Lot 7

PROMINENT FREEHOLD BUILDING FOR INVESTMENT

Reed House, 2-4 Moor Lane, Upminster, Essex, RM14 1EB
Reed House, 2-4 Moor Lane, Upminster, Essex, RM14 1EB
Sold £320,000

Currently let at £24,825 per annum

This mixed use freehold detached building for investment, comprises six flats spread over the two upper floors (all sold on long leases), three commercial units which are all let and car parking to the rear.

The prominent location of the building, set on the corner of Moor Lane and Front Lane, is in the very heart of Cranham’s shopping area which offers a mix of diverse business from a Tesco Express opposite to hairdressers, estate agents, newsagents, cafes and pubs.

Cranham, which is an area of Upminster, has excellent road links to the A13 and M25 and rail connections with Upminster station being just over a mile away and on both the underground (District Line) and National Rail network (C2C Line).

Ground Floor

Three commercial units each comprising a trading area and toilet together with rear access. The flats are accessed from the rear by way of communal stairs which run up the middle of the building.

First Floor

Landing with entrance to three flats sold on long leases.

Second Floor

Landing with entrance to three flats sold on long leases.

Outside

Marked car parking area for circa 10 vehicles to the rear.

Commercial Tenancies

Unit 1

Let to Creases Dry Cleaners at a current rental of £6,500 per annum.

Unit 2

Let to Hairdressers at a current rental of £10,750 per annum.

Unit 3

Let to Nigel’s Hairdressers at a current rental of £7,000 per annum.

Residential

Tenure

Six flats have each been sold on long leases and currently produce £575 per annum in total ground rental income.

A full schedule of leases along with management information and the commercial tenants information will be included within the legal pack which will be available to download from the Clive Emson website or inspection at the Auctioneer’s Office.

Auctioneer's Note

Section 5(B) Notices under the Landlord & Tenant Act 1987 (as amended) have been served and the leaseholders have not reserved their rights under the legislation.

Important

All lots are sold subject to the Common Auction Conditions and Special Conditions of Sale (unless varied by the Sellers Solicitors), together with the Addendum, which will be available on Auction Day.

* Price Information

Guides are provided as an indication of each Seller’s minimum expectation. They are not necessarily figures at which a property will sell for and may change at any time prior to Auction. Unless stated otherwise, each Lot will be offered subject to a reserve (a figure below which the Auctioneer cannot sell the Lot during the Auction).

We expect the reserve will be set within the guide range or no more than 10% above a single figure guide. Please check our website regularly at cliveemson.co.uk, or contact us on 01622 608400, in order to stay fully informed with the up-to-date information.

Additional Fees

An Administration fee and Other non-optional fees may also be payable in addition to the bid price. All lots are offered subject to the Common Auction Conditions and Special Conditions of Sale or Revised Special Conditions of Sale (as applicable) and may include the repayment of search and other fees and or costs payable by the buyer.

All buyers are advised to inspect all available legal documentation prior to bidding and will be deemed to fully understand what they may be liable for if they are successful in purchasing. This should also include Stamp Duty, Land Registry fees and VAT which may become payable on completion in line with any property transaction, whether it is by auction or private treaty. If, as a buyer, you are in doubt you should seek advice from your own professional advisors. For more information on fees please go to cliveemson.co.uk/buyers-fees/