Lot 11 329 Romford Road, Forest Gate, E7 9HA

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Description
Map
Viewings

Property Summary
  • Freehold mixed use investment
  • Part let to Superdrug Stores Plc until 2025
  • Alternative use and development potential (subject to consents)
  • Currently producing £130,000 per annum (part vacant)
  • On the instructions of James Liddiment and Paul Greenhalgh of Duff & Phelps as Joint Fixed Charge Receivers
Tenure

Freehold

Location

The London suburb of Forest Gate lies about 7 miles north east of central London and is bordered by Manor Park to the east and Stratford town centre to the west. It can be accessed vi the A114 and A118, both of which provide direct access to the A12 to the north and west respectively. The area is served by Forest Gate station, which provides direct services to London Liverpool Street and Wanstead Park station. which provides regional overland services between Gospel Oak and Barking. The area is also well served by numerous bus routes.

Romford Road forms part of the A118 and is the principal retail area in Forest Gate. The property commands a prominent location at the junction of Romford Road and Woodford Road (A114) in a mixed commercial and residential area. Nearby occupiers include Iceland, Ladbrokes, Poundland, Tesco Express, KFC and Barclays.

Description

A prominent corner building of traditional construction arranged over basement, ground, first and part second floors. The building comprises storage at basement level with retail accommodation on the ground floor and there is separate access to the first floor, which is currently arranged as a banqueting hall for private events and functions. The part second floor provides residential accommodation in the form of one 3 bedroom flat and one 2 bedroom flat. The upper floors and basement may offer alternative use potential or potential for further development, subject to obtaining the necessary consents.

Tenancy

For the year ending 28/12/2019, Surperdrug Stores Plc reported a turnover of £1,303,797,000, a pre-tax profit of £89,398,000 and shareholders' funds of £316,911,000 (Source: Companies House).

Planning

London Borough of Newham (020 8430 2000) www.newham.gov.uk

VAT
Please refer to Legal Documents
Property Table
FloorAccommodationTenancyRent PA
TOTAL  £130,000
GroundRetail - 331.44 sq m (3,566 sq ft)Let to Superdrug Stores Plc for 10 years from 24/09/2015 (1)£90,000
FirstBanqueting suite/restaurant - 248.05 sq m (2,669 sq ft)Let to Mohibuddin Latifchoudhury t/a Palm Tree for 15 years from 01/05/2015£40,000 (2) (3)
SecondResidential - 1x 2bedroom flat & 1x 3 bedroom flatSee Note (4)0
BasementStorage - 259.25 sq m (2,789 sq ft)Vacant0

(1) There was a tenant's break clause in September 2020 that was not operated
(2) 3 yearly rent reviews
(3) Due to the Covid 19 pandemic the tenant has been unable to trade since March 2020 & is in arrears (refer to legal pack)
(4) We understand that the Borrower is in occupation of the three bedroom flat with the other flat currently being vacant (refer to legal pack)
(5) All floor areas have been obtained from the Valuation Office Agency (www.tax.service.gov.uk)
 

EPC

Rating 97 Band D


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