Investment Consideration:
Gross Initial Yield: 3.00%
Rental Income: £60,000 p.a.
VAT is applicable to this property
Comprises single storey vehicle repair centre with associated outbuildings on a plot of 0.13 acres
Planning approved in April 2024 for demolition of existing centre and erection of a six-storey building to provide 4 retail units (Class E) and 12 self-contained residential dwellings (Class C3)
Total approved residential & commercial GIA: 1,330 sq m (14,320 sq ft)
Retail occupiers nearby include Lidl, Tesco Express, Costa Coffee, KFC, Post Office and many more
Property Description:
The property comprises single storey vehicle repair centre on a plot of 0.13 acres, with additional advertisement billboard, providing the following accommodation and dimensions:
Ground Floor: 445 sq m (4,790 sq ft)
Workshop, office, outdoor buildings, parking
Tenancy:
The car repair centre is at present let to A n H Motors for a term of years expiring October 2026 at a current rent of £50,000 per annum and the lease contains full repairing and insuring covenants. Outstanding rent review from 2021.
The electronic billboard is at present let at a current rent of £10,000 p.a. and the lease contains full repairing and insuring covenants.
Development Opportunity:
Planning approved in April 2024 for demolition of existing building and erection of a six-storey block to provide 4 retail units (Class E) on the ground floor and basement level, and 12 self-contained residential units (5 x 1-Bed, 3 x 2-Bed and 3 x 3-Bed and 1 x 4-Bed) on the upper floors, and provision of communal roof garden and private amenity spaces, providing the following accommodation and dimensions:
Ground Floor & Basement: 4 retail units
First Floor: 2 x 1-Bed and 1 x 4-Bed Apartments
Second Floor: 2 x 2-Bed and 1 x 1-Bed Apartments’
Third Floor: 2 x 3-Bed Apartments
Fourth Floor: 1 x 3-Bed and 1 x 2-Bed Apartments
Fifth Floor: 2 x 1-Bed Apartments
Sixth Floor: Communal roof garden
For more information, please refer planning 224272FUL on Ealing Council planning portal:
Location:
Greenford is a densely populated suburb of West London located some 9 miles west of Central London, located just to the south of the A40 Western Avenue, east of the A312 and 5 miles north-east of the M4 (Junction 3). The property is some 1.2 miles from Greenford Rail (West Ealing, 11 minutes) and Underground (Central Line) Station. Retail occupiers nearby include Lidl, Tesco Express, Costa Coffee, KFC, Post Office, Nationwide, Restaurants, Takeaway and many more.
