Auction House London

Lot 38

Commercial Property - Commercial Property 

146-152 London Road

Grays, Essex, RM17 5YD

No Longer Available

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.

Additional Fees and Disclaimer

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.

Particulars including images and video tours on the website and within the catalogue are believed to be correct but their accuracy is not guaranteed. The auctioneers will always endeavour to inform prospective purchasers of variations to the catalogue, when such changes are brought to their attention. The auctioneers nor their clients can be held responsible for any losses, damages, or abortive costs incurred in respect of lots that are withdrawn or sold prior to auction. Viewings are carried out by third party agents and we will endeavour to give appropriate notice should the published viewing time change. Auction House London will not be liable for any costs or losses incurred due to viewing cancellations or no shows. Information relating to Rating matters has been obtained by verbal enquiry only. Prospective purchasers are advised to make their own enquiries of the appropriate authorities. Prospective purchasers are deemed to verify for themselves whether tenanted properties are occupied and rents are being paid. All measurements, areas and distances are approximate only. Potential buyers are advised to check them. No representation or warranty is made in respect to the structure of any properties nor in relation to their state of repair. Prospective buyers should arrange for a survey of the particular lot by a professionally qualified person.

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For further information, please register for the legal pack. To speak to a member of our team about this lot, please call us on 020 7625 9007 or email us at info@auctionhouselondon.co.uk

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