Thinking of buying or selling call 020 8599 9911

   

FOR SALE - MIXED USE RETAIL/RESIDENTIAL INVESTMENT

55 MEADS LANE, ILFORD, ESSEX, IG3 8QL

SOLD

Key Features

•  Secure long term flow of income.

Location

The premises is located in a local neighbourhood parade of shops on Meads Lane which can be accessed from Aldborough Road South to the West which also provides access onto the A12 thoroughfare to the North. High Road (A118) Ilford is approximately half a mile to the south of the demise. Both Newbury Park Station and Goodmayes Station serve as the nearest stations and can be reached within 15 minutes by walk, servicing frequent journey's to Stratford and Liverpool Street Station. On-street parking by way of raised kerbs can be found nearby.

Accommodation

Accommodation comprises a retail unit at ground floor level with residential upper parts. There is an outbuilding to the rear of the demise which also provides additional living accommodation. Approximate dimensions and areas are as follows:
Retail Unit
Internal Width16' 5" ( 5.00 m)
Retail Depth30' 2" ( 9.19 m)
Sales Area398 sq.ft ( 36.98 m2  )
Kitchen69 sq.ft ( 6.41 m2  )
Storage69 sq.ft ( 6.41 m2  )
Total547 sq.ft ( 50.82 m2  )
55A (2 bedroom flat)
55B (studio flat)

Lease Terms

A new full repairing lease commencing on 23rd May 2018 granted for a term of 20 years to Mohamed Umarji Adam at a rent of £14,400 per annum exclusive was recently reviewed in September 2019 to £16,500 per annum exclusive of all outgoings. The rent is subject to periodic upward only rent reviews, with the next review now falling in May 2023 and thereafter 4 yearly. The lease as existing is inside the provisions of the Landlord and Tenant Act 1954 governing Security of Tenure. The demise includes the retail element at ground floor level combined with the outbuilding to the rear at 55b Meads Lane.

The 2 bedroom flat has been sold-off on a long leasehold basis for a period of 99 years at peppercorn rent from 1 October 1986. The current passing ground rent is £125.00 per annum which is subject to increase every 21 years and there is an unexpired term of circa 66 years. The new freeholder subject to negotiation may be able to benefit from the premium payable in respect of an extension of the leaseholder's interest in the above for a further 90 years.

Price

Rates

Rateable Value£6,500
UBR 2018/1947.5p
Rates Payable£3,087.50
Interested parties are advised to verify these figures and query whether they qualify for either small business rates relief or full exemption of rates with the London Borough of Redbridge Council on 020 8554 5000.

Energy Performance Asset Rating

A+
A
B
48
This is how energy efficient
this building is
C
D
E
F
G

VAT

Value Added Tax may be applicable in respect of this property. Further details are available on request.

Service Charge

A service charge is not applicable in respect of this property.

Legal Costs

Each party to bear their own legal costs.

Viewing

Strictly by prior appointment with sole letting agents Taylor Freeman Kataria.

Contact:

Mukund Kataria
Mkataria@cliffords-estates.co.uk

Rajiv Kataria
Rajiv@cliffords-estates.co.uk

GET IN TOUCH

TFK 306, Green Lane, Ilford IG1
020 8599 9911

BUSINESS HOURS

MONDAY - FRIDAY 9:00 a.m. – 5:00 p.m.
SATURDAY & SUNDAY CLOSED

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