Lot 29
    Commercial Property
    146-152 London Road
    Grays, Essex, RM17 5YD
    Still available. Please refer to Auctioneer for Reserve
     
    Number 1
    A Substantial Mixed Use Investment Producing £72,228 per annum with Potential for Rental Uplift to £85,000 per annum Comprising 4 x Retail Units & 7 x Self-Contained Flats (3 x Studio Flats, 1 x Two Bed & 3 x Three Bed Flats).
    Lots 29 and 30 To Be Offered Either Individually or Collectively

    Description

    146 - 152 London Road comprises a two storey mixed-use building consisting of 4 x A1 retail units at ground floor level extending to approximately 2,353 sq ft in total and 7 x residential units located to the rear and above the retail units.

    Tenure

    Freehold

    Location

    The property occupies a prominent position on the corner of London Road and Parker Road a predominantly residential road in Grays. The open spaces of Grays Beach Riverside Park are nearby. Transport links are provided by Grays rail station.

    Current Rent Reserved

    Current Rent Reserved £72,228 per annum. Potential ERV of £85,000 per annum.

    Accommodation and Tenancy Schedule

    Property Floor Accommodation Lessee Lease Terms Current Annual Rent
    146 Ground Internet Cafe (A1 Use). Measuring Approx. 632 sq ft (59 sq m) Demuch Ltd 12 month lease from 01/06/2018 for £930 pcm £11,160
    146B First Reception Room, Two Bedrooms, Kitchen, Bathroom. Measuring Approx. 602 sq ft (56 sq m) Demuch Ltd 12 month AST from 31/07/2018 for £600 pcm £7,200
    148 Ground Hairdressers (A1 Use) Measuring Approx. 572 sq ft (56 sq m) I Cudjoe 12 month lease from 01/10/2018 for £527 pcm £6,324
    148A Ground (rear) Self-Contained Studio Flat with Kitchen and Shower Room. Measuring Approx. 279 sq ft (26 sq m) Demuch Ltd ( included in 146 lease) -
    148B First Reception Room, Three Bedrooms, Kitchen, Bathroom. Measuring Approx. 602 sq ft (56 sq m) V Gunathilake & S Wansantha 12 month AST from 22/12/2018 for £650 pcm £7,800
    150 Ground Hairdressers (A1 Use) Measuring Approx. 579 sq ft (54 sq m) I Cudjoe 12 month lease from 02/04/2018 for £527 pcm £6,324
    150A Ground (rear) Self-Contained Studio Flat with Kitchen and Shower Room. Measuring Approx. 258 sq ft (24 sq m) D Hudson 6 month AST from 19/11/2018 for £450 pcm £5,400
    150B First Reception Room, Three Bedrooms, Kitchen, Bathroom. Measuring Approx. 602 sq ft (56 sq m) S Adelima & M Guiconnan 6 month AST from 19/11/2018 for £650 pcm £7,800
    152 Ground Pet Shop (A1 Use) Measuring Approx. 570 sq ft (53 sq m) M Obidzinska 12 month lease from 01/08/2018 for £600 pcm £7,200
    152A Ground (rear) Self-Contained Studio Flat with Kitchen and Shower Room. Measuring Approx. 258 sq ft (24 sq m) R Spinato 6 month AST from 22/12/2018 for £450 pcm £5,400
    152B First Reception Room, Three Bedrooms, Kitchen, Bathroom. Measuring Approx. 602 sq ft (56 sq m) S Lopes 6 month AST from 1/10/2018 for £635 pcm £7,620
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    Administration charge: £1,500 including VAT unless otherwise stated in the addendum.

    Buyers Premium and Disbursements: Please see the legal pack and the addendum for any disbursements and buyers premium that may be payable by the purchaser on completion.

    Guides are provided as an indication of each seller’s minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Each property will be offered subject to a Reserve ( a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.

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