Development
properties
7 & 7a Manor Croft Parade,
College Road, Cheshunt EN8 9LP
Offers in excess of £300,000
Investment opportunity
744ft2 retail space let to Advantage (Cheshunt) Ltd on a 5-year lease from 2016
Split level 3 bedroom flat of approximately 800ft2 within the same lease
Currently producing £21,000p.a
Asset management opportunity
ERV £28,000p.a
Prominent town centre location in Cheshunt
0.5 miles from Cheshunt Station
Freehold
Offers in excess of £300,000
Gross initial yield is 7%
Description
The investment comprises of a 3-storey freehold building within Manor Croft Parade, which offers a ground floor retail unit currently being utilised as a beauty salon (Advantage Cheshunt Ltd) on a 5-year term from December 2016. The upper parts consist of a 3 bedroom split level flat which is accessed from the rear of the parade. The current tenant is paying £21,000p.a on a fully repairing and insuring lease for the entire freehold. The ERV equates £28,000p.a.
Location
The site is located in Cheshunt, Waltham Cross within the Borough of Broxbourne. Cheshunt lies on the outskirts of North London. It was previously a semi-rural town, which has seen significant redevelopment in recent years. The site is at one end of Cheshunt High Street with its mix of banks, supermarkets, pubs and restaurants. Brookfield Farm shopping centre is a short-drive away, which is home to a large Marks & Spencer, Tesco, Boots and various clothing stores.
The vast Lee Valley Park can be accessed from Cheshunt, with its farms, wildlife walks and sports centres, including the Lee Valley White Water Centre, which was part of the 2012 Olympic Games. Paradise Wildlife Park is 10-minutes from the site and is one of the best zoo’s in Hertfordshire. Cheshunt has an excellent choice of schools, with a five good primary schools within half a mile of the site.
Transport
Cheshunt Railway station is a 10-minute walk from the site, with regular trains to Tottenham Hale (Victoria Line) and London Liverpool Street taking under 20-minutes and trains to London Stansted Airport taking under 40-minutes.
Cheshunt is situated just off junction 25 of the M25.
Viewings
Viewings must be arranged with a member of the Highfield team.
VAT
We understand that the property is not subject to VAT.
Tenure
Freehold.
Terms
Offers in excess of £300,000 subject to the existing lease. This will reflect a 7% yield net of purchase costs.
Buyers note
The property will be placed in the forthcoming Allsop’s Commercial Auction on the 26th Match 2019 if not sold prior.
Please note the information provided by Highfield Investments London Limited, trading as Highfield Investments has been given in good faith, however all parties must undertake their own due diligence to satisfy themselves in regards to accuracy.