Commercial property for sale in London, England

Description The subject property is located in the London Borough of Lewisham and comprises an excellent two adjoining mixed-use properties arranged over three floors. There are four separate Tenancies, two ASTs and two commercial leases, the total rent passing is £57,355 per annum providing a good degree of running income. The property is suitable for local developers looking for their next add-value opportunity on a subject-to-planning basis. There is potential to significantly increase the existing envelope of the property via change of use of the rear parts of the commercial, upward and rear extensions. The property does not fall within a conservation area. Occupational Commerical Tenancies: 67 Lee High Road – The ground floor unit is let on a 10-year lease from 15th February 2019 at a passing rent of £12,000pa. There are rent reviews on each 3rd anniversary. 69 Lee High Road – The ground floor unit is let on a 15-year lease from 1st November 2013 at a passing rent of £13,000pa. There are rent reviews on each 3rd anniversary. We understand that both leases are contracted outside of the provision of Section 28 of the 1954 LTA Act. Residential ASTs: The two residential units are let on Standard ASTs with 67A Lee High Road rented £16,155pa and 69A Lee High Road is let at 16,200pa. Location The subject property is located on the northern end of Lee High Road near Lewisham High Street and is a busy thoroughfare for local trade enjoying high levels of vehicular and pedestrian traffic. There is an excellent level of local amenities including Marks and Spencer’s, H&M, McDonald’s and Iceland that all surround Lewisham’s famous open-air market that hosts a wide range of local traders. Lewisham is very well connected to Central London offering fast and efficient mainline services into Victoria, Cannon St and Charing Cross. Terms Legal Title & Tenure: The Freehold Title is as follows:- • 67 Lee High Road, London SE13 5NS (Title Number: LN178260) • 69 Lee High Road, London SE13 5NS (Title Number: TGL59354) Services: It is our understanding that mains water, electricity, gas and drainage are provided. However, it is the responsibility of the purchaser to ensure that services are available and adequate for any proposed development. Business Rates: • 67 Lee High Road - £5,300 (rateable value) • 69 Lee High Road - £6,500 (rateable value) AML: The purchaser will be required to provide the necessary information to satisfy AML requirements. Viewings: The properties may be inspected internally strictly through prior appointment. Prospective purchasers should be aware that inspections are made entirely at their own risk and no liability is accepted by the vendor or their agent. VAT: Not Applicable. Method of Sale: The Property is For Sale by Private Treaty at a ‘GUIDE PRICE’: £1,200,000.

Commercial property for sale in London, England

Commercial property for sale

Description

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