SoldFreehold Shop And Residential Upper Parts Investment Property - For Sale - Chingford E4
This property may be sold in conjunction with number 56
54 Sewardstone Road,
Chingford, LONDON E4 7PR
The premises are situated on the east side of Sewardstone Road (A112) approximately 200 metres south of its junction with Lea Valley Road and Kings Head Hill (A110). McDonalds Restaurant is located directly opposite and other traders in the parade include; Greggs Bakery and a varied selection of local retailers and businesses.
Public transport is easily accessible with numerous bus services running from a bus stop directly outside the parade and rail networks within a mile of the parade.
Built in the 1930s, the property is part of a busy parade of shops with upper residential parts.
The subject property is a mid-terrace lock-up shop of 79.84 sq.m. with an integral two bedroom maisonette arranged over the first and second floors. The maisonette has been partially self contained and is being sublet by the tenant. We do not feel it would be contentious or costly to fully self contain the residential upper parts, subject to the necessary consents being obtained.
The retail unit is currently in use as a dry cleaners and has been operating from the property for over 30 years. The property is let on a 12 year lease from October 2009, expiring 17th October 2021 with rent review provisions in October 2014 and 2019. The current rent passing is £11,000 per annum exclusive. The lease benefits from a Landlord only break option for redevelopment on 6 months prior notice in writing on 17th September 2017.
The property can be bought in isolation or in conjunction with number 56 Sewardstone Road.
Terms
Freehold for sale subject to a single 12 year FRI lease excluding the security of tenure provisions provided by the Landlord & Tenant Act 1945 due to expire in October 2021 with current passing rent of £11,000 per annum exclusive.