- Off market
- Freehold
- The property is currently configured as a commercial unit to the ground floor with 4 x 1 bedroom apartments and 1 x 2 bedroom apartment occupying the first and second floors.
- At the rear of the property there is a car park which is not demised to the ground floor commercial unit that offers 8 large car parking spaces and benefits from its own entrance via the rear service road which is accessed from Hermit Road.
- The property is situated on a busy retail parade within a short walk of Canning Underground Train Station (Jubilee Line) and Canning Town Docklands Light Railway.
- The commercial unit measures circa 1,327 sq.ft .
- The commercial lease is in the name of Orion Foods Limited and operates as Kentucky Fried Chicken (KFC) deemed to be a strong covenant.
- The commercial lease was entered into in 2006 and due to expire in 2026. The covenant holder recently refurbished the KFC and has Security of Tenure in that the commercial lease falls within the Landlord and Tenant Act 1954. They have indicated that they wish to renew their 20 year lease on expiration.
- The current passing rent is £35k per annum.
- Rent reviews are triggered every 5 years. Neither the landlord or the tenant has a break clause incorporated within the commercial lease. The commercial lease has a no Development Clause in favour of the landlord who is holding a rent deposit in the sum of £16k.
- All KFC deliveries are affected from the front of the commercial unit on Barking Road.
- As part of the tenancy agreement the landlord affords the tenant two car parking spaces in the rear car park.
- The 5 self-contained apartments on the first and second floors are all rented out under 12 month ASTs producing an average yearly income of £66k.
- The 4 x 1 bedroom apartments have full PP and building regulations which was granted by the London Borough of Newham on 16 January 2002 under Planning Application No: P/01/1347 with measurements as follows:
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- Apartment 1 – circa 495.14 square feet (1 bedroom apartment)
- Apartment 2 – circa 441.32 square feet (1 bedroom apartment)
- Apartment 3 – circa 441.32 square feet (1 bedroom apartment)
- Apartment 4 – circa 430.55 square feet (1 bedroom apartment)
- The 1 x 2 bedroom apartment was built in circa 2003 by the owner but does not benefit from planning permission or building regulations. The owner has agreed to provide a Statutory Declaration on Completion to confirm uninterrupted residential occupation since it was built with at least 10 years Council Tax payments and receipts which will allow a purchaser to apply for and obtain a Certificate of Established Use or a Certificate of Lawful Use.
- 6 of the car parking spaces are let to local traders and businesses for a very low rent of £6k per annum which the seller feels could be doubled.
- The combined income of the property is £35k per annum from the commercial unit, £66k per annum from the 5 self-contained apartments and £6k per annum from the car parking spaces, totalling £107k per annum.
- The sellers believe that there is the potential to extend the commercial space by adding a first and second floor subject to PP. You will see Photo 3 that some of the neighbouring properties have been extended to the rear service road with single and double storey extensions.
- Selling price circa £1.6m.
We will require a buy side fee.
Where we act as a seller’s mandate, we represent the vendors. Our clients wishing to sell their property off-market benefit from impartial advice and a personalised service tailored to their requirements and circumstances. More importantly, we offer sellers unparalleled access to qualified buyers and we ensure that we address the right audience.
In order to achieve the best possible sales result, your property is presented to individual and corporate purchasers, whose buying behaviour and buying power can be backed by a Letter of Intent (LOI) and Proof of Funds (POF). We will provide vendors with professional support throughout the entire process and beyond, including RICS valuations, coordinating viewings, assessing incoming offers, and protecting your interests during sales negotiations.
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