An exciting opportunity to purchase a Mixed Use Freehold Investment. Located on the corner of Kelland Road with the shop front facing onto Barking Road.
The ground floor consisting of 789 square foot is currently rented to a Florist (E Class Use). They have been in occupation from 25th November 2017 and their lease comes to an end on the 24th November 2026, with the ability to renew. The current rent is £20,000 per annum with a anticipated increase of £5,000 at the next rent review date November 2023.
The premises offers a First Floor one bedroom flat consisting of 450 Square feet. Boasting a lounge, kitchen, bedroom, bathroom and own private entrance, the flat is currently let on an AST dated October 2021 to October 2022, with the ability to renew or carry on periodic. The current rent is £11,400 Per Annum, however judging on a market values the new estimated would be £13,800 Per Annum.
This opportunity is available at an asking price of £500,000, equating to an 6.7% ROI before costs based on ERV.