High Street Retail Property for sale

Church Street, Enfield EN2


Offers over
£1,000,000
2,058 ft²

Features

  • 5.48% gross yield with opportunity to increase
  • Pd scheme
  • Prominent location

Description

Location

The premises is located on Church Street (A110) at the southern end of the Palace garden Shopping Centre. The road boasts many High Street names to include Nationwide, Subway, Ladbrokes, Percy Ingle, Nandos and EE. Enfield Town Railway Station is in close proximity to the property, approximately 5 minutes walk to the East.
Accommodation

The ground floor comprises a retail unit with kitchen, office and rear access. The upper parts are arranged over first and second floor levels as individual office suites with shared staff facilities. The latter benefits from Permitted Development (pd) further to a Planning Application reference: 17/04122/prj whereby it was determined that prior approval was not required. The scheme encompasses a change of use of first and second floors from offices (Class B1(a)) to residential (Class C3) forming 2 x 2-bed self contained flats. The development will include internal alterations and no external demolition is part of the proposal. The proposed unit sizes are 54 & 55 sq. M respectively.
Lease terms

The shop is let to a limited company with a personal guarantee by virtue of a new Full Repairing and Insuring lease for a term of 10 years commencing in April 2019 at a rental of £32,000.00 per annum exclusive. Rent reviews are on a 3 year upwards only pattern. There is a Tenant only break clause at the expiration of the 3rd year of the term. The lease is within the Security of Tenure provisions of the Landlord and Tenant Act 1954.

We are advised that the offices are occupied by way of short-term, flexible license agreements on all inclusive rents, producing £22,724 per annum. We are further advised that there is one office vacant which has an erv of £5,400.00 p.a.

The total yearly rent reserved is therefore £54,724.00.

Categories

High Street Retail Property
Property reference
CP24210_61