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SOUTHEND ROAD, GRAYS

0.00 - 1,625.00 Sq Ft
£285,000
  • Ref: 15047
  • Availability: Sold STC
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Property Summary

The property comprise a multi tenanted commercial investment which part of an established local shopping parade on the corner of Southend Road, at its' junction with Chadwell Road .

The premises are occupied by way of two commercial leases which produce an annual income of £22,120 . The first floor offices are let together with small lock up shop on the ground floor to Robert Stephens Letting Agency. The premises at 1c Southend Road is let as a carpet shop. Both leases expire in 2022.

There is a single storey retail premises which fronts Chadwell Road which is let as a carpet shop and produces a rent of £6,900 per annum exclusive.

There is a further retail shop and that is sold on a ground lease for a term of 999 years with a ground rent of a peppercorn.

There are three allocated parking spaces to the rear of the carpet shop, off Chadwell Road. In addition there is on street parking in Southend Road.

Full Details

LOCATION
The premises are located on the corner of Southend Road and Chadwell Road in Grays

DESCRIPTION
A multi tenanted mixed used commercial investment producing £22,120 per annum

ACCOMMODATION
1c SOUTHEND ROAD
ENTRANCE HALL WITH STAIRS TO FIRST FLOOR
OFFICE 20'7" x 16'2"
KITCHENETTE 6'3" x 11'
CORNER OFFICE (irregular shape0 16'2" x 13'
OFFICE 9'11" x 20'8"
(Currently trading as Robert Stephens Letting Agency)

GROUND FLOOR SHOP
(Currently sub-let for use as beauty therapy)
SHOP 8'8" x 17'
TREATMENT ROOM 4'10" x 10'7"

These premises are held on a Law Society lease for a term of 6 years with effect from 1st January 2016 at a current rent of £15,220 per annum exclusive of VAT, business rates and all other outgoings and subject to a rent review at the end of the third year of the term. We are advised that the lease is within the security of tenure provisions of the Landlord and Tenant Act 1954 and permits sub-letting of part.

1B SOUTHEND ROAD (Carpet shop)
Single storey building fronting Chadwell Road
SHOP 20'4" (average) X 20'10" + 10'11" x 9'7" step up to
OFFICE 15'3" x 6'6"

Currently let to Mr. Paul Bates trading as Millenium Carpets on the basis of a Law Society lease for a term of 6 years with effect from the 1st May 2016 at a current rent of £6,900 per annum exclusive of VAT, business rates and all other outgoings and subject to a rent review on the 1st May 2019

SERVICES
Mains electricity and water

TERMS
£285,000 is required for our client's freehold interest in these premises with the benefit of the income from the tenancies in place. We are advised that the two lease have approximately 3 years remaining and are within the security of tenure provisions of the Landlord and Tenant Act 1954

OUTGOINGS
The rating assessments are as follows:
1a Southend Road - RV £6,200
1C Southend Road - RV £6,300
1D Southend Road - £2,600


The tenancies in place provide for the business rates to be paid by the tenants. Small business rate relief may apply.

VAT
The property is not VAT elected

LEGAL COSTS
Each party to be responsible for their own legal costs

PARKING NOTES
3 Allocated parking spaces. ON street parking in Southend Road (1 hour)

VIEWING
Prior telephone appointment