under offer£1,500,000 Freehold For Sale

  • Tenure:
    Freehold For Sale
  • Property Type:
    Development, Shop, Investment, Mixed use
  • Size:
    4,330 Sq Ft / 402.27 Sq M

This handsome Victorian terrace comprises 8 lock up shops with 30 flats on 4 floors above which have been sold on a long lease. Each shop is self contained with front and rear access. The property is situated on Tower Bridge Road, a busy thoroughfare which is rapidly improving as the regeneration that started in nearby Bermondsey Street spreads south towards major new developments like the Pickle Factory. As a result, an ever increasing number of fashionable cafe/restaurants and leisure activities are springing up.

Brighton Building comprises 8 retail units measuring approximately 430 SQ FT each which equates to 3,440 sq. ft and has a commercial rent roll of £96,455 per annum, all on 5-year lease terms from September 2021 with a mutual break halfway through the term. There is scope to increase the rents to an ERV of £129,000 pa, based on a rent of £37.5 psf, equating to a yield of 6.76%, after allowing for costs, plus a reversionary value in the flats above and a potential extra development value which is not taken into account of this figure. The freehold includes the flats above which have been sold on a long lease of which 89 years remains, paying a peppercorn ground rent. These comprise 28 x 1 bed and 2 x 2 bed flats. Subject to a separate negotiation following, acquisition, it may be possible to buy the long leasehold flats

Subject to an appropriate planning consent being granted, there is potential for further development, both to the rear car park area and on the roof. Currently work is required on a rear walkway that could be incorporated into this work

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