High Road, Seven Kings, Ilford, Redbridge

Location.
The property is located on High Road, Seven Kings, close to the junction with St Albans Road & within a short walk from Seven Kings (Elizabeth Line) Station. The High Road serves the densely populated residential catchment area & hosts many independent retailers & eateries, in addition to branches of ALDI & McDonalds, both of whom are within a couple of minute’s walk.

Accommodation.
Comprising a mid-terraced two-storey building providing 2 x lock-up shops on the ground floor, 1 x 1 bed flat & a studio flat on the first floor which are accessed directly off the High Road. It is understood all parts of the demise are separately rated & have their own meters, except the two residential units on the 1st floor, which have shared gas, water & electricity meters.

Approximate floor areas & dimensions are as follows:
Shop 671 - 62.2m2
Shop 673 - 60.5m2
(Residential Units unmeasured)

Existing Tenancies and Rental Incomes Derived:
Commercial.
671 – Let by way of an Assignment on 28th January 2022, at a passing rent of £23,000pax. It is understood that a rent deposit is held of £10,500.
673 – Let by way of a 10-year FRI Lease which was granted on 26th March 2019 at a passing rent of £22,000pax. A 6-month rent deposit is held.

Residential.
Flat 1, 673a High Road – Let on a periodic tenancy - producing £1,250pcm. Flat 2, 673a High Road – Let on a periodic tenancy - producing £1,400pcm.

The current fully Let rental income is therefore £76,800pa.

EPC Information
FLAT 1 - RATED C
FLAT 2 - RATED C
SHOP 671 - RATED D
SHOP 673 - RATED C

Copy EPC certs available on request

Tenure.
Freehold

Price.
£995,000 (Nine hundred &ninety-five thousand pounds) to include the benefit of the existing tenancies & incomes.

Legal Costs.
Each party are to be responsible for their own costs.

Administrative Fee:
Upon terms being agreed and prior to Solicitors being instructed, the prospective purchaser is to pay an administrative fee of £500 plus VAT to Bennett Phillips. This fee will cover all associated administrative costs incurred. In the event that the Vendor withdraws from the transaction once solicitors are instructed, 50% of the fee will be refunded.