Cranham block of flats and shops sold at auction for £320,000
PUBLISHED: 13:00 10 December 2019
A mixed-use block of flats in Cranham with shops on the ground floor has been sold at auction this week for £320,000.
The three-storey property, on the corner of Moor Lane and Front Lane opposite the Tesco Express, was sold at Clive Emson's Essex and North & East London regional sale in Chelmsford on Monday, December 9.
It comprises six flats on the upper two floors and three ground floor commercial units, plus rear car parking.
You may also want to watch:
Senior Auction Appraiser Martin Hardy said: "This solid commercial and residential investment opportunity generated strong interest from investors seeking to widen their portfolios.
"With the three shops - a barbers, hairdressers and dry cleaners - all let and bringing in £24,250 per annum in rental, it was not difficult to see why this proved so popular."
The flats are all sold on long leases, producing £575 per annum in ground rents.
The auctioneer said the fact that building is at the heart of Cranham's shopping area and close to a diverse range of businesses had proved popular with buyers, alongside Cranham's excellent road links to the A13 and M25 and its proximity to Upminster station.
If you value what this story gives you, please consider supporting the Romford Recorder. Click the link in the orange box above for details.