drinking establishment in E14

Flamborough Street, London, Greater London, E14 7LS

Starting Bid
£1,200,000
Time left:
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Online auction

Alternatively call 0191 580 1587 or email commercial@pattinson.co.uk

  • Rare Development Opportunity
  • Stunning Grade II Listed Pub & HMO
  • Potential Rental income of c.£90,000
  • Full Planning Granted for Further 2-Bed Flat
  • Potential Turnkey Investment

drinking establishment in E14

FOR SALE VIA ONLINE AUCTION. Terms and conditions apply.

Pattinson Auction are delighted to bring to the market a rare opportunity to purchase a Grade II listed public house situated in a fantastic location within Limehouse, London. The existing property is a substantial two-storey, end terrace public house dating back to the Late 18th/Early 19th Century and benefits from a 6-bedroom HMO and the potential for a further 2-bedroom apartment, with full planning and listed building consent. The property is of stock brick construction with a mansard slate roof, coped parapet and the 1st floor sash windows are set within shallow recessed brick arches with stone keystones.

The subject property benefits from full planning permission granted for erection of a first floor extension to create a self-contained flat where the roof terrace currently occupies. There is significant development potential on the ground floor with the option of converting the pub to further residential apartments or an alternative commercial use, subject to planning permission.

This property lends itself to both investors and developers as the property could be let as is and produce an impressive income or alternatively a developer can build on the existing property and add value almost immediately.

Please note: Pattinson Auction have not inspected this property.

Summary

  • Property Type: Drinking Establishment
  • Tenure: Leasehold
  • Parking: On Street

Location

The subject property occupies an end terrace position on the corner of Flamborough Street and Chasely Street within the Limehouse are of London. The property is opposite York Square Gardens and is situated within close proximity to a number of other local amenities.

The property is accessible via train with Limehouse station the closest a 2 minute walk away. There are also a number of bus routes which run along Commercial Road and into the City of London.

Accommodation

The subject property benefits from a ground floor public house and the first and second floors are currently used as a residential property with HMO licence.

Ground - 153.01 sq. m. (1,647 sq. ft.)
1st Floor - 74.97 sq. m. (807 sq. ft.)
2nd Floor - 56.02 sq. m. (603 sq. ft.)
Total - 284 sq. m. (3,057 sq. ft.)

Tenure

The subject property is held on a long-leasehold agreement of 125-years from June 2013 with a peppercorn rent.

Title Number: AGL288614

Business Rates

The adopted rateable value is £9,250 as of 1st April 2017. Sourced from VOA.

Energy Performance Certificate

The residential aspect of the building has an EPC rating of E.
We await copies of the EPC for the commercial aspect of the building.

Additional Information

For further information please contact our office direct on 0191-425-1507, or alternatively via e-mail on commercial@pattinson.co.uk. With regards to viewing the subject property, this is to be done strictly by appointment through Keith Pattinson Commercial department. Please contact us to arrange an internal inspection, or to register your interest.

Planning Permission

The subject property benefits from full planning permission granted for erection of a self-contained (two bedroom) flat. This would replace the existing roof terrace but would give a huge opportunity to increase either rental income or the capital value.

Reference Number: PA/20/02390/A1
Tower Hamlet Planning Portal

Planning Permission

The property benefits from full planning permission granted for erection of a first floor extension in order to create a self-contained flat.

Reference Number: PA/20/02390/A1

This property is being sold subject to unconditional reservation fee auction terms and conditions.

Timescales

Contracts will exchange immediately. There are 28 days in which to complete the purchase.

Legal Pack

A legal pack is available to download. Special conditions may apply.

We strongly recommend buyers familiarise themselves with the legal pack prior to bidding.

Deposit

In order to secure the purchase a buyer will pay a deposit of 5%  which contributes towards the overall purchase price of the property.

The deposit is non-refundable. 

Buyer Fees

This property is sold subject to a non-refundable reservation fee of 3.75% + VAT to a minimum of £5,000 + VAT (£6,000 inc VAT) This does not form part of the purchase price.

A reservation fee is payable by the buyer where a seller has opted to sell with no fees. As a result, a lower reserve price is usually agreed on lots where a reservation fee is applicable.

More Information

For more information call our auction experts on 0191 206 9335 or email auction@pattinson.co.uk

ONLINE AUCTION NOTICE

I hereby acknowledge and confirm the following:  

My bid may be accepted by the seller at any time before the close of the auction.  It is subject to the terms and conditions of the auction which I have read and understood. I have read and understood the legal pack applicable to my bid/lot and agree to be bound by any special conditions within that pack. If my bid is successful (whether as the highest bid or upon acceptance by the seller in the course of the auction) I shall be bound by the lot terms and conditions as advertised online.  

At the point of registration, you will be required to insert credit or debit card details as a way of payment towards the deposit and or reservation fee. We will only hold a nominal amount (which will be stated at the point of bidding) to enable you to bid. This amount will only be debited from your account should you be the successful bidder, in the event you are unsuccessful the agreed amount will be released back to your card within three business days.  If you are the successful bidder we will debit the agreed amount from your account immediately at the close of the auction, we will then contact you to confirm the outstanding balance (if applicable) at which point you can opt to use the same card.  Any amount payable at the close of the auction must be paid within 1 hour.   

Please note that the bidding process will work in a different way to an eBay auction, so there is NO advantage to bidding at the last second. 

Each auction will automatically stay open until there has not been a bid for 10 minutes. After 10 minutes without a bid, the auction will close and the highest bidder will be successful subject to the reserve price being met or upon acceptance of an offer by the seller throughout the auction cycle. If there is another bid within 10 minutes of the last bid, the auction countdown timer will be restarted for another 10 minutes to allow further bidding. This system avoids last minute (or second) bidding and makes for a fairer auction as in a live room auction situation. 

Please bid in good time before the end of the auction, delaying your bid to the last seconds may disadvantage you if your connection slows or you lose internet connectivity. It is the bidder's responsibility to ensure the bid has been lodged with the auctioneer. The auctioneer accepts no responsibility for bids that are not received or are received late and reserves the right to reject any bid without notice. 

Minimum online bidding increments: 
Up to £50,000 - £250 minimum bid 
£50,001 to £150,000 - £500 minimum bid 
£150,001 to £250,000 - £1,000 minimum bid 
£250,001 to £1 million - £2,000 minimum bid 
£1 million+ -  £2,500 minimum bid 

Please note this bidding process applies specifically to online auctions. 

There is no legal pack for this property.