FOR SALE

Vincent House, Epping CM16 4LH

Offers in excess of £2,000,000

Description

The existing property comprises a three storey mixed-use building, comprising 3 x retail units at ground floor level extending to approximately 1,485 sq.ft. 3 x 3 bedroom maisonettes (1 sold off) across the first and second floors extending to approximately 2,593 sq.ft. and 3,070 sq.ft. of B1 Office Space located to the rear of the property which benefits from planning permission for the conversion to 5 residential units.

The overall size of the building is approximately 7,148 sq.ft., situated on a 0.14 acre plot of land. To the rear of the property are 10 parking spaces which belong to Vincent House and accessed via Hemnall Street.

Location

Vincent House is situated on a prominent corner position of Epping High Street and Grove Lane within Epping Town Centre. The immediate area comprises a broad mix of both residential and commercial uses.

The property benefits from excellent access to the national motorway network being located within 10 minutes’ drive to both the M25 and M11.

Epping Underground station is located approximately 0.6 miles from the property providing frequent Central Line services into Central London with journey times including London Liverpool Street in 38 minutes and Oxford Circus in 48 minutes.

Tenancies

The three ground floor retail units are fully let to two tenants on separate leases producing a combined income of £60,000 per annum.

One of the flats above the shops is sold off on a 125 year lease producing a ground rent of £150 per annum with the other two let on AST’s producing a combined income of £28,180 per annum, we understand the AST’s have ended and the current tenants are still in occupation and paying rent.

The office space located on Grove Lane to the rear of the property is fully vacant and benefits from planning permission to convert it to residential.

The property offers potential for future rental growth by way of asset management of the residential units.

Planning & Development Potential

Prior Approval applications (EPF/1243/19 and EPF/1244/19) were granted on 19th July 2019, for change of use and conversion of the entire rear office to residential to provide 5 residential apartments (3 x 1 bed unit and 2 x 2 bed units) totalling 2,887 sq.ft.

Subsequently, a detailed planning consent was granted on 22nd January 2020 under reference: EPF/2851/19 for the external refurbishment of the building including replacement windows and cladding.

A planning application was refused on 11th October 2019 under reference: EPF/2032/19 for the creation of a third floor to provide a single 2 bedroom residential unit. The application was refused due to the scale and bulk of the proposed floor having a negative impact on the Epping Conservation Area and the adverse impact the development would have on the Epping Forest Special Area of Conservation.

There might be potential to address these concerns and improve on the current floor space subject to obtaining the necessary consents. All planning enquiries should be made to Epping Forest Borough Council on 01992 546 000.

Tenure

The property will be sold freehold with the existing tenants remaining in-situ.

Terms

Offers are invited in excess of £2,000,000 for the freehold interest.

VAT

The property is elected for VAT.

Additional Information

Further information including approved planning documents can be found within the dataroom using the access code ‘Vincent’.


Disclaimer - Kingsbury on its own behalf and on behalf of the Owner / Landlord of this property whose agent Kingsbury is, gives notice that this document does not constitute any form of contract for sale or lease. Statements should not be relied upon, and interested parties are advised to satisfy themselves as to the correctness of each statement. Kingsbury is the trading name of Kingsbury Investment & Development Consultants Ltd registered in England No: 06869268.


back to list
  • Mixed-use freehold property comprising 3 x retail units, 3 x residential units (1 sold off) and a rear office totalling 7,148 sq.ft. producing a combined income of £88,330 per annum
  • Prior Approval granted for the conversion of the rear office to 5 x residential units (3 x 1 bed units & 2 x 2 bed units) totalling 2,887 sq.ft.
  • Popular town centre location approximately 0.6 miles from Epping Underground Station
  • Offers are invited in excess of £2,000,000 for the freehold interest

To discuss this opportunity further, please contact Jordan Oldfield or Chris Incledon on 020 7183 2529

Open get in touch popup box
Open get in touch popup box
Open get in touch popup box Open get in touch popup box