Residential for sale

** FREEHOLD INVESTMENT/DEVELOPMENT OPPORTUNITY ** - Located prominently on the corner of Johnston Road and High Road, Woodford Green (A104). This particular section of the High Road consists of a variety of shops, restaurants, offices and flats. Woodford Underground Station is on the Central Line and provides a regular service into Central London. The site comprises 2 ground floor shops which have traded as estate agencies for many years. Above the shops is a first floor office which is sold off but our client has retained ownership of the loft space above and planning has been granted to covert this space into 3 apartments. For further information, please call CLARKE HILLYER on 020 8501 9220.
Location - The property is located prominently on the corner of Johnston Road and High Road, Woodford Green (A104). This particular section of the High Road consists of a variety of shops, restaurants, offices and flats. Woodford Underground Station is on the Central Line and provides a regular service into Central London. Access to the motorway network is via Junction 26 of the M25 at Waltham Abbey or via the North Circular Road (A406) at The Waterworks roundabout and local buses serve this location.
Description - The site comprises 2 ground floor shops which have traded as estate agencies for many years. Above the shops is a first floor office which is sold off but our client has retained ownership of the loft space above. The retail accommodation is more particularly described as follows:
380-382 High Road: Sales area (inc kitchenette): 600 sq ft (55.7 sq m); WC.
384 High Road: Sales area: 1,043 sq ft (96.9 sq m); Kitchenette: 34 sq ft (3.2 sq m); WC.
All measurements quoted are approximate only.
Tenancies - 380-382 High Road: Let to Abode (Woodford) Ltd on a 10 year FRI lease from May 2019. The current rent is ï½£24,000 per annum.
384 High Road: Let to Arun Estate Agencies Ltd on a 10 year FRI lease from March 2023, subject to a 5 year tenant's break clause and rent review. The current rent is ï½£38,500 per annum.
The 1st floor and part of the ground floor are sold off on a 125 year lease from 2009.
Planning - Planning consent has been granted (Ref no 0513/22) to convert the loft space into 3 self-contained apartments (one x 1-bedroom & two x 2-bedroom) with balconies/terraces, associated amenity space, landscaping, together with cycle and refuse storage.
Terms - The freehold is available, subject to the existing tenancies and with the benefit of the planning consent, for ï½£1,575,000.
Business Rates - Redbridge Council have informed us of the following in respect of the shops:
380-382 High Road 2023 Rateable Value: ï½£24,250
384 High Road 2023 Rateable Value: ï½£37,250
Viewings - Strictly via sole agents Clarke Hillyer, tel 020 8501 9220.
Epcs - 384 High Road has an Energy Performance Certificate rating of C. An EPC has been ordered for 380-382 High Road and will be available in due course.