Lot 38
    Commercial Property
    146-152 London Road
    Grays, Essex, RM17 5YD
    No Longer Available
     
    Number 1
    A Substantial Mixed Use Investment Producing £78,408 per annum with Potential for Rental Uplift to £91,000 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) and a Site and Workshop to the Rear Measuring Approximately 4,230 sq ft. There is Potential for the Erection of Seven New Residential Units on the Rear Site (Subject to Obtaining any Relevant Consents).

    Description

    146 - 152 London Road comprises a two storey mixed-use building consisting of 4 x A1 retail units at ground floor level and 7 x residential units located to the rear and above the retail units. There is a site and workshop to the rear measuring approximately 4,230 sq ft. which offers a potential redevelopment opportunity (subject to obtaining any relevant consents).

    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.

    Accommodation

    146 & 146B - Shop Unit & Two Bedroom Flat
    148 & 148A & 148B - Shop Unit, Studio Flat & Three Bedroom Flat
    150 & 150A & 150B - Shop Unit, Studio Flat & Three Bedroom Flat
    152 & 152A & 152B - Shop Unit, Studio Flat & Three Bedroom Flat

    Planning

    A feasibility study on the rear site has been produced to show potential for a three-storey residential block comprising 7 residential units (3 x 1 bed and 4 x 2 bed units). Further planning enquiries should be directed to Thurrock Council. A positive pre-application letter from the local council can be found in the legal documents.

    Tenancy

    The shop units and residential upper parts are all let on a variety of leases and Assured Shorthold Tenancies, the details of which can be found in the legal documents. The total combined current rent is £78,408 per annum.

    Current Rent Reserved

    Current Rent Reserved £78,408 per annum. Potential ERV of £91,000 per annum.
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