Elm Park, London- Rare Opportunity to Acquire an Unbroken Freehold Retail Parade with Residential Upper Parts

Income

£770,010 pa

Description

• An unbroken retail parade comprising 27 retail units together with 31 self-contained flats above, accessed via a dedicated front entrance situated to the centre of the parade
• Hornchurch is an improving East London commuter town 14.5 miles north east of the City of London
• Elm Park Station (District Line) is a 2-minute walk, 140m north of the subject property which provides Westbound services into Central London
• Total contracted rent of £770,010 per annum with a current net operating income of £739,536 per annum after service charge and insurance shortfalls on the flats
• The parade is currently arranged as 17 single unit shops, 1 double unit, 1 triple unit and a large Co Op supermarket
• Estimated rental value of £842,520 per annum implying a net ERV of £812,046 per annum after allowing for shortfalls
• The building extends to 47,642 sq ft which breaks down to 23,442 sq ft gross internal area on the flats and 24,200 sq ft net internal area on the commercial
• WAULT of 7.57 years to expiry and 5.30 years to break on the commercial accommodation
• The property is likely to qualify for Permitted Development rights, to add up to two floors on top of the existing structure, which could qualify for up to 40 flats
• Residential development potential on the unused garages and car parking spaces to the rear subject to obtaining the necessary consents and vacant possession
• Freehold with a site area of 1.09 acres
• All the flats are let on AST’s with the majority recently refurbished
• Opportunity to continue to drive the income upwards on both the retail and residential accommodation

Subject to contract