Lot 9: Commercial Mixed Use

Guide Price: £220,000

Sold for: £210,000

Tenure: Freehold
Bedrooms: n/a
Address:
559, 559A and 559B London Road
Westcliff-on-Sea

Essex SS0 9PQ

Please contact us for more information

Email: auction@dedmanauctions.com

Tel: 01702 311010

Description

*LATE CATALOGUE ENTRY* VACANT FREEHOLD GROUND FLOOR COMMERCIAL RETAIL UNIT AND BASEMENT WITH TWO FLATS ABOVE, LET ON ASSURED SHORTHOLD TENANCIES

This three storey building occupies a prominent corner position in a busy part of London Road, at the junction with Northview Drive. Local amenities are close by, with easy access to public transport along London Road where there is a wide range of retail operators and financial/professional service providers nearby.

The ground floor commercial retail unit is offered with vacant possession. Above this, there are two flats let on assured shorthold tenancies producing a rental income of just under £12,000 per annum. Both flats are subject to125 year leases.

It is considered an excellent investment opportunity, where commercial rents in the area range between £6,000 and £8,000 per annum plus the added benefit of additional residential income.

Accommodation
Sales area 498ft
Workshop/rear office 549ft
Basement 195
Toilet and Showeroom facilities
Staff Kitchen
NB. Gas central heating (not tested)

559A London Road
A one bedroom flat,let on an assured shorthold tenancy for an original term of six months from 31st March 2010 at a rent of 495.00 per calendar month. The tenancy is currently holding over on a month to month basis.

559B London Road
A one bedroom flat, let on an assured shorthold tenancy for an original term of six months from 28th June 2006 at a rent of £500.00 per calendar month. The tenancy is currently holding over on a month to month basis.

CURRENT RENT RESERVED
£11,940.00 per annum

POTENTIAL RENT WHEN FULLY LET
£18,000 - £20,000 per annum

Leases
Details relating to the leases of 559A and 559B London Road can be found contained in the legal pack.

Ground Rent and Service Charges (where applicable)
Please check the legal pack for further details

Tenure
Freehold, subject to two leases

Viewing
By appointment with the Auctioneers. Please note viewings on the tenanted flats may be limited and subject to change at short notice.