Faringdon Lodge, 1 Faringdon Avenue, Romford, RM3 8SJ
- SIZE
Ask agent
- SECTOR
Commercial development for sale
Key features
- Freehold
- Situated within the heart of Romford with access to Crossrail’s new Elizabeth Line
- Seeking offers in excess of £2,500,000 subject to contract & excl. VAT
- The entire property is let to Penrose Options for a term of 20 years from 1st February 2022
- Net income is £219,485 per annum
- After allowing for purchaser’s costs of 6.38%, this would reflect a net initial yield of 8.25% and a capital value of £225 per sq ft
- Assuming CPI remains at 3%, a reversionary yield of 8.50% is projected in Feb 2027
Description
Each unit benefits from an ensuite bathroom, dry kitchen and washing machine, as well as being individually metered for residents’ convenience. The property provides four shared kitchens and communal areas available for all residents to use.
The property also provides a manager’s office, parking, and laundry room.
As part of the refurbishment, 52 solar panels were installed which are estimated to generate approximately one-third of the property’s energy needs. In addition, eco radiators, insulation, and double glazing were all installed to improve the overall energy efficiency of the building.
The property provides a total GIA of 11,100 sq ft arranged over ground and first floor on a site area of approximately 0.343 acres.
Romford is located in the north east quadrant of Greater London, with a population of approximately 270,000 people within the London Borough of Havering.
The subject property is located on Faringdon Avenue which lies approximately 0.5 mile from the A12 and A127. The property is situated in a mixed use area with residential neighbourhoods abutting industrial and retail warehouse parks.
Faringdon Lodge is approximately 1.5 miles from both Harold Wood and Gidea Park stations which provide excellent transport links into central London via Crossrail’s new Elizabeth Line with a journey time into Tottenham Court Road of approximately 40 minutes. The property is also situated within walking distance of local amenities and lies approximately 2 miles from Romford town centre.
Brochures
Faringdon Lodge, 1 Faringdon Avenue, Romford, RM3 8SJ
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Harold Wood Station0.9 miles
- Gidea Park Station1.1 miles
- Emerson Park Station2.0 miles
Notes
Disclaimer - Property reference 181685-1. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Tydus Peterborough, Peterborough. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.
Map data ©OpenStreetMap contributors.