Guide price
£550,000
(£251.49/sq. ft)
Light industrial for saleLancaster Road, Enfield EN2
2,187 sq. ft
Under offer
About this property
Rare freehold investment opportunity
Highly reversionary passing income of £26,000 pa
Lease expiry February 2028
Prominent well-regarded North London location
Significant longer term development potential
Excellent transport links
Tenant's business not affected
This detached industrial building has been used as a motor repair garage by the current tenants since 1989. The building was rebuilt in 1973 by its current owners for their own occupation.
The building has a gross internal area of 203.27 sq m (2,188 sq ft) which excludes the low height storage at mezzanine level. The eaves height is c. 3.6m (12 ft).
The front forecourt is c. 6m (20 ft) deep.
The property is let on a full repairing and insuring renewal lease for 24 years from 3rd February 2004. The unexpired term is therefore 1.8 years. The lease is subject to the schedule of condition which was attached to the 1989 lease. The passing rent is £26,000 pa which is highly reversionary. The lease is inside the 1954 Act.
Besides its current B2 industrial use the property has longer term potential for residential redevelopment subject to planning permission. Additionally there are permitted development rights to change B2 (general industrial) use to B8 (warehousing).
Please note that the freehold investment is for sale subject to the lease, which continues. This does not affect the tenant's business in any way. Interested parties should not contact the tenant.
Location:
The property is in an unusually prominent and well-regarded North London location for a motor repair garage. Lancaster Road is in the northern part of Enfield Town and runs from Chase Side in the west to Baker Street in the east. Lancaster Road is a bustling local high street - there are few voids. The surrounding area is residential. To the east of the property is a three storey block of flats and to the west a car park, both of which do not form part of the property.
Notable local occupiers include Co-op, Sainsburys and Fairview New Homes.
The property is well situated for public transport communications with Enfield Town Station being 1.25km to the south and Gordon Hill Station being 1.05km to the west. Additionally the 191 and W8 buses serve Lancaster Road - the bus stops are within 100m of the property.
Terms:
Freehold for sale subject to the lease expiring 2nd February 2028 (1.8 years remaining). The property is not elected for VAT so VAT will not be payable on the purchase price.
The building has a gross internal area of 203.27 sq m (2,188 sq ft) which excludes the low height storage at mezzanine level. The eaves height is c. 3.6m (12 ft).
The front forecourt is c. 6m (20 ft) deep.
The property is let on a full repairing and insuring renewal lease for 24 years from 3rd February 2004. The unexpired term is therefore 1.8 years. The lease is subject to the schedule of condition which was attached to the 1989 lease. The passing rent is £26,000 pa which is highly reversionary. The lease is inside the 1954 Act.
Besides its current B2 industrial use the property has longer term potential for residential redevelopment subject to planning permission. Additionally there are permitted development rights to change B2 (general industrial) use to B8 (warehousing).
Please note that the freehold investment is for sale subject to the lease, which continues. This does not affect the tenant's business in any way. Interested parties should not contact the tenant.
Location:
The property is in an unusually prominent and well-regarded North London location for a motor repair garage. Lancaster Road is in the northern part of Enfield Town and runs from Chase Side in the west to Baker Street in the east. Lancaster Road is a bustling local high street - there are few voids. The surrounding area is residential. To the east of the property is a three storey block of flats and to the west a car park, both of which do not form part of the property.
Notable local occupiers include Co-op, Sainsburys and Fairview New Homes.
The property is well situated for public transport communications with Enfield Town Station being 1.25km to the south and Gordon Hill Station being 1.05km to the west. Additionally the 191 and W8 buses serve Lancaster Road - the bus stops are within 100m of the property.
Terms:
Freehold for sale subject to the lease expiring 2nd February 2028 (1.8 years remaining). The property is not elected for VAT so VAT will not be payable on the purchase price.
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