£3,000,000
(£373.65/sq. ft)
Block of flats for saleKings Road, Brentwood CM14
8,029 sq. ft
About this property
An opportunity to acquire an income producing mixed-use investment comprising 4 retail units and 28 self-contained studios.
Arranged over Ground, First, Second and Third Floors.
The property is located 0.1 miles from Brentwood Station (Elizabeth Line), which offers direct access to Farringdon and Liverpool Street approximately 40 minutes.
3 out of the 4 commercial units are let producing a current passing rent of £59,500 per annum. 145 Kings Road is currently vacant with an erv of £20,000 per annum.
The 28 residential units are let to Stef and Philips until 2027 producing a current rent of £188,000 per annum. The lha rates are significantly higher equating to £259,692 per annum.
Once 145 Kings Road is let the total current passing rent will equate to £267,500 per annum.
The total erv equates to £338,192 per annum for the 4 commercial units and 28 residential units.
Freehold.
Planning Permission granted for alterations and upward extension to create 2 additional floors providing 8 flats (4 x 2 beds, 4 x 1 bed) (Brentwood Borough Council Ref: 23/00795/ful).
Proposal
Offers in excess of £3,000,000 (Three Million Pounds) subject to contract. We have attributed a residual value of £350,000 for the consented airspace.
A purchase at this level reflects a Yield (once 145 Kings Road is let) of 8.92%, Reversionary Yield of 11.27% and a low capital value of £373 psf.
Arranged over Ground, First, Second and Third Floors.
The property is located 0.1 miles from Brentwood Station (Elizabeth Line), which offers direct access to Farringdon and Liverpool Street approximately 40 minutes.
3 out of the 4 commercial units are let producing a current passing rent of £59,500 per annum. 145 Kings Road is currently vacant with an erv of £20,000 per annum.
The 28 residential units are let to Stef and Philips until 2027 producing a current rent of £188,000 per annum. The lha rates are significantly higher equating to £259,692 per annum.
Once 145 Kings Road is let the total current passing rent will equate to £267,500 per annum.
The total erv equates to £338,192 per annum for the 4 commercial units and 28 residential units.
Freehold.
Planning Permission granted for alterations and upward extension to create 2 additional floors providing 8 flats (4 x 2 beds, 4 x 1 bed) (Brentwood Borough Council Ref: 23/00795/ful).
Proposal
Offers in excess of £3,000,000 (Three Million Pounds) subject to contract. We have attributed a residual value of £350,000 for the consented airspace.
A purchase at this level reflects a Yield (once 145 Kings Road is let) of 8.92%, Reversionary Yield of 11.27% and a low capital value of £373 psf.
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