Investment Property with 2 Flats in Essex For Sale

Situated end of parade with seaviews, ESSEX

Price £495,000

Features

Investment - Trading As A Chinese Restaurant with 2 Flats

PREMISES in the region of 1,346 ft²

Double fronted premises trading as a restaurant.

Accommodation

The SPACIOUS living accommodation, DOUBLE GLAZED and with FULL GAS FIRED CENTRAL HEATING, comprises:

4 Double Bedrooms
Fully tiled bathroom with bath, w.c. and wash hand basin
Large Lounge
Fully fitted kitchen

In addition included in the sale is a second SELF CONTAINED FLAT, situated on the second floor, comprising:

3 Bedrooms (2 doubles, 1 single)
Bathroom with bath, w.c. and wash hand basin
Lounge
Kitchen

We understand that this flat is vacant, but could be let on a shorthold tenancy to provide an additional rental income of approximately £700 per month.

Outside

Yard

Tenure

The restaurant and first floor flat have been let on a SECURE RENEWABLE granted for 16 years in 2023 with reviews every 4 years (next review 2027) at a rent of £12,000 p.a. with reviews every 4 years.

As will be appreciated in the event of the second flat is let producing a rental income of £8,400 p.a. the overall rental income would increase to £20,400 p.a.

RECOMMENDED FOR EARLY INSPECTION

Price

ASKING PRICE FOR THE VALUABLE FREEHOLD INVESTMENT £495,000 subject to contract
SUBSTANTIAL MORTGAGE TO AN APPROVED APPLICANT

Finance

Subject to status, you maybe able to borrow up to £ 346,500 (freehold) to purchase this business, with a house or additional security you maybe able to borrow the full amount. Free Quote