184 - 186 High Road, Loughton, Essex

LOCATION:
The property is centrally situated within the High Road, close to numerous national occupiers who include, The Works, Clarks, TG Jones, Superdrug, Vodaphone, Card Factory, Spec Savers, Wenzels & Magnet. The Towns retail offering is able to draw on customer base from the equally affluent adjoining catchments of Buckhurst Hill & Chigwell. Loughton (Central Line) underground station is within a 5-minute walk, with access to the national & local road network afforded via junction 5 of the M11 which is within a 5-minute drive of the High Road.

ACCOMMODATION:
The property comprises a four-storey mixed-use building fronting the High Road, incorporating a ground floor retail unit with residential accommodation above. Nine of the flats have been sold on long leasehold interests, with two retained and currently let (details below).

To the rear of the site, fronting Clifton Road, is a separate three-storey residential building comprising six self-contained income-producing flats. The property further benefits from allocated parking serving both the commercial and residential elements.

EXISTING TENANCIES & RENTAL INCOMES DERIVED:
Commercial
drYp Studios Limited a Wellness Centre (Class E) use, providing a range of associated services let on a 10-year lease producing an income of £75,000 per annum.

Residential
Cherrywood Heights 22 Clifton Road, Loughton, Essex IG10 1FD
Flat 1 (1 bed) - Let on a periodic tenancy producing £1,195 pcm
Flat 2 (2 bed) - Let on a periodic tenancy producing £1,350 pcm
Flat 3 (2 bed) - Let on a periodic tenancy producing £1,350 pcm
Flat 4 (2 bed) - Let on a periodic tenancy producing £1,295 pcm
Flat 5 (2 bed) - Let on a periodic tenancy producing £1,350 pcm
Flat 6 (2 bed) - Let on a periodic tenancy producing £1,500 pcm
Townview 184-186 High Road, Loughton, Essex IG10 1DF
Flat 10 (2 bed) - Let on a periodic tenancy - producing £1,300pcm
Flat 11 (2 bed) - Let on a periodic tenancy - producing £1,300pcm
Ground Rent Income Townview - 184-186 High Road. Loughton
Flats 1-9 have been sold off and produce a ground rent income of 9 x £150 per annum (£1,350 per annum in total)

Total Rental Income Derived - £204,030 per annum

TENURE:
Freehold to include the benefit of the tenancies & rental incomes derived.

PRICE:
Offers are invited in the region of £4,000,000.00 (Four Million Pounds).

LEGAL COSTS:
Each party are to be responsible for their own legal costs borne in this transaction.

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

POSSESSION:
Immediate upon completion of legal formalities.