73-73A Front Lane, Upminster, London Borough of Havering – Retail / Flat Investment with Development Potential

1,374 Sq Ft
£450,000
  • Type: Investment
  • Availability: Sold STC
  • Make Enquiry

Property Features

  • Freehold retail and separate 2 bed flat
  • Ground floor retail let at £11,250 pa and self contained flat is let at £900pcm
  • Located in Cranham, Upminster on the edge of Greater London - 0.9 miles from Upminster train station
  • Potential to improve rental level & add an additional storey (STP)
  • Nearby occupiers include; Tesco Express, bakers, cafes, newsagents, public house, vets, etc

Property Summary

Freehold Retail & Residential Investment in Upminster (potential to increase income & add additional storey (STP))

Full Details

Description
The property comprises a two storey mid terrace building of brick construction, including a ground retail unit and separate first floor 2 bed flat.

The ground floor is let to 'Hun' as a hair salon and comprises a ground floor retail premises including an open plan sales area, kitchenette, store rooms, and WC facilities.

The flat is accessed to the rear of the property. An external staircase provides access to the first floor. The first floor includes a front living room, front kitchen, bathroom (wash basin, bath, shower, WC) and 2 x bedrooms. The flat includes double glazing, painted walls, and carpets.

Location
The property is located on Front Lane close to it's junction with Moor Lane, in the heart of Cranham's main shopping area in the Upmisnter area of Havering. This is a main road location which links to the A127.

Nearby occupiers include Tesco Express, Chinese takeaway, Cafe in Cranham, Cranham Car Sales, Prestons Village Bakery, Excel Physiotherapy and Acupuncture, William Hill and various other traders. The suburban location benefits from good bus links to Upminster (via the 346 and 248) and Upminster underground and overground station is approximately just under one mile away.

Accommodation
Ground - Ground Floor Retail - 872 sq ft
1st - Flat (2 bed, kitchen, lounge & bathroom) - 502 sq ft

Tenure
The property is offered for sale on a Freehold basis subject to the current tenancies.
Freehold - Title Number EGL49436)

Tenancy Details
The ground floor retail unit is let at £11,250 pa until 31st July 2025.

The flat is let out on the basis of an Assured Shorthold Tenancy (AST) at a rent of £900pcm for 12 months from 8th June 2024.

We anticipate there should be scope to agree an increase in rental levels at the next lease / tenancy event.

Development Potential
The next door property (75 - 81 FRONT LANE UPMINSTER RM14 1XL) has been granted planning permission (now built out) for an additional one storey to provide residential units. Other properties in the area have current planning applications pending.

Whilst we are of the view that this property might be suitable for an additional storey, we would advise interested parties to make their own enquiries with their professional advisors and / or Havering Planning Department on 01708 433999

Price
£450,000. We are informed VAT is NOT payable on the price.