Palace Gates Mews, London, N8 7PN

For Sale £1,950,000

Palace Gates Mews was originally constructed as 7 commercial live/work units in the 1990's with associated central parking. We are selling the freehold of the site and the adjoining development of Audora Court. Audora Court produces an annual ground rent of £100 per annum. Palace Gates Mews is as follows. Units 1 & 2 sold on a virtual freehold basis, originally 999 years at a ground rent of £100 per unit per year including 3 parking spaces. They contribute to insurance and maintenance. Unit 3 - sold off on a virtual freehold basis (999 years) £100 ground rent and contributions towards insurance and maintenance. Unit 4 - sold on a long lease to the vendor in an individual name. The unit has been converted into 3 flats. 4a ground floor, approx. 33 sq.m. currently let at £11,775 per annum. 4b first floor 33 sq.m approx. currently let at £12,075 per annum. 4c is a larger flat over 2nd and 3rd floors approx. 45 sq.m, currently let at £15,050 per annum. Unit 4 benefits from 2 parking spaces. Unit 5 - This unit is again developed to mirror unit 4 although the rental income is:- 5a - £10,800 pa. 5b - £11,850 pa. 5c - £15,512.87 pa Unit 6 - Flat A and B are sold off on long leases of 125 years. They pay a service charge and have the parking within the undercroft. 6c is a flat of 28 sq.m. approx. producing £8,891.89 pa. Thus the investment income equates to approximately £86,000 per annum