Based in a popular North London borough, this property consisted on three commercial units on the ground floor with numerous residential flats above.
Two of the commercial units were let on full repairing and insuring (FRI) leases with the flats above 100% occupied on assured shorthold tenancies (ASTs).
Straight away, we secured the rental income and made enquiries with the previously instructed agent to establish interest in the vacant commercial unit.
A joint agent was instructed to appraise the property and shortly after terms were agreed for a lease of the vacant unit, bringing the property to full occupancy.
Once the appraisals were received, a disposal strategy was agreed the joint agents were instructed to sell by private treaty.
Given the location, occupancy level and passing rent, interest levels were high with various offers received, leading to a deadline set for best and final bids.
A sale was agreed in excess of expectations, with completion resulting in a sizeable surplus being returned to the borrower after the lender had been repaid in full.