Investment Consideration:
Rental Income: £158,000 p.a.
Retail Reversion ERV: £182,500 p.a.
Potential to increase ERV to a total of £233,500 p.a. including retail reversion and residential development
VAT is applicable to this property
Comprises retail parade of 10 shops and self-contained vacant office accommodation with residential development opportunity
Total existing area: 778 sq m (8,370 sq ft)
100% Retail Occupancy. Two of the tenants have been in occupation since 1984/85
Prior approval granted for conversion of No.128A First Floor Office to 1 x 2-Bed and 1 x Studio Flats
Planning approved in September 2022 for second floor extension of No.128A to provide 1 x 2-Bed and 1 x 1-Bed Flats
Nearby occupiers include Waitrose, Greggs, Poundland, Iceland Foods, KFC and many more.
Development Opportunity:
21/01328/PACU - Prior approval granted for a change of use from offices (Use Class E) to Dwellinghouses (Use Class C3) to create two residential flats (1 x 2-Bed and 1 x Studio), providing the following accommodation and dimensions:
First Floor:
Flat 1 - 106 sq m (1,141 sq ft)
2 Bedrooms, Open plan kitchen/living room, 2 Bathrooms
Flat 2 - 71 sq m (764 sq ft)
Studio, Open plan kitchen/living room, Bathroom
22/00545/FULL - Planning approved in September 2022 for construction of additional floor containing two residential flats (1 x 1-Bed and 1 x 2-Bed) and alterations to the existing front and rear elevations at first floor level including the provision of a rear balcony
Second Floor:
Flat 3 - 93 sq m (1,001 sq ft)
2 Bedrooms, Open plan kitchen/living room, 2 Bathrooms
Flat 4 - 48 sq m (517 sq ft)
1 Bedroom, Open plan kitchen/living room, Bathroom
Location:
Billericay is situated in the South East Essex Area approximately 35 miles east of central London and 10 miles distant of the M25 and national motorway network accessed via the A127 Arterial Road which provides direct links to the A12. Billericay has a main line railway station providing services to the City. The property is located in the heart of Billericay and forms part of the popular 'The Walk' shopping parade, situated at the south end of Billericay High Street. The Walk provides a number of local retailers benefiting from good footfall due to its role as a thoroughfare to the Waitrose car park. Occupiers nearby including Waitrose, Greggs, Poundland, Iceland Foods, KFC and many more
