Comprising a large retail unit on the ground floor together with a 1st floor 2 bed flat accessed from the rear via a rear service road.
Location
The premises are located within this popular shopping area being close to Woodford’s Central Line Station. Nearby traders include Pizza Hut Delivery, Domino’s Pizza as well as many local independent traders. Snakes Lane East joins up to Woodford Bridge at the junction with Chigwell Road which provides access to Chigwell in one direction as well as well as Charlie Browns Roundabout in the alternate which joins up to the A406 (North Circular).
Accommodation
Shop Area – 118.8 m² (1,270.14 ft²)
Self-Contained 2 bed flat - 58.7 m² (631.84 ft²)
Kitchen/Diner 22 m² (236.8 ft²)
Bed 1 – 15.5 m² (166.8 ft²)
Bed 2 – 10.95 m² (117.86 ft²)
Hallway – 7.6 m² (81.8 ft²)
Shower Room/WC – 1.2 m² (12.9 ft²)
Terms
Tenure: Freehold subject to existing tenancies
Price: Offers sought in the region of £525,000, subject to contract and existing tenancies as above for the freehold interest. A purchase at this level will equate to a net investment yield of 6.23% and a gross investment of 6.4%
VAT: The property is not elected for VAT
Tenancy information:
96 Snakes Lane East Woodford Green - Skin Spark Laser & Beauty Clinic - 10 Year Lease from 20th Dec 2018 - Current Rent £20,000 pax
96a Snakes Lane East Woodford Green - Wentworth Property UK Ltd - 3-year AST from 2018 - Current Rent £1,150 pcm
Legal Costs: Each party to pay for their own legal fees
Anti-Money Laundering: Due to recent changes in the Anti Money Laundering regulation, it is now standard procedure to undertake a Personal and Company and general AML checks, admin cost of £350 + VAT.
Holding Deposit: Tenants wishing to secure this property may be required to pay a holding deposit to Countrywide Commercial of £3000. This deposit is not refundable except if the vendor withdraws, clear title cannot be proven or the tenant’s references, AML, and Credit checks are not acceptable to the landlord. This deposit is held in our client’s account until completion.
Specification
- Freehold
- Fully Rented
- Close to Woodford Green Station
- Individually Rented
- Total Income - £33,800 pax
- Price - £525,000