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Withdrawn | Lot 38

146-152 London Road, Grays, Essex, RM17 5YD

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Withdrawn

  • Commercial Property
  • 11 Bedrooms
  • Tenure: Freehold

Call the team on 020 7625 9007 for more information

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Auction Date

Wed 11/12/2019

Auction Time

12.00

Auction Venue

London Marriott Hotel Regents Park, 128 King Henry’s Road, London, NW3 3ST

Viewing Times:

Fri 29 Nov

11:00-11:30

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A Substantial Mixed Use Investment Producing £78,408 per annum with Potential for Rental Uplift to £91,000 per annum Comprising 4 x Retail Units & 7 x Self-Contained Flats (3 x Studio Flats, 1 x Two Bed & 3 x Three Bed Flats) and a Site and Workshop to the Rear Measuring Approximately 4,230 sq ft. T

146 - 152 London Road comprises a two storey mixed-use building consisting of 4 x A1 retail units at ground floor level and 7 x residential units located to the rear and above the retail units. There is a site and workshop to the rear measuring approximately 4,230 sq ft. which offers a potential redevelopment opportunity (subject to obtaining any relevant consents).

Tenure

Freehold

Location

The property occupies a prominent position on the corner of London Road and Parker Road a predominantly residential road in Grays. The open spaces of Grays Beach Riverside Park are nearby. Transport links are provided by Grays rail station.

Accommodation

146 & 146B - Shop Unit & Two Bedroom Flat 148 & 148A & 148B - Shop Unit, Studio Flat & Three Bedroom Flat 150 & 150A & 150B - Shop Unit, Studio Flat & Three Bedroom Flat 152 & 152A & 152B - Shop Unit, Studio Flat & Three Bedroom Flat

Planning

A feasibility study on the rear site has been produced to show potential for a three-storey residential block comprising 7 residential units (3 x 1 bed and 4 x 2 bed units). Further planning enquiries should be directed to Thurrock Council. A positive pre-application letter from the local council can be found in the legal documents.

Tenancy

The shop units and residential upper parts are all let on a variety of leases and Assured Shorthold Tenancies, the details of which can be found in the legal documents. The total combined current rent is £78,408 per annum.

Current Rent Reserved

Current Rent Reserved £78,408 per annum. Potential ERV of £91,000 per annum.

Services

Interested parties are requested to make their own enquiries to the relevant authorities as to the availability of services.

Important Notice to Prospective Buyers:

We draw your attention to the Special Conditions of Sale within the Legal Pack, referring to other charges in addition to the purchase price which may become payable. Such costs may include Search Fees, reimbursement of Sellers costs and Legal Fees, and Transfer Fees amongst others.

Additional Fees

Administration Charge - Purchasers will be required to pay an administration fee of £1,500 inc VAT

Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.

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Price Information

*Guides are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Each property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.

Additional Fees Information

Please be aware there may be additional fees payable on top of the final sale price. These include and are not limited to administration charges and buyer's premium fees payable on exchange, and disbursements payable on completion. Please ensure you check the property information page for a list of any relevant additional fees as well as reading the legal pack for any disbursements.