Retail Parade with Residential Upper Parts

Built in the 1950’s, the property comprises a substantial and well maintained retail parade of concrete frame construction with red brick elevations under a flat roof which extends to 42,642 sq ft (4,426 sq m) of which 24,200 sq ft (2,248 sq m) is retail accommodation (NIA) and 23,442 sq ft (2,178 sq m) is residential accommodation (GIA). The building is constructed over ground and 2 upper floors to provide 27 retail units currently arranged as 17 single units, 1 double unit, 1 triple unit and a convenience store. The upper parts comprise 31 self-contained one, two and three bedroom flats. The majority of the flats are maisonettes, situated over two floors however 8 are situated on one floor only. The vendor undertook a package of improvements works totalling c.£350,000, which completed in December 2020. The works included the subdivision of unit 15 to create a designated residential entrance at the front of the retail parade and a single lockup shop. By undertaking these works, the vendor was able to create a self-contained corridor for the residential element leading to a new lift and stairwell, an internal bike storage room and a building management suite. These works were accompanied by the installation of an intercom system in each flat and an external CCTV system to improve security for the residents. The package of works significantly improved the feel of the residential accommodation and has helped drive rental growth. Two thirds of the flats have been refurbished in the past 5 years.