Substantial Fully Let Income Producing Property

Comprising 2 x lock-up shop, 2 x flats 

671/3 High Road, flats 1 & 2 673a High Road Seven Kings

For Sale

Other Details

Accomodation

Comprising a fully let mixed commercial & residential property comprising two lock-up shops and a self-contained 1 bed & studio flat. Tenancies & Incomes Derived Commercial 671 High Road – Let to Best Halal Butchers Limited (guarantee provided by Afia Bibi), by way of an Assignment of a FRI Lease dated 3rd December 2015 for a term of 14 years, subject to periodic upward only rent reviews, the last of which is on 3rd December 2027. The passing rent is £22,300pax. A rent deposit of £10,500 is held. 673 High Road – Let to Mr Radu Mihail Iliescu & Mr Georege Viorel Manole. A 10 FRI Lease was granted on 26th March 2019, subject to a mid-term upward only rent review on 25th March 2024 at a passing rent of £22,000pax. A 6 month rent deposit is held. Residential Flat 1 673a High Road (Studio) – Let on a 12-month AST from 15th April 2023 producing an income of £1,100pcm. Flat 2 673a High Road (1 bed) – Let on a 12-month AST from 4th April 2023 producing an income of £1,100pcm. The current fully Let income is therefore £70,700 per annum.

Amenities

• Fully Let • Short walk from Seven Kings (Elizabeth Line) station • Rare freehold opportunity

Lease

Freehold

Rent

Price. £1.15 million pounds (one million one hundred and fifty thousand pounds) to include the benefit of the existing tenancies & incomes.

Legal Costs

Each party are to be responsible for their own costs. Agents Fees. Although Bennett Phillips Luton are solely retained by the Vendor, as part of our agreement, we have been instructed to obtain our fee from the purchaser, based on 2% of the sale price plus VAT at the prevailing rate, paid immediately upon completion. Written agreement of this will be required from the purchaser once terms have been agreed & prior to Solicitors being instructed & will be added as a condition of the sale in the Contract. ADMINISTRATIVE FEE: Upon terms being agreed and prior to Solicitor’s being instructed, the prospective tenant or purchaser is to pay an administrative fee of £500 plus VAT to Bennett Phillips Luton. This fee will cover all associated administrative costs including any referencing fees incurred. In the event that the Landlord or Vendor withdraws from the transaction once solicitors are instructed, 50% of the fee will be refunded.

Viewing

By prior appointment through sole agents Bennett Phillips Luton 020 8501-3000 Marc Luton marc@bennettphillips.com.