Queens Road, Buckhurst Hill, Essex, IG9

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 the underground station.

ACCOMMODATION:
Comprising a ground floor shopfront premises trading as a Gents Barber which extends to approximately 570sq ft (52.95sq m).
On the first floor there is a self-contained office comprising a room at the rear & two intercommunicating rooms in the middle/front of the property. There are kitchenette facilities in the rear room & a WC on the landing. The net usable office area is approx 471sq ft (43.75sq m).
The office benefits from having good natural light, GCH & double-glazed windows.

EXISTING TENANCIES & RENTAL INCOMES:
Shop - Let to Behnam Shokri & Ali IL Temis for a term of 15 years from 11th April 2024 subject to five yearly upward only Rent Reviews at a passing rent of £17,000 pax. We understand the Lease is contracted inside the Landlord & Tenant Act.

Office - Vacant. Subject to any consents which might be required, the 1st floor will lend itself to conversion to a 1 bed flat.

The current income is £17,000 with potential uplift to increase by £12,000pax to £15,000pa depending on the use of the 1st floor.

DEVELOPMENT POTENTIAL:
Subject to obtaining any consents which may be required, the 1st floor offers potential for conversion to a 1 bedroom flat.

TENURE:
Freehold.

PRICE:
Offers are invited in excess of £395,000 to include the benefit of the existing tenancy & income from the shop & vacant possession of the 1st floor.
The adjoining properties in our client's ownership are also available, details on request.

ADMINISTRATIVE FEE:
Upon terms being agreed and prior to Solicitors 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 legalities if applicable.