Location & Description
The property enjoys a prominent corner position on Temple Street, overlooking the pleasant, open space of Middleton Green. Temple Street is located off the Old Bethnal Green Road (B118), between Hackney Road (A1208), Cambridge Heath Road (A107) in vibrant Bethnal Green.
Transport links include local bus routes and Bethnal Green Underground Station (Central Line) or Cambridge Heath and Bethnal Green Rail Stations (Overground). Shopping amenities, cafes, bars and restaurants are available in surrounding Spitalfields, Hoxton, Shoreditch and Mile End or nearby Columbia Road and Broadway Markets.
The property represents a rare opportunity to acquire an unbroken freehold mansion block, arranged as 24 one bed flats. Fully let, the property currently produces an annualised income of £354,252. Over the past 10 years, the current owners have undertaken approximately £275,000 of works; including security gates, flat refurbishment and security lighting.
Temple Dwellings is late Victorian block of mansion flats. The flats are accessed from communal three storey staircases and another leading to a semi-basement. They enhance the special character of the area being of a typical scale for mansion flats of this date in a semi-industrial setting. They have a strong parapet line, are constructed of traditional materials and retain many historic features and architectural details.
The property is arranged over ground and three upper floors and has a level roof area that has a high performance felt covering over an asphalt base and a balustraded parapet, which is accessed via the 3rd floor stairwell. There is a yard to the rear of the property.
Each of the flats comprises a kitchen, living room, bedroom and bathroom. Whilst they each vary slightly in size and layout, the accommodation is fairly uniform and the average size is circa 415 Sq Ft.
Each of the 24 flats are let, with 20 let by way of assured shorthold tenancies, 3 holding over on periodic tenancies and one regulated tenancy.
The current passing rent is £29,520.99 per calendar month (equivalent to £354,252 per annum) however, it is likely that a total annual rental closer to £400,000 could be achievable, as recent re-lettings have been taking place at circa £1,400 pcm.
Auction Surveyor - Andrew Brown
Contact - / EPC Rating
Please see the legal pack for the various EPC ratings
|Property Type||%||Avg. current value||Avg. # beds||Avg. # bathrooms|
|End terrace house||0.7%||£744,000||2.5||1.3|
|Property Type||1 Bed||2 Beds||3 Beds||4 Beds||5 Beds|
|Houses||£273,499 (9)||£888,526 (17)||£925,071 (14)||£1,435,909 (11)||£1,550,000 (1)|
|Flats||£443,624 (147)||£597,422 (197)||£656,303 (114)||£711,875 (8)||-|
|All||£433,809 (156)||£620,547 (214)||£685,699 (128)||£1,131,053 (19)||£1,550,000 (1)|