Land for sale in High Road, Loughton IG10

** freehold investment/development opportunity for sale ** - Situated on High Road, Loughton, where a number of multiple retailers such as Marks and Spencer, Magnet Kitchens and wh Smith are present. The Central Line Underground station at Loughton provides a regular commuter service to and from London. Comprising a ground floor retail unit totalling approximately 485 sq ft (45.1 sq m), which currently trades as an alteration shop, with kitchen and toilet facilities at the rear.
Behind the retail unit is a rear yard which is accessed via a separate front entrance and corridor. Planning consent has previously been granted to build a 1-bedroom flat in this area.
Above the shop is a flat which is sold off on a long lease .The shop is let on a 5 year lease at £16,800 per annum from October 2019. The lease is outside of the Landlord and Tenant Act 1954. Please call Clarke Hillyer on for further information.

Location

Situated on High Road, Loughton, where a number of multiple retailers such as Marks and Spencer, Magnet Kitchens and wh Smith are present. There are also a number of cafes/restaurants located on the High Road. Pay and display parking is available on the street, and there is a large car park to the rear of Marks and Spencer. The Central Line Underground station at Loughton provides a regular commuter service to and from London. Access to the motorway network is via Junction 26 of the M25 at Waltham Abbey or via Junction 5 of the M11 at Loughton (southbound only).

Description

Comprising a ground floor retail unit totalling approximately 485 sq ft (45.1 sq m), which currently trades as an alteration shop, with kitchen and toilet facilities at the rear.
Behind the retail unit is a rear yard which is accessed via a separate front entrance and corridor. Planning consent has previously been granted to build a 1-bedroom flat in this area.
Above the shop is a flat which is sold off on a long lease.

Leases

The shop is let on a 5 year Fri lease at £16,800 per annum from October 2019. The lease is outside of the Landlord and Tenant Act 1954.
The 1st floor flat is sold on a 125 year lease from October 1998 and the ground rent is currently £100 per annum.

Planning

Planning consent has previously been granted for a 1-bedroom flat at the rear of the ground floor (Ref: Epf/1722/18). Full details are available upon request. The planning consent has now lapsed but interested parties are advised to make further enquiries with Epping Forest District Council.

Terms

The freehold, subject to the existing leases, is available for £395,000.

Business Rates

Epping Forest District Council have informed us of the following in respect of the shop:

2023 Rateable Value: £11,250
2024/25 ubr: 0.499 P/£
2024/25 Rates Payable: £5,613.75

Interested parties are advised to verify these figures with the local rating authority.

Viewings

Strictly through Clarke Hillyer on .

Epc

The premises have an Energy Performance Certificate rating of B.