Prominent Modern Commercial Building
With Own Rear Yard For Parking
With the Benefit of Residential Planning
Freehold For sale

Location

The Property is Located in a Prime Position on the High Street close to the junction of Nags Head Road and South Street. The area is well served by many well known, multiple and local retailers including William Hill and Tesco. Ponders End Park is adjacent to the building. Ponders End British Rail Station is within a short walk. Numerous Bus Routes also serve the area.

Description

Comprises a highly prominent self-contained Commercial Building arranged on ground, first and second floors. The ground floor is split up to provide a Dessert shop, a children's nursery, two suites of offices on the first floor and four self contained flats on the second floor. The building benefits from a large rear yard for parking up to 17 cars.

Key Features

• Fully Let
• Highly Prominent Commercial Building
• Total Rental Income £78,600 pax
• Rear Yard With Parking For 17 Cars
• Planning Permission Granted in 27/11/2023 to Convert the Ground Floor into 4 Self Contained studio Flats (22/03594/PMA)
• Four Self Contained 1 x Bed Flats on the Second Floor Having Been Sold Off On Long Leases
• Planning Permission was Granted to Convert the First Floor Offices Into 4 x Self Contained I Bedroom Flats 11/5/2021 (21/01002/PRJ) Expired

Available area

The accommodation comprises the following areas:

Tenancies

Ground Floor Shop: Let to Desserts End on a proportional Full Repairing and Insuring for a term of 10 years from 28/2/2025 subject to a rent review 28/2/2028, 28/2/2031 and 28/2/2034. The lease is granted outside a security of Landlord and Tenant Act 1954. The landlord or tenant has the right to break the lease on the 27/2/2030 by either party giving 6 months prior written notice. Rent £9,000 pax.

Ground Floor Offices: Let on a License agreement to EK Family Solutions LTD ( Children's Nursery)for a term of 6 years from the 28/5/2024. On each of the yearly anniversary there is a rent review. The landlord and tenant has the right to break the agreement at any time by giving six months prior written notice. Rent £33,000 pax.

First Floor Rear Office: Let to K Dogan (Solicitor). The tenant is currently holding over at a rental of £18,000pax.

First Floor Front Office: Let to Nova Solicitors on a License Agreement for a term of Six Years from 1/3/2024 subject to rent reviews on the 1/3/2026 and 1/3/2028. The Landlord or Tenant has the right to break the lease at the end of the third year by either party serving the other party six months prior written notice. Rent £18,000 pax.

Second Floor Flats: The 4 self contained flats are sold off on long leases at a ground rent of £616.00 per annum.

Total Rental Income £78,616 per annum.

Planning Permissions

Planning has been granted under permitted development rights dated 27/11/2023 to convert the ground Floor offices into 4 self contained studio flats. Planning Reference 22/03594/PMA

Planning permission was granted under permitted development rights 11/5/2021 to convert the first floor offices into 4 self contained one bedroom flats, Planning Reference 21/01002/PRJ

Full plans and copy decision notices are available upon request.

Freehold (Title Number EGL173956)

£1,100,000 with the benefit of the tenancies and income.

Identification

In accordance with Anti-Money Laundering Regulations, two forms of identification will be required from the successful purchaser.

Viewing

Strictly by appointment through owner’s SOLE agents as above.