Investment Consideration:
Gross Initial Yield: 5.00%
Rental Income: £71,540 p.a.
VAT is NOT applicable to this property
Comprises Retail Shop, 2-Bed Flat, 1-Bed Flat and a Studio Flat arranged over Ground, Basement, First and Second floors
New appliances installed in all flats in 2022. Flat 2 refurbished in 2022.
Property benefits from rear yard off-street car parking for approx two vehicles
Potential to extend at rear, subject to obtaining the necessary consents.
Total area size of 390 sq m (4,199 sq ft)
Located within 0.3 miles to Ilford train station
Nearby occupiers include Greggs, Sainsburys, KFC, Argos, Santander and many more
Property Description:
The property comprises ground floor retail shop with basement storage, 2-bed maisonette, 1-bed flat and a studio flat arranged over first and second floors. The property has a main frontage to the High Road, with separate access to the residential accommodation at the rear via Havelock Street. Externally, the property has a rear yard where there is off-street car parking for approximately two vehicles. Potential to extend at rear, subject to obtaining the necessary consents.
The property provides the following accommodation and dimensions:
Ground Floor/Basement: Shop 246 sq m (2,648 sq ft)
Retail Area, Reception, Storage, Kitchenette, WC
First/Second Floor: Flat 1 64 sq m (689 sq ft)
2 Bedrooms, Open plan kitchen/living room, Bathroom/WC
First Floor: Studio Flat 2 36 sq m (388 sq ft)
Double bed, Kitchenette, Bathroom/WC
Second Floor: Flat 3 44 sq m (474 sq ft)
1 Bedroom, Open plan kitchen/living room, Bathroom/WC
Total area size: 390 sq m (4,199 sq ft)
Tenancy:
The ground floor shop is at present let to Harvey & Thompson Limited for a term of 15 years from 19th October 2012 at a current rent of £35,000 per annum and the lease contains full repairing and insuring covenants. No breaks.
Flat 1 is at present let on AST to an Individuals for a term of 12 Months from 9th April 2022 at a current rent of £15,600 per annum.
Flat 2 is at present let on AST to an Individuals for a term of 6 Months from 24th April 2021 at a current rent of £9,900 per annum. Deposit held of £825 (1 month).
Flat 3 is at present let on AST to an Individuals for a term of 4 Months from 2nd March 2020 at a current rent of £11,040 per annum. Deposit held of £920 (1 month).
Location:
Ilford is a large town in east London, England, located in the ceremonial county of Greater London and the historic county of Essex. Identified as a metropolitan centre in the London Plan, Ilford is classed as a significant commercial and retail centre for the wider south east of England. The Property is situated on the High Road approximately 150 metres to The Exchange Mall shopping centre and 0.3 miles from Ilford Railway Station, which provides connections to London Liverpool Street, Shenfield and Stratford. Occupiers nearby include Greggs, Sainsburys, KFC, Argos, Santander and many more.
