Property description
A Well Located Residential & Commercial Investment Producing £47,700 per annum. Potential to Redevelop the Upper Parts to Provide Two Self-Contained Flats (subject to obtaining all relevant consents)
Viewings - Via Space Residential on the following times/dates ONLY:
Tuesday 31st March 13:00 - 13:30
Thursday 2nd April 17:00 - 17:30
Tuesday 7th April 13:00 - 13:30
Thursday 9th April 17:00 - 17:30
Tuesday 14th April 13:00 - 13:30
PLEASE CALL TO BOOK YOUR SLOT AND REGISTER ON 0208 906 2222
Tenure
Freehold
Location
The property is situated on an established parade in the heart of Edgware town centre. Numerous multiples occupy space within the immediate area including Subway & Argos. The property occupies a prominent position opposite the Broadwalk Shopping Centre and Edgware tube station. which along with the Edgware Bus Depot provide ample transport links.
Description
The property comprises a ground floor shop with a four bedroom first, second and attic floor maisonette above situated within a mid terrace building over ground and three upper floors. The maisonette benefits from its own private rear entrance.
Exterior
The shop benefits from a single rear car parking space. The maisonette benefits from a roof terrace and one car parking space at the rear.
| Property | Floor | Accommodation | Tenancy Details | Current Annual Rent |
| | | | |
| Shop | Ground | Shop Area, Photography Studio, Kitchen/Storage, WC
(GIA approx. 600 sq ft) | Let to Sappy Properties (Edgware) LLP t/a Snappy Snaps at a rent of £7,875 per quarter on an IRI lease - assigned on 31st Jan 2011. The original lease dated 16th Feb 2005 for a term of 15 years. 5 yearly reviews | £31,500 |
| Maisonette | First
Second
Attic | Reception Room, Kitchen
Three Bedrooms, Shower Room with WC
Bedroom, Shower Room with WC | Let on a 12 month AST from November 2014 at a rent of £1,350 pcm | £16,200 |
Current Rent Reserved £47,700 per annum
Auction 15th April 2015 goto http://www.auctionhouselondon.co.uk/auction-lot-details_EIG.php?id=33653&search=current
to register
SUMMARY
Ground floor let on a long 15 Lease expiring 2020 - current rent passing £31,500p.a.Ground floor approx. 600sqft with front shop, photography studio behind, kitchen/storage and w.c. + 1 rear parking space (off street)Upper - AST let at £1350pcm or £16,200p.a. (same tenants past 5 years) with rear entrance up staircase over shop at rear with outside space/roof terrace and 1 OSP space at rear. Split level 4 bedroom flat with 2 shower rooms/w.c. 1st floor comprises 2 doubles, 1 single bedroom, lounge and large eat in kitchen and shower room. Stairs up to loft room which has a bedroom and shower room. (Rent is could potentially be pushed further - maybe nearer £1500pcm) **** There is also a possible opportunity for rental increase on the current flat rental, but would require an investor to turn uppers into 2 self-contained flats subject to obtaining the necessary planning consents, which could push rent to maybe £1400pcm+ for a decent 3 bed and approx. £900pcm for a 1 bed so could potentially push total residential rents to approx £2300pcm or £27,600p.a. meaning a gross possible return of £59,100 with the added flat rent. ****
GROUND FLOOR COMMERCIAL UNIT
Currently let out on a long lease expiring 2020 producing £31,500. Trading as Snappy Snaps. Ground floor with front shop approx 600sqft with rear photography studio plus wc. and kitchen area and direct access to rear with one parking space.
RESIDENTIAL UPPER
A 4 bedroom residential flat split over 3 floors currently comprising a lounge, kitchen, stairs to second floor with 3 bedrooms and shower room with stairs up to top floor in loft space where there is a further fourth bedroom and shower room. Let to the same tenants past 5 years currently producing ££1350pcm (£16,200p.a.) Access is from the rear where there is also an unofficial roof terrace and one reserved parking space at the rear.
DEVELOPMENT POTENTIAL
Potential to convert residential to 2 self contained flats subject to the usual consents as required.Potential to gain further rent increases on both commercial and residential units at next rent review .
Property Features :
- COMMERCIAL MIXED USE INVESTMENT OPPORTUNITY
- GROUND FLOOR COMMERCIAL UNIT LET ON LONG LEASE
- SPLIT LEVEL RESIDENTIAL UPPER LET ON AST
- DEVELOPMENT POTENTIAL TO CONVERT UPPERS INTO 2 SELF CONTAINED FLATS STPP
- 2 O.S.P. PARKING SPACES AT REAR