For Sale By Auction | 12.00, 11 December 2019 | Lot 38

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

*Guide | £1,150,000+ (plus fees)

  • Commercial Property
  • 11 Bedrooms
  • Tenure: Freehold

Call the team on 020 7625 9007 for more information

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

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.

Additional Fees

Administration Charge - Purchasers will be required to pay an administration fee of £900 inc VAT

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