Commercial Property Details

Harrow Road, London

Commercial

For Sale

£1,200,000

The existing accommodation comprises an A1 retail unit over basement and ground which measures c.770 sq.ft. that is currently let with a lease runs until 2029. Contained within the upper parts is a 3-bedroom flat that is laid out over first, second and third floors, measuring c.1,200 sq.ft. The property is currently arranged as a single dwelling and is rented on an AST for £23,400 per annum. The AST is on a rolling monthly arrangement so VP can be offered to a purchaser on completion should they require.

We believe the property offers a purchaser the potential to add value through reworking the existing residential accommodation. This can be done by obtaining planning for an additional floor in the roof which has been done by multiple buildings along the road. In addition, there is the option to create smaller self-contained units which in turn would enable an investor to create a better income from the property. If the existing 3-bedroom flat could be turned into 3 x studio units, we feel these would fetch £1,150 pcm, therefore total rent from the residential would reach £41,400 per year. Then this in addition to the rent from the shop would provide an ERV of £60,360 per year. Note, this does not include the potential increase from adding another floor in the loft space.

- Both elements of the property are currently rented for £42,360 per year.
- Potential to add to the existing residential accommodation by constructing an additional floor.

Property description

The existing accommodation comprises an A1 retail unit over basement and ground which measures c.770 sq.ft. that is currently let with a lease runs until 2029. Contained within the upper parts is a 3-bedroom flat that is laid out over first, second and third floors, measuring c.1,200 sq.ft. The property is currently arranged as a single dwelling and is rented on an AST for £23,400 per annum. The AST is on a rolling monthly arrangement so VP can be offered to a purchaser on completion should they require.

We believe the property offers a purchaser the potential to add value through reworking the existing residential accommodation. This can be done by obtaining planning for an additional floor in the roof which has been done by multiple buildings along the road. In addition, there is the option to create smaller self-contained units which in turn would enable an investor to create a better income from the property. If the existing 3-bedroom flat could be turned into 3 x studio units, we feel these would fetch £1,150 pcm, therefore total rent from the residential would reach £41,400 per year. Then this in addition to the rent from the shop would provide an ERV of £60,360 per year. Note, this does not include the potential increase from adding another floor in the loft space.

- Both elements of the property are currently rented for £42,360 per year.
- Potential to add to the existing residential accommodation by constructing an additional floor.

Freehold Building
Investment Opportunity
Development Opportunity


Additional Details

Property ID: 4621103 Property Views: 36 Property Type: Commercial Price: £1,200,000
Bedrooms: 0 Bathrooms: 0 Receptions: 0 Other Rooms: 0
Garages: 0 Parking Spaces: 0 Gardens: 0