The property occupies a large corner plot spanning from the junction of Lymington Road and Chatto Road, up to Parkfield Road with the residential houses fronting along to Parkfield Road at the rear. The total site (including the houses) extends to approximately 1,150m2.
Lymington Road is an edge of town centre location favoured by many commercial occupiers and is also a convenient residential location. The commercial element of the property has been in owner occupation for over 90 years and is available due to retirement. This comprises a forecourt, garage/MOT test centre with various workshops and stores and a large private car park/yard. This area has potential for residential or commercial redevelopment (subject to consents) or could be let to commercial occupiers in order to realise a significant additional rental income.
The residential element of the property comprises 4 large terraced houses (3 arranged as houses, the fourth as 2 flats). These properties are each let to tenants on Assured Shorthold Tenancy Agreements, bringing in an annual income of £33,987 - a healthy rental income with scope for growth and with significant capital value in each individual property. The property is therefore of interest to investors, developers, speculators and owner occupiers alike, with varied avenues of potential.
A pre-planning enquiry has been made on the subject of demolition of the existing garage premises and construction of a residential use scheme. This enquiry received a favourable response. Further information is available upon request.