London Retail and Residential Development Opportunity
53 Church Street | Enfield | London | EN2 6AN
subject to contract
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
Guide price £660,000 (£233 per sq ft gross external), subject to contract
The London Borough of Enfield is situated approximately 18 km (11 miles) north of Central London, 8 km (5 miles) south east of Potters Bar and 10 km (6 miles) east of Barnet.
Enfield benefits from good road communications being located 3 km (2 miles) south of Junction 25 of the M25 Motorway. The intersection of the M25 Motorway and the M11 Motorway is approximately 13 km (8 miles) to the north east and the M1/M25 intersection is some 22 km (14 miles) to the north-west. The town is also served by the Great Cambridge Road (A10) which provides direct access to the North Circular Road (A406) and Central London to the south.
In addition, the town is connected to the national railway network with a fastest journey time from London Liverpool Street to Enfield Town station of 34 minutes. Enfield Lock and Ponders End railway stations also provide regular services to London Liverpool Street with a fastest journey time of 29 minutes and 23 minutes respectively.
Stansted airport is located approximately 29 km (18 miles) to the north east, Luton airport some 26 km (16 miles) to the north-west and London City airport some 19 km (12 miles) to the south.
Enfield’s population is predicted to exceed 400,000 by 2032, an increase of 29% from 2011 (Source: Enfield Council).
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 is located within the Enfield Town Conservation Area. The local plan provides the planning framework and development plan for the borough and can be viewed here.
Planning consent was obtained on 18th October 2018 for “Conversion of upper floors into 2 x 2-bed self-contained flats with cycle and bin store, involving replacement shop front and alterations to front fenestrations”. A copy of the planning consent can be found here. The floor plans for the consent are available to download from our website.
Access to the residential units will be via the existing entrance pathway and existing stairs to the rear of the property.
The property provides the following approximate areas:
Ground Floor (NIA)
|Sq M||Sq Ft|
|Storage & Ancillary||14.10||152|
|Total Net Internal Area||84.11||905|
|Ground Floor (GIA)||101.4||1,091|
|First Floor (GIA)||92.7||998|
|Second Floor (GIA)||69.5||748|
Note: the areas has been estimated and obtained from scaled architect’s plans of the existing accommodation which are available to download.
|Ground Floor (GIA)||101.4||1,091|
|First Floor (GIA)||60||645 – 2 bed flat|
|Second Floor (GIA)||62||667 – 2 bed flat|
The property is offered for sale with vacant possession.
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):
|Address||No. of Beds||Area Sq Ft||Price||Price Per Sq Ft|
|41 Silver Street, Enfield||Studio||284||£200k||£704|
|Queen Annes Place Bush Hill Park, Enfield||1||656||£300k||£457|
|Pinnacle House, Enfield||2||506||£300k||£592|
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
Guide price £660,000 (Six Hundred and Sixty Thousand Pounds), subject to contract, for the freehold interest.
The guide price represents only £233 per sq ft on the existing gross internal area.
Allocating an investment yield of 7% to the retail accommodation equates to a value of only £250,000 in relation to the upper parts. This equates to £190 per sq ft in respect of the upper floors proposed area compared to sale values conservatively in the area in the region of £400 per sq ft / £525,000.
Please note that a purchaser will be re-charged the costs of searches which are provided in the data room.
Please note a purchaser will be charged a transaction fee of £3,000 + VAT.
An opportunity to acquire a freehold retail and residential development opportunity in a London borough.
The property occupies a highly prominent position in Enfield town centre;
The property is offered with vacant possession;
Upper parts offer development opportunity with planning consent obtained for 2 x 2-bed flats;
Attractive lot size to an investor;
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.
|Addleshaw Goddard||+44 (0) 161 934 6557|