Planned over ground and two upper floors, the building consists of a vacant ground floor Class E commercial unit along with 10 flats. The block is of brick construction under a pitched and tiled roof and benefits from ample car parking to the rear for some 14 vehicles.
Four spaces are reserved for the ground floor commercial unit with further spaces designated as visitors parking to the side of the building.
Each flat has been sold off on a long occupational lease having approx. 103 years remaining.
Location
Hemel Hempstead a heavily populated urban area in Hertfordshire some 26 miles north-west of central London and 10 miles north of Watford.
The town benefits from excellent road communications and is approximately 1.5 miles from junction 8 of the M1 motorway and only 4 miles north of junction 21 of the M25 motorway providing easy access to a range of national motorways and arterial road networks such as the M4, M40 and A1.
Regular train services run from Hemel Hempstead to London Euston with a journey time of around 30 minutes.
In addition, Luton airport is 12 miles to the north of the town.
The property is positioned on Queensway (B487) almost opposite the junction of Queensway and Allandale.
Although located in a mainly residential area, the property is located approx. 0.5 miles from Marlowes and Hemel Hempstead town centre.
Accommodation
Size - 1,335 sq ft GIA
Terms
TENURE - The freehold is being offered with vacant possession of the ground floor offices.
Each of the flats has been sold off by way of 125-year leases from November 2002 with an annual ground rent of £100 per flat (£1,000 per annum).
The leases contain a mechanism for the ground rent to be increased in line with the price that is achieved each time a flat is sold. We understand that the current owners have not enforced this increase. (Further details on application).
EPC - The property has an EPC rating of B49. A copy of the EPC is available on request.
LEGAL COSTS - Each party to cover their own legal costs.
PROPOSAL - We are instructed to seek offers in excess of £375,000 subject to contract, for the freehold interest with vacant possession of the ground floor office and the benefit of the ground rents from the flats.
Specification
- Freehold
- Mixed use building
- Vacant Possession of Class E Ground floor 1,335 sq ft GIA
- Opportunity to convert ground floor into residential units subject to planning/prior approval
- 4 parking spaces