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Shop for sale

High Street, Epping, Essex

Sold STC £600,000

Property Description

Key features

  • Development opportunity (STPP)
  • Rear parking included
  • Freehold investment
  • Retail & Offices

Full description

** FREEHOLD INVESTMENT FOR SALE ** - The premises are situated on Epping High Street, opposite the Tesco supermarket. Epping High Street is home to a number of restaurants, cafes, banks and multiple retailers such as Marks & Spencer, Boots, Costa Coffee and Next. Comprising a mixed use commercial building which may be suitable for redevelopment or change of use, subject to obtaining the appropriate consents. On the ground floor is a retail unit of approx 742 sq ft (68.9 sq m) currently trading as a florist and above the shop is a self-contained 2-storey office of 1,458 sq ft (135.4 sq m) which is currently let to a car leasing company. Please call CLARKE HILLYER on 020 8501 9220 for further information.

Location - The premises are situated on Epping High Street, opposite the Tesco supermarket. Epping High Street is home to a number of restaurants, cafes, banks and multiple retailers such as Marks & Spencer, Boots, Costa Coffee and Next. There is public car parking on the street, as well as local authority car parking to the rear of the High Street. Epping Station is on the Central Line, which provides a regular service to Central London. Access to the motorway network is via Junction 7 of the M11 at Harlow or via Junction 26 of the M25 at Waltham Abbey.

Description - Comprising a mixed use commercial building which may be suitable for redevelopment or change of use, subject to obtaining the appropriate consents. On the ground floor is a retail unit of approximately 742 sq ft (68.9 sq m) currently trading as a florist which has kitchen and toilet facilities at the rear. Above the shop is a self-contained 2-storey office which is currently let to a car leasing company. The offices have an area of 1,458 sq ft (135.4 sq m) when measured on the basis of IPMS I (offices). At the rear of the property is a car park and within this,1 space is allocated to the shop and 2 spaces are allocated to the office.

Leases - 78 High Street (the offices): Let on a 5 year lease from April 2014 at a rent of £9,500 per annum. The tenants also pay an annual contribution of £1,500 towards external repairs.
80 High Street (the shop): Let on a 4 year lease from March 2010 at a rent of £12,000 per annum. The tenant is currently holding over. Subject to a detailed review of evidence a new rent in the region of £17,000 per annum may be achievable. In addition, the rent review from March 2012 has not been implemented.

Terms - The freehold interest, subject to the existing leases, is available, with offers sought in excess of £600,000.

Business Rates - Epping Forest District Council have informed us of the following:

78 High Street:
2010 Rateable Value: £9,400
2016/17 UBR: 0.484 P/£
2016/17 Rates Payable: £4,549.60
Draft Valuation: £9,400

80 High Street:
2010 Rateable Value: £14,750
2016/17 UBR: 0.484 P/£
2016/17 Rates Payable: £7,139
Draft 2017 Rateable Value: £17,250

All interested parties are advised to verify these figures with the local rating authority.

Legal Costs - Each party is to be responsible for their own legal costs.

Viewings - Strictly through sole agents Clarke Hillyer on 020 8501 9220.

Epc - The offices have an EPC rating of D. An EPC has been requested for the shop and will be available in due course.

Whilst we at Clarke Hillyer endeavour to ensure the accuracy of property details produced and displayed, we have not tested any apparatus, equipment, fixtures and fittings or services so cannot verify that they are connected, in working order or fit for purpose. Neither have we had sight of the legal documents to verify the Freehold or Leasehold status of the property. Please be advised that any plans provided are to indicate the layout of the property, are not to scale and for guidance purposes only. Any interested parties are advised to obtain verification from their solicitor or surveyor.


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