Income Producing Investment

Comprising 2 self-contained 1st floor flats, * vacant self-contained 1st floor office

& 3 lock-up shops

For Sale

75/77 Queens Road

Buckhurst Hill

Essex IG9 5BW

Other Details

Accomodation

Comprising a mixed use commercial & residential investment opportunity, comprising 2 self-contained first floor flats, vacant first floor office & 3 lock-up shops. TENANCIES AND INCOMES DERIVED: Commercial 75 Queens Road – Trading as Alecco (Italian Restaurant) - Let on a 20-year FRI lease from 2nd November 2018, subject to 5 yearly upward only rent reviews at a passing rent of £22,500pax. We understand the Lease is contracted inside the Landlord & Tenant Act. The floor area is 667sq ft (61.9sq m). 75a Queens Road – Let upon an Assignment dated 16th October 2024 to My Cook Global Limited with a personal guarantee. The lease term is 15 years from 1st September 2023 subject to 5 yearly upward only rent reviews at a passing rent of £15,000pax. There is a tenant only option to break on 1st September 2028 subject to serving 6 months prior written notice. We understand the Lease is contracted outside the provisions of the Landlord & Tenant Act. The floor area is approx 630sq ft (58.5sq m). 77 Queens Road – Trading as a gent’s barbers - Let on a 15 year FRI Lease from 11th April 2024 subject to 5 yearly upward only rent reviews at a passing rent of £17,000pax. We understand the Lease is contracted inside the Landlord & Tenant Act. The floor area is approx 570sq ft (52.95sq m). 77a Queens Road – 1st floor office – Currently vacant. The floor area extends to approx 471sq ft (43.75sq m) & would lend itself to conversion to a 1 bed flat. All measurements are approximate & in some instances, taken from the VOA website. The current income from the shops is therefore £54,500pax Residential: 75b (1 bedroom) – Let on a 6 month AST from 09/12/2023, producing 1,125pcm - £13,500pa. 75c (2 bedroom) – Let on a 12 month AST from 2nd September 2024 producing an income of £1,600pcm - £19,200pa. The current income from the residential is £32,700pa with scope to increase by £12,000pa to £15,000pa depending on the future use of the 1st floor office. The current overall income is therefore £87,200pa with scope to increase to between £100,700 & £103,700pa. FUTURE DEVELOPMENT: Subject to obtaining any consents which may be required, the 1st floor office provides potential to convert to a 1 bedroom flat.

Amenities

Fully Income producing. Short walk from Buckhurst Hill (Central Line) Station. Rare freehold opportunity. Possible medium term conversion opportunity of the 1st floor office to residential use.

Lease

TENURE: Freehold PRICE: Offers are invited in the region of £1.4 Million Pounds (One Million, Four Hundred Thousand Pounds). to include the benefit of the existing tenancies & incomes. Please note the properties may also be available individually, details are available on request.

Rent

PRICE: Offers are invited in the region of £1.4 Million Pounds (One Million, Four Hundred Thousand Pounds). to include the benefit of the existing tenancies & incomes.

Legal Costs

Each party are to be responsible for their own legal costs. ADMINISTRATIVE FEE: Upon terms being agreed and prior to Solicitor’s being instructed, 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.

Possession

Upon completion of legal formalities if applicable.

Viewing

Strictly by prior appointment