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Commercial & Residential Investment – London Street, Faringdon

£1,400,000
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Commercial and Residential Investment with Consent for Additional Residential Development.

• Substantial Retail shop

• 5 one-bedroom existing flats

• Planning Consent to convert upper floors to four additional flats

• Further Consent for 3 new build flats to the rear of the site

An opportunity to buy a substantial building producing an existing income yet with planning consent to convert existing offices to flats and build further dwellings to the rear of the property.

LOCATION

Faringdon is a growing Market Town lying 18 miles from the City of Oxford and 12 miles from Swindon just off the busy A420 corridor linking the M4 and M40 Motorways.

DESCRIPTION

The 19th Century Grade II Listed Building is laid out on 4 floors with a car park area to the rear including an existing storage building. 

The basement and lower ground floor are let on a commercial lease to one tenant being a long standing and respected piano retailer.

Part of the first and second floors form 5 recently refurbished 1-bedroom flats.

Part of the upper ground floor and second floor (vacant offices and store) have consent to create 4 further flats

Within the car park area planning consent has been granted to demolish the storage building and create 3 further new build flats.

PLANNING

Consent has been granted for the demolition of the storage building to the rear of the property, the conversion of the existing offices and a storage building together with the construction of new build flats.  The consent can be viewed online at:

http.//www.whitehorsedc.gov.uk/java/support/Main.jsp?MODULE=ApplicationDetails&REF=P19/V1340/FUL#exactline

EXISTING FLATS

Flat C – 65.1 0 m2.  EPC D

Flat D – 65.7 0 m2.  EPC F

Flat E – 57.0 0 m2.  EPC C

Flat F – 48. 80 m2.  EPC F

Flat G –40.0 0 m2.  EPC C

CONVERSIONS

Flat 1 –96.7 9 m2  EPC TBA

Flat 2 –105.20 m2  EPC TBA

Flat 3 –50.0 0 m2  EPC TBA

Flat 4 – 74.7 0 m2  EPC TBA

NEW BUILDS

Flat 5 –39.0 0 m2  EPC TBA

Flat 6 –45.6 0 m2  EPC TBA

Flat 7 –45.2 0 m2  EPC TBA

The 5 existing flats are currently available to let with an expected income of about £39,500 p.a.

The 4 conversion flats are expected to obtain a gross rental return of about£35,000 p.a.

The 3 New Build flats are expected to obtain a gross rental return of about£24,000 p.a.

COMMREC I AL PORP ERTY

The basement and majority of the ground floor areas which extends to 439.94 m2 (5,316ft2) are let under two existing leases to The Piano Gallery who are a second generation business in Faringdon. 

Currently occupied under Internal Repairing and Insuring Leases which both expire in 2025, the current owner and tenant have agreed in principle to extend the leases for a further 10 years to 2035. More details are available from the sale agents.

The current rent passing under the two leases amounts to £22,000p.a.

Ground Floor – 373.27m2 (4017 ft 2)

Basement – 108.37m2 (1167 ft 2)

Loading Area – 12.18 m2 (132ft 2)

EPC rating for this element of the building is a C.

SE RVICES

The building is served by mains water, electricity and drainage.

DIRECTIONS

From Faringdon Market Place head east on London Street and the building can be found on the left hand side just before the turning to Swan Lane after about 250m.

VIEWINGS

In order not to disturb the current commercial or residential tenants at the property we would ask viewings are purely by appointment with the agents.  Please contact Andrew Brown at Marriotts.

No floorplans available.

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Our Marriotts office in Faringdon is now back open and we are able to carry out valuations, viewings and site meetings by appointment, following strict government guidelines for the safety and protection of all parties.  Interest in properties has remained high throughout the shutdown, and we now find there is even more interest in both residential and commercial sales and lettings.

 

If we can be of any assistance, please call our office in the first instance, on 01367 242422, or alternatively you can call Andrew Brown on 07971 410312 or Juliet Souter on 07770 640080