44 Victoria Road, Romford, London, RM1

Investment Consideration:
Gross Initial Yield: 6.31%
Rental Income: £86,700 p.a.
VAT is NOT applicable to this property
Comprises 1 x Retail Shop and 3 x 2-Bed Flats, newly converted/extended in 2022
Located within 0.1 mile from Romford Train Station with occupiers close by including Lidl, Fitness First, Pizza Go Go and Dixy Chicken, amongst many more.

Property Description:
The property comprises newly converted/extended mixed-use block of retail shop and 3 self-contained residential dwellings, providing the following accommodation and dimensions:

Ground Floor:
Retail Shop - 59.00 sq m (624 sq ft)
Open plan retail, Storage, WC, 2 Parking Spaces
Flat 1 - 97.36 sq m (1,048 sq ft)
2 Bedrooms, Kitchen/Living Room, 2 Bathrooms, Garden

Ground/First Floor:
Flat 2 - 98.94 sq m (1,064 sq ft)
Ground Floor: Kitchen/Living Room, WC, Garden
First Floor: 2 Bedrooms, 2 Bathrooms

First Floor:
Flat 3 - 65.30 sq m (703 sq ft)
2 Bedrooms, Kitchen/Living Room, 2 Bathrooms, Garden

Total residential area: 261.60 sq m (2,815 sq ft)
Total retail area: 59.00 sq m (624 sq ft)

Tenancy:
The retail shop is at present let to an Individual for a term of 10 years from 25th May 2022 at a current rent of £21,000* per annum and the lease contains full repairing and insuring covenants. Upward only rent review in May 2027. Mutual option to determine in May 2027 with minimum 6 month`s notice. Deposit held of £5,250.
*Note - Tenant pays £18,000 p.a. for the shop and £3,000 p.a. for 2 parking spaces at front

Flat 1 is at present let on AST to an Individual for a term of 12 Months from 5th January 2023 at a current rent of £22,200 p.a. Deposit held of £1,850.
Flat 2 is at present let on AST to an Individual for a term of 12 Months from 30th September 2022 at a current rent of £22,200 p.a. Deposit held of £1,850.
Flat 3 is at present let on AST to an Individual for a term of 12 Months from 31st October 2022 at a current rent of £21,300 p.a. Deposit held of £2,048. The rental amount includes 1 parking space at front.

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 within 0.1 mile from Romford Train Station. Occupiers close by include Lidl, Fitness First, Pizza Go Go and Dixy Chicken, amongst many more.