repayment mortgage and are only intended as a guide. Make sure you obtain accurate figures from your lender before committing to any mortgage.
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