Investment Consideration:
Gross Initial Yield: 8.02%
Rental Income: £63,320 p.a.
VAT is NOT applicable to this property
Comprises ground floor shop, 3 residential flats and advertising board
Situated on a busy junction, opposite Tesco Extra, with occupiers nearby including Carpet Shop, Takeaway`s, Café, Beauty Salon and many more.
Property Description:
Comprises ground floor shop t/a Barber`s, studio flat at rear ground floor and 1-bedroom flat at rear garden. The first floor comprises 3-bedroom self-contained apartment. The property includes advertising board to the side, and provides the following accommodation and dimensions:
Ground Floor: 82 sq m (884 sq ft)
Retail Shop: 24 sq m (257 sq ft)
Open plan retail, storage, wc
Studio Flat: 21 sq m (229 sq ft)
Open plan kitchen/living, double bed, bathroom
Residential Flat: 37 sq m (398 sq ft)
1 bedroom, kitchen/living, bathroom
First Floor: 77 sq m (831 sq ft)
Residential Flat: 3 bedrooms, kitchen/living, bathroom
Total GIA: 159 sq m (1,715 sq ft)
Tenancy:
The retail shop is at present let to an Individual on Tenancy at will at current rent of £16,120 p.a. and the lease contains full repairing and insuring covenants. Tenant in occupation since 2011.
The rear ground floor studio is at present let on APT to an Individual at a current rent of £12,000 p.a. Tenant in occupation since 2008.
The 1-bedroom garden flat is at present let on APT to an Individual at a current rent of £12,000 p.a.
The first/second floor flat is at present let on APT to an Individual at a current rent of £21,000 p.a.
The advertisement board is at present let on License Agreement to Big Reach Media UK Ltd for a term of 5 Years from 1 July 2024 at a current rent of £2,200 p.a.
Location:
Hornchurch, a popular commuter town, is situated in the London Borough of Havering, approximately 3 miles south-east of Romford and 15 miles east of Central London. The town is located between the A12 and A13 trunk roads and the M25 is situated approximately 3 miles to the east and is accessed via the A127 dual carriageway. The property is situated on a busy junction, opposite Tesco Extra, with occupiers nearby including Carpet Shop, Takeaway`s, Café, Beauty Salon and many more.
