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COMMERCIAL

Rayleigh Road, Leigh-On-Sea, Essex, SS9

Offers in Excess of
£1,850,000
Ayers & Cruiks, Southend - Commercial
PROPERTY TYPE

Residential Development

SIZE

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Key features

  • Renovated/converted existing building and new build
  • Two retail unit + 10 one bedroom flats + one large two bedroom flat
  • Offers in excess of £1,850,000

Description

DESCRIPTION AND LOCATION

This primarily residential investment has been developed over the years comprising of both a renovated/converted existing building and a new build. The original building accommodates two retail units, one of which is let to a florist and the other a barbers albeit this unit is vacant at present, but is due to be let imminently. The development comprises ten x one bedroom flats and one large two bedroom flat in 588 Rayleigh Road. The property is on the northern side of Rayleigh Road, close to the junction with Progress Road. The surrounding area is made up of residential properties with various retail parades providing a convenient location with units that readily let when vacated. The site originally received planning permission for conversion of the single family dwelling into four self-contained dwellings in 2014. The application and planning was dealt with by BGA Architects of Leigh-on-Sea on Tel: 01702 471057.

ACCOMMODATION

RETAIL RENT
586 Rayleigh Road, Eastwood
Let for a term of 3 years from 1st April 2015. Currently trading as a Florist and Suit Hire. £10,500 pax
588 Rayleigh Road, Eastwood
Shop previously let as a Barbers, and fully fitted. The property is currently on the market with various interested parties. Estimated Rental Value
£10,500 pax
FLATS RENT
586a Rayleigh Road, Eastwood
Let on a one year AST, expiring on the 18th May 2016.
£850 pcm
586b Rayleigh Road, Eastwood
Let on a one year AST, expiring in May 2017
£950 pcm
588 Rayleigh Road, Eastwood
Flat 1 - Currently let on an AST expiring on 1st May 2016.
£795 pcm
Flat 2 - Currently let on an AST expiring on 24th February 2017. £795 pcm
Flat 3 - Currently let on an AST expiring on 31st October 2016. £795 pcm
Flat 4 - Currently let on an AST expiring on 9th March 2017. £775 pcm
Flat 5 - Currently let on an AST expiring on 5th March 2017. We are advised that this is a two bed flat with the current occupants using the lounge and dining room as bedrooms, giving some idea of the size of this unit.
£1,000 pcm
590 Rayleigh Road, Eastwood
Flat 1 - Currently let on an AST expiring on 22nd January 2017
£795 pcm
Flat 2 - Currently let on an AST expiring on 26th January 2017 £795 pcm
Flat 3 - Currently let on an AST expiring on 31st January 2017 £775 pcm
Flat 4 - Currently let on an AST expiring on 31st January 2017 £795 pcm

Current rental income: £119,940
Prospects of increasing the current rent to £126,990, once the vacant units are let.

PLANNING

The development received planning for the eleven flats and two shops under Planning Reference Nos. 14/01515/FUL and 13/00838/4.

We understand that the Florist shop at 586 Rayleigh Road has the benefit of planning permission for conversation to a two bed residential unit.

This planning runs until 2018.

Our clients are seeking to sell this Freehold development, subject to the existing leases and Assured Shorthold Tenancy Agreements.

PRICE

Offers in excess of £1,850,000.

VIEWING

Strictly by prior appointment via vendors sole appointed agents:

Ayers & Cruiks
01702 343060

Rayleigh Road, Leigh-On-Sea, Essex, SS9

Approximate location

NEAREST STATIONS

Distances are straight line measurements from the centre of the postcode
  • Rayleigh Station1.9 miles
  • Leigh-on-Sea Station2.3 miles
  • Hockley Station2.3 miles

About the agent

Ayers & Cruiks, Southend - Commercial

86-88 Baxter Avenue, Southend-On-Sea, SS2 6HZ

Ayers & Cruiks, Southend - Commercial

Established in 1997 Ayers & Cruiks have grown to become the areas largest firms of Residential and Commercial Property Managers, Chartered Surveyors and Commercial Estate Agents. We manage a large portfolio of residential flats and houses situated throughout the South East of Essex priding ourselves on client service and professional advice.

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Notes

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Disclaimer - Property reference 586-588-590RayleighRoad. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Ayers & Cruiks, Southend - Commercial. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.

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