Shop & 1st /2nd floor offices with the benefit of existing short-term income throughout.

Planning Permission granted for 2 x 1 bedroom flats on the upper floors.

Freehold For Sale               

Town Centre Location

Family-owned property – first time on the market for more than 100 years.

                Planning to develop 2 x 1 bedroom flats & an application for a further 1 bedroom flat.

                Amongst all Town Centre amenities

                Within 100 yards of Ilford Elizabeth Line Station

                Excellent local & national road communications via (A406) approx 400 yards

Other Details

Accomodation

Comprising shopfront premises on the ground floor which currently trades as a Caribbean restaurant with self-contained offices over the 1st & 2nd floors. The restaurant extends to approx 1,021sq ft (94.95 m sq). The net floor area of the 1st & 2nd floors is approx 663sq ft (61.65m sq). Existing Tenancies & Incomes derived. Shop – Let to Joshua & Sonia Williams on a FRI Lease for a term of 20 years dated 3rd March 2003 at a passing rent of £27,500pax. We understand form our client that although the Lease is drawn inside the Landlord & Tenant Act, vacant possession can be obtained if required. Offices – All are Let on Tenancies at Will, commencing between May 2017 & July 2021. The current combined income is £27,600pa The total income is therefore £55,100pa. Planning Planning permission was granted on 22 July 2022, application number 1805/22 for the conversion of the uppers to provide 2 x 1 bedroom flats over 1st & 2nd floors. A recent application has been submitted for a further 1 bedroom flat in the loft space.

Amenities

Town Centre Location Family-owned property – first time on the market for more than 100 years. Planning to develop 2 x 1 bedroom flats & an application for a further 1 bedroom flat. Amongst all Town Centre amenities Within 100 yards of Ilford Elizabeth Line Station Excellent local & national road communications via (A406) approx 400 yards

Lease

Freehold to include the benefit of the existing incomes & the planning consent.

Rent

Offers are invited in excess of £875,000 to include full, or partial vacant possession if required. We understand VAT is not applicable.

Legal Costs

Each party are to be responsible for their own legal costs. Agency Fee. Although Bennett Phillips are solely retained by the Vendor, as part of our agreement with them, we have been instructed to obtain our fee from the purchaser. This is to be based on 2% of the sale price plus VAT at the prevailing rate paid by the purchasers Solicitor immediately upon completion. Written acknowledgment will be required from the purchaser once terms have been agreed & prior to Solicitors being instructed.

Viewing

Strictly by prior appointment through sole agents Bennett Phillips Luton – contact Marc Luton on 020 8501-3000 email: marc@bennettphillips.com