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Commercial
Type: For sale
Tenure : Freehold
Address: London Road
Categories:
Commercial Property
Price: £3,600,000
Features: Investment Opportunity 14 New Build Flats with an Average Retail Value of ?250,000 Ground Rents of 24 Tenanted Flats & Ground Floor Commerical Units 6 of the 24 Flats Require Lease Extensions Currently Applying for Planning Permission for a Further 4 Flats

Investment Opportunity
14 New Build Flats with an Average Retail Value of £250,000
Ground Rents of 24 Tenanted Flats & Ground Floor Commerical Units
6 of the 24 Flats Require Lease Extensions
Currently Applying for Planning Permission for a Further 4 Flats



This Investment Package consists of:


8 New Build Flats
2 Bed 2 Bath Apartments located in the Rear Block - All of which are currently vacant.


6 New Flats on the Roof of the Existing Block
2 Bed 2 Bath Apartments with Communal Gardens - All of which are currently vacant.

The current Sale Value the 14 Flats mentioned above is in between £250,000-£275,000.
The current Rental Value of the 14 Flats mentioned above is in the region of £1250-£1350 per month.

The Freehold further comprises of 24 tenanted flats plus the commercial units on ground floor. (Majestic Wine, Tessa Stevens Beauty Clinic, Dina's His & Hers, Peter Tyler Photographs, Fish & Chips At London Road - All have Virtual Freehold - 999 Year Leases).


Ground rents of the 24 existing flats are approximately £1000 per annum.


6 of the (24) Existing Flats require a Lease Extension. Said leases have approximately 60 years left and we have been advised that the extension of each lease would be in the vicinity of £20,000.


An application for planning permission for 4 extra new flats on top of the new block at the rear has been made and any offers can be subject to this.



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Commercial Property for sale - London Road

Listed on: 29 April 2015
£3,600,000
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