20-20a South Street, Romford, London, RM1

Investment Consideration:
Gross Initial Yield: 7.24%
Rental Income: £45,600 p.a.
VAT is NOT applicable to this property
Retail shop let until 2035. No breaks. Rent review in 2030. Tenant in occupation since 2020.
Comprises ground floor retail shop t/a Nail Salon and 2-bed self-contained flat at first and second floor
Situated on pedestrianised South Street, with occupiers nearby including Primark, Barclays, Halifax and more.

Property Description:
Comprises mid-terrace property arranged as a ground floor shop t/a Nail Salon with ancillary accommodation at basement and self-contained flat at first and second floor, which is accessed from the rear, providing the following accommodation and dimensions:
Ground Floor: 55 sq m (592 sq ft)
Open plan retail, kitchen, office, wc
Basement: 54 sq m (581 sq ft)
Ancillary
First/Second Floor: 75 sq m (807 sq ft)
2 bedrooms, kitchen, living room, bathroom
Total GIA: 184 sq m (1,980 sq ft)

Tenancy:
The retail shop is at present let to Deluxe Nails & Spa Romford Limited for a term of 10 years from 18th June 2025 at a current rent of £30,000 p.a. and the lease contains full repairing and insuring covenants. No breaks. Rent review in June 2030 open market upward only.
Lease renewal signed. Tenant currently pays £24,000 p.a. until June 2025, as well as having 3 months rent free period from lease start date. Vendor will top-up rent so the buyer receives the equivalent to £30,000 p.a. from completion until 18th Sept 2025.
The flat is at present let on AST to an Individual for a term of 12 Months from 1st February 2025 at a current rent of £15,600 p.a. Deposit held of £1,175.

Location:
Romford is located 15 miles north-east of Central London and 20 miles south-west of Chelmsford. The town enjoys good road communications being situated on the A12, some 4 miles west of the M25 (Junction 28). Romford Train Station is approx 400 metres from the property and provides regular services to London Liverpool Street (journey time of 17 mins) via the Elizabeth line (Crossrail). The property is situated in a busy trading position within the town centre on the west side of South Street, close to its junction with High Street. Occupiers close by include Primark, Barclays, Lloyds, Halifax, Co-op and NatWest Banks amongst many others.