The property is arranged on ground and three upper floors to provide three ground floor retail units, one of which is a double unit, and twenty four self-contained flats sold off on long leases. In addition, there is a large gated car park to the rear.
Location
Ilford is located in the London Borough of Redbridge, which is situated 8 miles east of the City of London, bordering Waltham Forest to the west and Havering to the east. There are good transport links with the A406 (North Circular) approximately 1 mile to the east and A13 to the south. The property is situated in a prominent corner position on Green Lane (A1083) at its junction with Goodmayes Road, close to the rail station. Occupiers close by include a number of local traders.
Accommodation
Unit 1
2 Car Parking Spaces Currently Solicitors Office Gross Frontage 6.70 m (21’ 11”) Net Frontage 5.60 m (18’ 5”) Shop Depth 12.35 m (40’ 6”) Built Depth 15.95 m (52’ 4”)
£17,000 per annum - 15yrs lease from 12/04/2015, Rent Review every 5yrs & FR & I.
Unit 2
2 Car Parking Spaces Currently trading as Estate Agent Gross Frontage 6.30 m(20’8”) Net Frontage 5.60 m (18’ 5”) Shop Depth 13.45 m (44’ 2”) Built Depth 15.95 m (52’ 4”)
£17,000 per annum - 15yrs lease from 01/06/2015, Rent Review every 3yrs & FR & I.
Units 3 & 4
4 Car Parking Spaces Currently trading Convenience Store Gross Frontage (Inc. Splay) 14.40 m (47’ 3”) Net Frontage (Inc. Splay) 13.35 m (43’ 9”) Return Window Frontage 7.85 m (25’ 9”) Shop Depth 11.80 m (38’ 8”) Built Depth 14.10 m (46’ 3”)
£29,500 per annum - 15yrs lease from 23/07/2016, Rent Review every 5yrs.
Flats
Flats Various Individuals Twenty Four Flats Held on 24 individual 125 year leases from 24.07.2007 £4,800 p.a. (£200 p.a. x 24)
Terms
Income - £68,300 per annum
Tenure - Freehold Investment
Local Authority - Redbridge
Legal Cost - To be confirmed
Holding Deposit - A holding deposit will be required to secure the property the deposit will buy a period of exclusivity and will be held in the London Properties client account.
Agent Note - Potential to development in the rear car park subject to planning permission.