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Guide Price ?750,000-?800,000 Offered For Sale a Rare Opportunity to acquire a Freehold Commercial Investment consisting of a retail shop with A1 use let on a 10 year lease from Dec 2016, to Rocket Barbers. Furthermore there are four self contained flats on the ground, first, second & third floors
Offered For Sale a Rare Opportunity to acquire this Freehold Commercial Investment. The property consists of a retail shop with A1 use currently let on a 10 year lease from December 2016, to Rocket Barbers who have a number of Trendy shops located around London. Furthermore there are Four self contained flats arranged over the ground, first, second & third floors. Located on the popular and busy High Road Leyton, and just a short walk to the highly sought after Francis road area, enjoying coffee shops, restaurants and other local independent businesses. Leyton Central Line Station and Leyton Midland Station are within walking distance.
The property has been granted permission to extend to the rear and to reconfigure internally which may have the benefit of improving the income potential. We advise interested parties to check the local authority web site.
Ground Floor Rear Studio Flat: Held on an Assured Shorthold Tenancy Agreement: Since March 2013; Current rent unchanged since the start of the tenancy.
First Floor Flat One Bedroom (Front ) Held on an Assured Shorthold Tenancy Agreement: Since October 2015; Current rent unchanged since the start of the tenancy.
First Floor Rear Studio Flat: Currently VACANT .
2nd/3rd Floor split level One Bedroom Flat Held on 12 Month Assured Shorthold Tenancy Agreement: Since August 2019. ?1300 pcm
USES: A1 Barber shop with Rear Access
LEASE: Outside the Act on a 10 year lease from December 2016
RENT: ?11,000 p.a
RENT REVIEW: November 2021
BUSINESS RATES: London Borough of Waltham Forest. We advise all interested parties to make their own enquiries with the local authority.
DIMENSIONS: Approximate 272sqft/25sqm (Shop)
LEGAL COST: TBC
CURRENT ANNUAL INCOME: ?40,100
Two of the flats have not had rent reviews since 2013/2015 respectively, and are on Periodic Contracts. One of the flats is being used as storage by the Freeholder, and therefore is not presently producing an income.
Based upon current market conditions and overdue rent reviews the annual income could be in a conservative region of ?55,400 - ?57,800 which would yield a greater return on the investment than currently achieved.
(Allen Davies takes no responsibility for these figures and would recommend any interested parties carry out their own Due Diligence, based on your own assessment upon completion of a recommended site inspection)
Please note we have not tested any apparatus, fixtures, fittings, or services. Interested parties must undertake their own investigation into the working order of these items. All measurements are approximate and photographs provided for guidance only.
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