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Kwik-Fit, Walthamstow, Greater London



offers in excess of £ 1,395,000
2-10 Billet Road, Walthamstow, London, E17 5DN

Basic Facts

Status: Type: Tenure: Freehold Gross Yield %: 5.1
Gross Rent: £ 71,250 Lease Term: 25 yrs from Sept '06 Years left on Lease: 12.2

Property Description

  • Freehold, Blue-Chip Motor Investment in London
  • The property comprises a former retail parade with residential upper parts. The retail units have been converted to provide storage and ancillary accommodation for the main business carried out by the tenant which includes an MOT, tyre, exhaust and servicing centre.
  • A yard to the rear of the site provides access to the main workshop accommodation which is contained within a ground floor extension behind the original shops.
  • Ground floor unit of 5,075 sq ft with additional parking at the rear (circa 10,000 sq ft site).
  • There is a large advertising hoarding on the eastern elevation which is highly visible
    from the North Circular Road ((A406).
  • There are five large maisonettes at first and second floor level which have been let onlong leases.
  • SPV (company) purchase.

Additional Information

Location Description:
  • Walthamstow is situated within the London Borough of Waltham Forest in east London. It is an area which is currently undergoing significant regeneration and improvement.
  • Walthamstow is located approximately 11 km (7 miles) north-east of the City of London, 15 km (9 miles) north-east of the West End, 4.8 km (3 miles) north of Stratford and 6.4 km (4 miles) north-east of Stoke Newington.
  • Walthamstow benefits from good road communications, being adjacent to the North Circular Road (A406). The M11 Motorway is 4 km (2.5 miles) to the east and the M25 Motorway is approximately 11 km (7 miles) to the north. The A12 is approximately 3.2 km (2 miles) to the south.
  • The property occupies an extremely prominent roadside location adjacent to the North Circular Road (A406) and Crooked Billet roundabout.
  • The area is well served by public transport. Walthamstow Central station provides both Underground (Victoria Line) and Overground services with an approximate journey time to London Kings Cross of 15 minutes and London Liverpool Street of 20 minutes.
  • Other railway stations include Queens Road (London Overground), Blackhorse Road (Victoria Line, London Overground) and St James Street (London Overground) Numerous bus routes provide access to London and for air travel, London City Airport is situated approximately 16 km (10 miles) to the south-east.
Notes:
  • The seller is agreeable to selling this property by way of a company sale in order to reduce the buyer’s Stamp Duty.
  • In accordance with the tenant’s lease terms, a significant schedule of dilapidations has been agreed and the property is currently undergoing a substantial refurbishment programme of works.
  • The site presents a significant residential development opportunity possibly with a commercial element facing the main road at ground floor level.
  • The freeholder has explored and been in negotiations to purchase the large maisonettes at first and second floor level which are let on long leases with approximately 85 years remaining. This will allow the freeholder, subject to planning, to replan/remodel and increase the existing space whereby potentially creating a larger number of smaller units and also look at building over the roof above the rear of the Kwik Fit workshop.
  • In addition there is some redundant land adjacent to the site which could possibly be purchased and potentially produce some marriage value.

Tenancy & Accommodation Schedule

  • Tenancy Schedule
  • View on map / Neighborhood

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