Fully let shop and two-bedroom flat producing rental income from both commercial and residential accommodation.
Location
On the A12, about 1 km east of Newbury Park station.
A12 Eastern Avenue – Main road frontage.
Newbury Park Station – Central line – Zone 4.
East London / Essex – Established commercial and residential area.
Accommodation
Ground Floor – Commercial Shop – approx. 642 sq ft (59.6 sq m)
EPC C (62)
First Floor – Two-Bedroom Flat
EPC E (50)
Flat room sizes (approximate)
Living room / kitchen diner – 12'0" x 12'4"
Bedroom 1 – 12'6" x 11'5"
Bedroom 2 – 9'10" x 6'11"
Terms
Guide Price: £570,000.
Tenure: Freehold, subject to the existing commercial and residential tenancy agreements.
Tenancies: Ground Floor – Asian Funeral Ilford (Funeral Directors). Gross monthly rent £2,300; gross annual rent £27,600. Commercial lease: 10 years, approximately 9 years remaining.
First floor flat – monthly rent £1,350; annual rent £16,200. Five-year guaranteed rental agreement, approximately 3½ years remaining.
Total gross rental income £43,800 per year. Gross initial yield 7.68%.
VAT: No VAT applicable to the purchase price, as advised by the seller.
Energy Performance: Commercial premises: EPC C (62). Residential flat: EPC E (50). Copies of both certificates available upon request.
Holding Deposit: A holding deposit of £5,000 is payable once terms are agreed. This is non-refundable except where the seller withdraws, clear title cannot be established, or the purchaser's AML/credit checks are unacceptable, subject to the agreed deposit terms. The deposit will be held in the agent's client account pending completion.
Legal Information: The commercial lease and residential rental agreement will be available for inspection during the legal process. Purchasers should make their own enquiries through their solicitors.
Specification
- Freehold investment – own the shop and two-bedroom flat
- Fully let – rental income from both properties
- Established commercial occupier – Asian Funeral Ilford, trading as funeral directors
- Parking & garage – rear garage and two parking spaces