Acquired
London RM1 – New Build Shop & 3 Flats
44 Victoria Road, Romford, London RM1 2JHFreehold Retail & Residential Investment
Tenure
Freehold
Lease Term
10 Years
Years Left on Lease
7y 6m
Area
3,440 SQ FT
VAT Applicable
No
Sector
Investment Consideration
- Comprises 1 x Retail Shop and 3 x 2-Bed Flats, newly converted/extended in 2022
- Property benefits from 3 parking spaces at front and 2 gardens at rear
- VAT is NOT applicable to this property
- Located within 0.1 mile from Romford Train Station with occupiers close by including Lidl, Fitness First, Pizza Go Go and Dixy Chicken, amongst many more.
Key Features
Tenure
Freehold
VAT
VAT is not applicable.
Property Description
The property comprises newly converted/extended mixed-use block of retail shop and 3 self-contained residential dwellings, providing the following accommodation and dimensions:
Ground Floor:
Retail Shop - 59.00 sq m (624 sq ft)
Open plan retail, Storage, WC, 2 Parking Spaces
Flat 1 - 97.36 sq m (1,048 sq ft)
2 Bedrooms, Kitchen/Living Room, 2 Bathrooms, Garden
Ground/First Floor:
Flat 2 - 98.94 sq m (1,064 sq ft)
Ground Floor: Kitchen/Living Room, WC, Garden
First Floor: 2 Bedrooms, 2 Bathrooms
First Floor:
Flat 3 - 65.30 sq m (703 sq ft)
2 Bedrooms, Kitchen/Living Room, 2 Bathrooms, Garden
Total residential area: 261.60 sq m (2,815 sq ft)
Total retail area: 59.00 sq m (624 sq ft)
Ground Floor:
Retail Shop - 59.00 sq m (624 sq ft)
Open plan retail, Storage, WC, 2 Parking Spaces
Flat 1 - 97.36 sq m (1,048 sq ft)
2 Bedrooms, Kitchen/Living Room, 2 Bathrooms, Garden
Ground/First Floor:
Flat 2 - 98.94 sq m (1,064 sq ft)
Ground Floor: Kitchen/Living Room, WC, Garden
First Floor: 2 Bedrooms, 2 Bathrooms
First Floor:
Flat 3 - 65.30 sq m (703 sq ft)
2 Bedrooms, Kitchen/Living Room, 2 Bathrooms, Garden
Total residential area: 261.60 sq m (2,815 sq ft)
Total retail area: 59.00 sq m (624 sq ft)
Tenancy Description
The retail shop is at present let to an Individual for a term of 10 years from 25th May 2022 at a current rent of £21,000* per annum and the lease contains full repairing and insuring covenants. Upward only rent review in May 2027. Mutual option to determine in May 2027 with minimum 6 month`s notice. Deposit held of £5,250.
*Note - Tenant pays £18,000 p.a. for the shop and £3,000 p.a. for 2 parking spaces at front
Flat 1 is at present let on AST to an Individual for a term of 12 Months from 5th January 2023 at a current rent of £22,200 p.a. Deposit held of £1,850.
Flat 2 is at present let on AST to an Individual for a term of 12 Months from 30th September 2022 at a current rent of £22,200 p.a. Deposit held of £1,850
Flat 3 is at present let on AST to an Individual for a term of 12 Months from 31st October 2022 at a current rent of £21,300 p.a. Deposit held of £2,048. The rental amount includes 1 parking space at front.
*Note - Tenant pays £18,000 p.a. for the shop and £3,000 p.a. for 2 parking spaces at front
Flat 1 is at present let on AST to an Individual for a term of 12 Months from 5th January 2023 at a current rent of £22,200 p.a. Deposit held of £1,850.
Flat 2 is at present let on AST to an Individual for a term of 12 Months from 30th September 2022 at a current rent of £22,200 p.a. Deposit held of £1,850
Flat 3 is at present let on AST to an Individual for a term of 12 Months from 31st October 2022 at a current rent of £21,300 p.a. Deposit held of £2,048. The rental amount includes 1 parking space at front.
Tenancies & Accommodation
Location Description
Romford is a large town in East London and the administrative centre of the London Borough of Havering. It is located 14.1 miles northeast of Charing Cross and is one of the major metropolitan centres identified in the London Plan. The property is located within 0.1 mile from Romford Train Station. Occupiers close by include Lidl, Fitness First, Pizza Go Go and Dixy Chicken, amongst many more.
