RETAIL & RESIDENTIAL INVESTMENT WITH DEVELOPMENT POTENTIAL STPP FOR SALE
Summary
- Income producing freehold mixed-use end of terrace buildings for sale.
- The properties comprise two ground floor units with four self-contained residential flats extending 3,195sqft.
- The properties generate a total income of £97,690pa, with £24,000pa attributed to commercial leases on 10-year terms from 2018, including rent reviews every fifth anniversary. While the residential units produce £73,680pa ASTs.
- Scope for development potential to the rear (STPP).
- Our client is seeking offers in excess of £1,400,00 (stc), reflecting a NIY of 6.58% assuming standard purchasers costs.
Accommodation
The accommodation comprises the following areas:
| Name | sq ft | sq m | Availability |
| Ground - Ground 15 Empire Parade | 621 | 57.69 | Available |
| Ground - Ground 15a Empire Parade | 393 | 36.51 | Available |
| 1st - Flat 1 | 552 | 51.28 | Available |
| 2nd - Flat 2 | 592 | 55 | Available |
| 1st - Flat 3 | 383 | 35.58 | Available |
| 2nd - Flat 4 | 388 | 36.05 | Available |
| Total | 2,929 | 272.11 |
Location
The property is situated on the west side of Great Cambridge Road (A10) and set back onto a popular neighbourhood shopping parade in a predominantly residential area.
The property has excellent road links to Central London via A10, the main arterial route though north London to Central London. Rail connectivity is not the strongest with the closest stations being White Hart Lane and Silver Street (Overground). Both being approximately 20 minutes walk away.
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Mainline Stations
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White Hart Lane14 mins
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Silver Street17 mins
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Palmers Green24 mins
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Bruce Grove25 mins
Underground Station
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Silver Street13 mins
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White Hart Lane14 mins
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Palmers Green24 mins
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Bruce Grove24 mins
Further Information
Price Offers in excess of £1,400,000
Rates Payable Upon Enquiry
Description
The property is an end of terrace mixed use building on a prominent retail parade, with a relatively modern extension comprising two ground floor retail units with four self-contained residential flats.
The flats are accessed from a separate central entrance interconnecting the two buildings on the first and second floors. The property is not vertically divisible between 15 and 15a.
The rear yard is accessed from Empire Avenue and may be suitable for development, subject to consents.
Neighbouring properties indicate potential for a rear extension and additional massing, with the possibility of adding up to three storeys (STPP). The property benefits from dual access at the front and rear, allowing for separate entrances and flexible development schemes. Interested parties are advised to conduct their own due diligence.
The ground floor unit at number 15 is let to a private individual t/a as 'Fatma's Beauty Salon' at a passing rent of £12,000 per annum for a term of 10 years from 2018. There is an upwards only, open market rent review in the fifth year of the term.
The ground floor premises at 15a is let to a private individual t/a 'Ace Grooming Room' at a passing rent of £12,000 per annum for a term of 10 years from April 2018. There is an upwards only, open market rent review in the fifth year of the term.
The flats are let on residential AST’s at a combined rent of £73,680 per annum. The tenant of flat 2 15a is holding over on their tenancy.
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