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.
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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.