129-133 Cranbrook Road, Ilford , IG1 4QB, Greater London, London
Freehold mixed use investment for sale with vacant land to the rear offering clear development potential (stpp).
The existing buildings are arranged over two storeys (ground and first), comprising 3 x retail units with a self-contained office above at first floor level. To the rear of the existing buildings is vacant land which possesses development potential. The land can be accessed via Beal Road from a narrow right of way. We believe the total site area measures c.8,740 sq. ft. which includes the footprint of the existing buildings.
In terms of existing accommodation, there is 1,602 sq. ft. of retail space at ground floor level split as follows (129 = 595 sq. ft., 131 = 458 sq. ft. and 133 = 549 sq. ft.) Both 129 & 131 are currently vacant with 133 rented for £28,500 pax on a 10 year lease running until April 2024. The upper parts comprise a 2,200 sq. ft. B1 office that is currently rented to a firm of solicitors for £5,000 pax. The tenant is holding over. All leases are inside the Act.
The subject property possesses potential, to add value through improved asset management by maximising the rents on the existing accommodation.
In addition there is potential to redevelop the site which has been explored by MDR architects who have provided a feasability study for a new build block of 9 apartments with commercial.
Retail - High Street, Residential Use, Land, Office