An end of terrace corner plot consisting of a shop, 2 flats and 2 garages investment.
Location
The property is located on the corner plot of an established parade of shops, within close proximity to Southend Airport, providing great transport links with a bus stop and being only 0.8 miles from Rochford train station, which is a mainline London Liverpool Street line station.
Tenure
Shop currently let on a 20 year lease at a rental of £13,200 per annum exclusive, 3-bed flat current let on an AST at £850 pcm which we feel is under market value and could achieve £950 pcm, 2-bed flat currently let on an AST at £1,200 pcm and one garage let at £200 pcm. Total current rental income of £40,200 per annum however, there is huge scope to increase that by letting the vacant garage and increasing one of the flats rents to market value, which would increase the passing rent by a further £3,600 per annum.
Premises
END OF TERRACE SHOP with fascia board, glazed frontage and single glazed entrance door leading into the premises which measures approximately 691 sq. ft. currently trading as a fish & chip shop.
3-BED MAISONETTE arranged to provide a large lounge, 3 x double bedrooms, kitchen and a bathroom.
2-BED FLAT arranged to provide lounge, kitchen, bathroom, 2 double bedrooms with the main bedroom having an ensuite bathroom and the entire flat finished to a very high specification.
TWO GARAGES one benefitting from electric door, the other being manually operated.
We feel there is also potential for the property to be converted or redeveloped subject to planning, either converting the property into an Airbnb or HMO, alternatively looking into developing the property into a block of flats.
Legal Costs
The shop is subject to a rateable value of £4,250 resulting in zero businesses rates payable, should small business rate relief apply to a tenant.
Business Rates
The shop is subject to a rateable value of £4,250 resulting in zero businesses rates payable, should small business rate relief apply to a tenant.
Disclaimer
Whilst every care is taken to ensure that these particulars are correct, accuracy is no way guaranteed and none of the information supplied forms part of any contract. Acceptance of these particulars constitutes a contract to the effect that all negotiations for the business or property will be made through Gilbert & Rose otherwise the purchaser will be equally responsible with the vendor for damages equal to the amount of our commission.
