• To be sold by clicktopurchase® online auction – 14th December, 11.00am

• Located in a London borough

• Prominent position on Church Street, Enfield

• Available with vacant possession

• Upper parts offer development opportunity with planning consent obtained for 2 x 2-bed flats

• Freehold

• Guide price £660,000 (£233 per sq ft gross external), subject to contract

The subject property is situated in the heart of Enfield occupying a prominent position on Church Street, the main road in Enfield Town. Enfield Chase Railway Station is 0.5 km (0.3 miles) to the north-west and Enfield Town Railway Station is 0.5 km (0.3 miles) to the east.

The property benefits from being in close proximity to the Palace Gardens Shopping Centre and the adjoining Palace Exchange. Palace Gardens totals approximately 19,974 sq m (215,000 sq ft) and is anchored by Marks & Spencer, Waitrose with other tenants including WH Smith, Boots and H&M. Palace exchange totals approximately 14,864 sq m (160,000 sq ft) with 25 retail units and 530 car parking spaces. Anchored by Next and TK Maxx, retailers in the scheme include Superdrug, River Island, JD Sports and TopShop.

Other nearby retailers on Church Street include McDonalds, Vodafone, EE, Starbucks and Nationwide.

The property comprises a 3-storey mid-terraced mixed-use building currently arranged over ground, first and second floor levels.

The ground floor retail unit is currently vacant.

The first and second floors currently comprise vacant self-contained office accommodation. The office accommodation is basic in nature as can be seen from the internal photographs.

The property provides the following approximate areas:

Existing:

Ground Floor (NIA)

Note: the areas has been estimated and obtained from scaled architect’s plans of the existing accommodation which are available to download.

Freehold.

Residential Capital Values

Our enquiries indicate that residential accommodation above commercial in the area has been selling at up to £700 per sq ft (£7,545 per sq m):

Assuming conservative values, we suggest that the redevelopment residential accommodation has an exit value of approximately £525,000 based upon £400 per sq ft and £260/265,000 per flat.

Retail Rental Values

We are aware of the following recent lettings in Enfield in close proximity to the subject property:

48b Church Street, totalling 614 sq ft, let in March 2018 to Shaketastic for a term of 10 years (break in year 5) at a rent of £24,600 per annum equating to £40.00 per sq ft overall and £56 Zone A.

38 Church Street, totalling 1,220 sq ft, let in October 2018 for a term of 10 years (break in year 5) at a rent of £38,000 per annum equating to £31.15 per sq ft overall and £56 Zone A.

23 Church Street, totalling 974 sq ft, let in January 2017 to Rush for a term of 10 years (break in year 5) at a rent of £40,000 per annum equating to £41 per sq ft overall and £69 Zone A.

Having regard to the above, we suggest that the retail unit has a rental value of £29,000 per annum, equating to £55 Zone and £32 per sq ft overall.

The property has been elected for VAT

1. An opportunity to acquire a freehold retail and residential development opportunity in a London borough.

2. The property occupies a highly prominent position in Enfield town centre;

3. The property is offered with vacant possession;

4. Upper parts offer development opportunity with planning consent obtained for 2 x 2-bed flats;

5. Attractive lot size to an investor;

6. A purchase at the asking price reflects a capital value at a significant discount to residential exit values, by applying a fair investment yield to the retail accommodation.