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For Sale£1,150,000.00

126 Bermondsey Street, London SE1 3TX

, 800 Sq Ft
Tenure: For Sale Freehold
Size: 800 Sq Ft
Price: £1,150,000.00
Location: 126 Bermondsey Street, SE1 3TX
A unique opportunity to acquire a unbroken mixed-use freehold in Bermondsey Street with potential to add value. The existing property comprises a house arranged over ground, first and second floor with a retail unit to the side. This property needs to be seen to be fully appreciated.

Accessed from Bermondsey Street, the house of c.800 sqft is made up of a kitchen and garden to the rear at ground floor, then a reception room and bathroom at first floor with two bedrooms at second floor. The current owner has been recently letting the property on Airbnb receiving c.£5,000pcm. The house would let for c.£750 pw (£39,000 pa) on an assured short hold tenancy agreement (AST).

To the front at ground floor is a small commercial unit currently occupied by ‘George Gents Hairdresser’(the tenant). The tenant has been in occupation for c.45 years. The current lease was granted in March 2006 for a term of 15 years. The lease expires on 29th May 2021. The lease is inside the Landlord and Tenant Act and there are open market rent reviews every 5 years. The current rent is £8,616pa which is well below market value. At present there are rights for the tenant only (not customers) to use the WC in the garden.

The property has planning permission under Southwark Council reference 17/AP/2115 to extend / infill behind the commercial unit. This would allow the ground floor of the commercial unit or the house to be increased. It may be possible to extend at first floor subject to planning permission. This could increase the size for the first floor or provide a roof terrace. Alterative the ground floor could be developed with a glass roof to optimise light.

The property also offers potential to add a mansard and additional floor, again subject to obtaining the necessary planning permission which has been granted on many of the adjacent properties.

Bermondsey Street has experienced major changes in the last 15 years including London Bridge Station being extended and one of the station entrances now being at the end of the road. This is a rare opportunity and interest is likely to come from investors and owner occupies wanting to live and work in Bermondsey Street.
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