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  • Refurbish/Develop

    Property Available to Let on Short Lease - LB Redbridge

    Just received this email from LB Redbridge Estates - feel free to take a look if interested.
    Subject to Contract
    Dear Sir/Madam,
    Further to your previous expressions of interest in premises available for disposal or lease, I write to advise you that the Council is considering the short-term letting of a large, isolated, detached residential property in the northwest part of the borough.
    The property is in need of complete refurbishment and the Council is considering the grant of a five or seven year lease, which will be contracted out of Sections 24-28 of the Landlord and Tenant Act 1954. The ingoing party will be required to undertake refurbishment at their own cost, on the basis of an agreed minimum specification. It is considered that a spend in the order of some £50,000 to £60,000 should be allocated for the works, depending on finishes and final specification. Following refurbishment, the property could provide three or four letting rooms, subject to all consents. The Council will be recommended to permit the successful lessee to sublet and will be seeking a rent in the region of £1,000 per annum exclusive (one thousand pounds per annum or other offers).
    Should this property be of interest to you, detailed marketing particulars are available from our agent, Mike Craig and his contact details are:-
    Mr Mike Craig
    The Spencer Craig Partnership Ltd
    Fiscal House, 76 Station Way,
    Buckhurst Hill, Essex IG9 6LL
    0208 498 9292 mike@spencercraig.com
    Please note that all offers and further enquiries should be made through the agent rather than the Council. In common with other commercial property offerings, all matters are at your own risk and cost and expenditure is usually required while working up a scheme of this type. There is no guarantee that you will be selected as the successful party and this is a competitive process. The property will not be let on a first come, first served, basis, nor does the Council bind itself to accept the highest or any offer .
    You may need to seek advice from external advisers on property matters if any aspects are unclear. The Council is not able to offer advice to applicants in connection with this letting. Please do not respond to this email - you should contact the agents noted above for further details.
    Simon Coussell
    Senior Commercial Surveyor
    Property Services
    London Borough of Redbridge
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    Thanks for sharing the details Su.
    To all,
    Many elements of the owner's offer match what investors are looking for when trying to set up a lease option deal.
    If the government is doing it then a lease option structure is not all that novel or new. Granted there is no option to buy involved. Options can be used for more than just buying a property. An option to extend the lease would be another usage.
    John Corey
    https://www.ChelseaPrivateEquity.com/blog
    Follow me on Twitter -> https://www.twitter.com/john_corey
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    John Corey 


    I host the London Real Estate Meet on the 2nd Tuesday of every month since 2005. If you have never been before, email me for the 'new visitor' link.

    PropertyFortress.com/Events

    Also happy to chat on the phone. Pay It Forward; my way of giving back through sharing. Click on the link: PropertyFortress.com/Ask-John to book a time. I will call you at the time you selected. Nothing to buy. Just be prepared with your questions so we can use the 20 minutes wisely.