SOLD STC
Queens Road, Buckhurst Hill, Essex, IG9
Offers in Region of
£1,400,000
Business rates & charges may apply
- SIZE
Ask agent
- SECTOR
Commercial property for sale
- USE CLASSUse class orders: A1 Shops and Class E
A1, E
Key features
- Fully Income producing.
- Short walk from Buckhurst Hill (Central Line) Station.
- Rare freehold opportunity.
- *Conversion opportunity of the 1st floor office to residential use.
Description
LOCATION:
The property is located midway along Queens Road which is the principal shopping destination for the residents of Buckhurst Hill. Queens Road is synonymous with independent eateries, fashion shops & beauticians. There are numerous parking bays as well as additional parking which is available in a Waitrose Supermarket at the bottom end of the road, close to Buckhurst Hill (Central Line Station) underground station.
ACCOMMODATION:
Comprising a mixed use commercial & residential investment opportunity, comprising 2 self-contained first floor flats, vacant first floor office & 3 lock-up shops.
TENANCIES AND INCOMES DERIVED:
Commercial
75 Queens Road - Trading as Alecco (Italian Restaurant) - Let on a 20-year FRI lease from 2nd November 2018, subject to 5 yearly upward only rent reviews at a passing rent of £22,500pax. We understand the Lease is contracted inside the Landlord & Tenant Act. The floor area is 667sq ft (61.9sq m).
75a Queens Road - Let upon an Assignment dated 16th October 2024 to My Cook Global Limited with a personal guarantee. The lease term is 15 years from 1st September 2023 subject to 5 yearly upward only rent reviews at a passing rent of £15,000pax. There is a tenant only option to break on 1st September 2028 subject to serving 6 months prior written notice. We understand the Lease is contracted outside the provisions of the Landlord & Tenant Act. The floor area is approx 630sq ft (58.5sq m).
77 Queens Road - Trading as a gent's barbers - Let on a 15 year FRI Lease from 11th April 2024 subject to 5 yearly upward only rent reviews at a passing rent of £17,000pax. We understand the Lease is contracted inside the Landlord & Tenant Act. The floor area is approx 570sq ft (52.95sq m).
77a Queens Road - 1st floor office - Currently vacant. The floor area extends to approx 471sq ft (43.75sq m) & would lend itself to conversion to a 1 bed flat.
All measurements are approximate & in some instances, taken from the VOA website.
The current income from the shops is therefore £54,500pax
Residential:
75b (1 bedroom) - Let on a 6 month AST from 09/12/2023, producing 1,125pcm - £13,500pa.
75c (2 bedroom) - Let on a 12 month AST from 2nd September 2024 producing an income of £1,600pcm - £19,200pa.
The current income from the residential is £32,700pa with scope to increase by £12,000pa to £15,000pa depending on the future use of the 1st floor office.
The current overall income is therefore £87,200pa with scope to increase to between £100,700 & £103,700pa.
FUTURE DEVELOPMENT:
Subject to obtaining any consents which may be required, the 1st floor office provides potential to convert to a 1 bedroom flat.
TENURE:
Freehold
PRICE:
Offers are invited in the region of £1.4 Million Pounds (One Million, Four Hundred Thousand Pounds). to include the benefit of the existing tenancies & incomes. We understand VAT is not applicable.
Please note the properties may also be available individually, details are available on request.
ADMINISTRATIVE FEE:
Upon terms being agreed and prior to Solicitor's being instructed, prospective tenant or purchaser is to pay an administrative fee of £500 plus VAT to Bennett Phillips Luton. This fee will cover all associated administrative costs including any referencing fees incurred. In the event that the Landlord or Vendor withdraws from the transaction once solicitors are instructed, 50% of the fee will be refunded.
LEGAL COSTS:
Each party are to be responsible for their own legal costs.
POSSESSION:
Upon completion of legal formalities if applicable.
The property is located midway along Queens Road which is the principal shopping destination for the residents of Buckhurst Hill. Queens Road is synonymous with independent eateries, fashion shops & beauticians. There are numerous parking bays as well as additional parking which is available in a Waitrose Supermarket at the bottom end of the road, close to Buckhurst Hill (Central Line Station) underground station.
ACCOMMODATION:
Comprising a mixed use commercial & residential investment opportunity, comprising 2 self-contained first floor flats, vacant first floor office & 3 lock-up shops.
TENANCIES AND INCOMES DERIVED:
Commercial
75 Queens Road - Trading as Alecco (Italian Restaurant) - Let on a 20-year FRI lease from 2nd November 2018, subject to 5 yearly upward only rent reviews at a passing rent of £22,500pax. We understand the Lease is contracted inside the Landlord & Tenant Act. The floor area is 667sq ft (61.9sq m).
75a Queens Road - Let upon an Assignment dated 16th October 2024 to My Cook Global Limited with a personal guarantee. The lease term is 15 years from 1st September 2023 subject to 5 yearly upward only rent reviews at a passing rent of £15,000pax. There is a tenant only option to break on 1st September 2028 subject to serving 6 months prior written notice. We understand the Lease is contracted outside the provisions of the Landlord & Tenant Act. The floor area is approx 630sq ft (58.5sq m).
77 Queens Road - Trading as a gent's barbers - Let on a 15 year FRI Lease from 11th April 2024 subject to 5 yearly upward only rent reviews at a passing rent of £17,000pax. We understand the Lease is contracted inside the Landlord & Tenant Act. The floor area is approx 570sq ft (52.95sq m).
77a Queens Road - 1st floor office - Currently vacant. The floor area extends to approx 471sq ft (43.75sq m) & would lend itself to conversion to a 1 bed flat.
All measurements are approximate & in some instances, taken from the VOA website.
The current income from the shops is therefore £54,500pax
Residential:
75b (1 bedroom) - Let on a 6 month AST from 09/12/2023, producing 1,125pcm - £13,500pa.
75c (2 bedroom) - Let on a 12 month AST from 2nd September 2024 producing an income of £1,600pcm - £19,200pa.
The current income from the residential is £32,700pa with scope to increase by £12,000pa to £15,000pa depending on the future use of the 1st floor office.
The current overall income is therefore £87,200pa with scope to increase to between £100,700 & £103,700pa.
FUTURE DEVELOPMENT:
Subject to obtaining any consents which may be required, the 1st floor office provides potential to convert to a 1 bedroom flat.
TENURE:
Freehold
PRICE:
Offers are invited in the region of £1.4 Million Pounds (One Million, Four Hundred Thousand Pounds). to include the benefit of the existing tenancies & incomes. We understand VAT is not applicable.
Please note the properties may also be available individually, details are available on request.
ADMINISTRATIVE FEE:
Upon terms being agreed and prior to Solicitor's being instructed, prospective tenant or purchaser is to pay an administrative fee of £500 plus VAT to Bennett Phillips Luton. This fee will cover all associated administrative costs including any referencing fees incurred. In the event that the Landlord or Vendor withdraws from the transaction once solicitors are instructed, 50% of the fee will be refunded.
LEGAL COSTS:
Each party are to be responsible for their own legal costs.
POSSESSION:
Upon completion of legal formalities if applicable.
Brochures
Queens Road, Buckhurst Hill, Essex, IG9
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Buckhurst Hill Station0.2 miles
- Roding Valley Station0.6 miles
- Loughton Station1.2 miles
About Bennett Phillips Luton, Essex
Fourth Floor Islandbridge House 188 High Road, Loughton, Essex, IG10 1DNNotes
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