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The property comprises a north lit industrial unit of steel frame construction with brick and sheet steel external cladding under an asbestos sheet roof. The property is believed to be approximately 80 years old with a more modern frontage to the main yard.
At the time of the inspection the property had been split in two and both units were let on a casual basis at rentals in the region of £15,000 per annum.
The Unit 1a comprises a ground floor area with offices which are located directly over Unit 1a and are in the process of conversion to residential accommodation and these works are approx., 50% completed. The valuers expect the value to increase with the benefit of an appropriate consent. For purposes of this valuation the valuers have ignored the potential residential value and have applied a rate to this space assuming it is still office accommodation.
The property has the benefit of 2 parking spaces to the front of the building. Both units have roller shutter doors, Unit 1a has the benefit of staff toilets however Unit 1b does not have staff toilets and we are advised that a separate toilet will be constructed for the benefit of Unit 1b.
The property is situated in an area that is predominately commercial in nature, although on the opposite side of the road there are substantial ‘fields’. Further to the south the area becomes more residential in nature. To the north it connects directly onto the A406 North Circular Road hence providing significant access opportunities to the rest of north London and eventually the motorway networks both to the east and west.
The borrower intends to repay the loan by refinancing.