- An opportunity to acquire an income producing mixed-use investment comprising 4 retail units and 28 self-contained studios.
- Arranged over Ground, First, Second and Third Floors.
- The property is located 0.1 miles from Brentwood Station (Elizabeth Line), which offers direct access to Farringdon and Liverpool Street approximately 40 minutes.
- 3 out of the 4 commercial units are let producing a current passing rent of £59,500 per annum. 145 Kings Road is currently vacant with an ERV of £20,000 per annum.
- The 28 residential units are let to Stef and Philips until 2027 producing a current rent of £188,000 per annum. The LHA rates are significantly higher equating to £259,692 per annum.
- Once 145 Kings Road is let the total current passing rent will equate to £267,500 per annum.
- The total ERV equates to £338,192 per annum for the 4 commercial units and 28 residential units.
- Freehold.
- Planning Permission granted for alterations and upward extension to create 2 additional floors providing 8 flats (4 x 2 beds, 4 x 1 bed) (Brentwood Borough Council Ref: 23/00795/FUL).
PROPOSAL
Offers in excess of £3,000,000 (Three Million Pounds) subject to contract. We have attributed a residual value of £350,000 for the consented airspace.
A purchase at this level reflects a Yield (once 145 Kings Road is let) of 8.92%, Reversionary Yield of 11.27% and a low capital value of £373 psf.
