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London RM1 - Freehold Retail & Office Investment with Future Development Potential

Guide price: £450,000.00|1,496 Sq Ft|Office, Offices, Retail, General Retail, Retail - High Street

Property details

SIZE1,496 Sq Ft
ADDRESS136 South Street, Romford, Greater London, RM1 1TE
TYPEOffice, Offices, Retail, General Retail, Retail - High Street
TENUREUnder Offer
POSTED ON22nd November 2023

Description

Investment Consideration:
Gross Initial Yield: 4.91%
Rental Income: £22,100 p.a.
Retail shop under rented. Total ERV: £31,100 p.a. GIY: 6.91%
VAT is applicable to this property. TOGC available.
Comprises ground floor retail shop with self-contained offices at first and second floor
Residential development potential of the upper floors, subject to vacant possession and planning
Located next to Romford Train Station which provides direct services to London Liverpool Street in 30 mins. Occupiers close by include Lidl, Fitness First and McDonalds, amongst many more.

Property Description:
Comprises ground floor shop t/a amusement arcade with self-contained office accommodation at first and second floor, accessed from the rear, providing the following accommodation and dimensions:
Ground Floor Shop: 48 sq m (516 sq ft)
Open plan retail, Kitchenette, Storage, WC
First and Second Floor Offices: 91 sq m (980 sq ft)
Reception, Open plan office, WCs

Tenancy:
The retail shop is at present let to an Individual for a term of 5 years from 25th December 2019 at a current rent of £13,000 p.a. and the lease contains full repairing and insuring covenants. Tenant in occupation since 2009. Asset management opportunity. ERV £22,000 p.a.*
The office is at present let to First Call Contract Services Ltd for a term of 5 years from 25th March 2022 at a current rent of £9,100 p.a. and the lease contains full repairing and insuring covenants. Mutual option to determine on 24th March 2024 with minimum 3 month`s notice (due by 24.12.23). Tenant in occupation since 2019.
*Retail shop current rent at £25.19 per sq ft. Nearby rental comparables:
Let in 2023:
No. 144 South Street (543 sq ft) currently let at £21,000 p.a. (£38.67 per sq ft)
No. 148 South Street (1,128 sq ft) currently let at £40,000 p.a. (£35.46 per sq ft)
No. 6 Atlanta Boulevard (291 sq ft) currently let at £13,000 p.a. (£44.67 per sq ft)
Let in 2021:
No. 4 Atlanta Boulevard (301 sq ft) currently let at £11,000 p.a. (£36.54 per sq ft)

Location:
Romford is a large town in East London and the administrative centre of the London Borough of Havering. It is located 14.1 miles northeast of Charing Cross and is one of the major metropolitan centres identified in the London Plan. The property is located next to Romford Train Station which provides direct services to London Liverpool Street in 30 mins. Occupiers close by include Lidl, Fitness First, McDonalds, and Estate Agents, amongst many more.

Location

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Location: 136 South Street, Romford, Greater London, RM1 1TE

Elm Park (2.1 miles)

Hornchurch (2.4 miles)

Dagenham East (2.4 miles)

Romford (0.3 miles)

Gidea Park (1.3 miles)

Emerson Park (1.8 miles)

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