102 Islington High Street, Islington, London, N1 8EG

Description

A Mid Terrace Building Arranged to Provide a Vacant Lower Ground and Ground Floor Retail Unit and a First and Second Floor Flat (Sold Off on a Long Lease)

Accommodation

Lower ground floor: retail area and WC. Ground floor: retail area and WC. Total G.I.A. approximately 1,523 sq ft. First and second floor: flat (not inspected).

Location

Prominently located approximately 0.1 miles from Angel Underground Station, moments from Camden Passage and Upper Street. Nearby multiples include Boots, Waitrose and NatWest. Barnard Park is within easy reach. Transport links are provided by Angel Underground Station (Northern line) and Essex Road rail station.

Tenure / Property Information

Investment Analysis

The £490,000+ guide is supported only by historic sales evidence for nearby terraced freeholds: the latest supplied comparable completed in 2011 at £937,000, with the other sales dating from 2000–2001. These properties are not sufficiently comparable to establish a current GDV, particularly because the subject includes a vacant 1,523 sq ft retail unit and a first/second-floor flat that was not inspected and is sold off on a long lease. Current market value and GDV are therefore not reliably quantifiable from the supplied evidence.

Investment Snapshot

Strategy Recommendation

Treat as a cautious income-led commercial acquisition only if the legal pack, vacant retail inspection and independent valuation support the guide price and £69,000 rental estimate. Do not rely on a flip or BRRR strategy without current GDV and cost evidence.

Works Required

No specific defects or refurbishment requirements are evidenced. The vacant lower-ground and ground-floor retail accommodation should be inspected and assessed before bidding, including the retail areas and WCs. The upper flat was not inspected. Any works allowance, compliance requirements and fit-out costs remain unquantified.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment cannot be completed reliably because no current GDV, refurbishment budget or refinance valuation is supported by the evidence. At the guide, the property offers a vendor-estimated retail income stream, but the vacant status, long lease of the upper flat, limited valuation evidence and unknown costs create material uncertainty.

Buy-to-Let Analysis

The vendor-advised retail rental estimate is £69,000 per annum. Including the stated £150 annual ground rent, supported gross income is £69,150 per annum. This equates to approximately 14.11% gross income yield against the £490,000 guide, or approximately 14.06% against the guide plus the known £1,800 administration charge. These are headline calculations only: the retail rent is an estimate rather than passing rent, there is no sufficiently specific external rental comparable, and unknown works, voids, operating costs, finance, tax and other completion fees are excluded.

Flip Analysis

A flip surplus cannot be calculated because current GDV, refurbishment costs, selling costs and the condition of the property are not evidenced. The supplied sales are historic and do not establish a reliable resale value for this mixed retail and long-lease arrangement.

Investor Risks & Due Diligence

• The retail unit is vacant, so the £69,000 annual rent is an estimate rather than passing rent.

• No sufficiently specific external rental comparable has been identified.

• The first and second-floor flat was not inspected and is sold off on a long lease with approximately 98 years remaining.

• The supplied comparable sales are historic, with the latest dating from 2011, and do not establish current GDV.

• No condition report or refurbishment budget is supplied for the retail unit or upper flat.

• Additional legal-pack disbursements, search fees, seller costs, legal fees or transfer fees may be payable.

• The property is subject to a long lease and receives only £150 per annum ground rent from the upper flat.

Recommendation

Treat as a cautious income-led commercial acquisition only if the legal pack, vacant retail inspection and independent valuation support the guide price and £69,000 rental estimate. Do not rely on a flip or BRRR strategy without current GDV and cost evidence.

Strategy Rating

Analysis Confidence

The tenure, accommodation, guide price, administration charge, lease terms and vendor rent estimate are supplied, but current comparable evidence, external rental evidence, condition, refurbishment costs, upper-flat inspection, EPC and full completion costs are absent.