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AGENT'S DETAILS


London SE11 – Freehold Shop, Office and Hostel Investment

For sale: £2,845,000.00|2169 Sq Ft|Retail, Office, Flat, General Retail, Retail - High Street, Restaurant/Cafes, Mixed Use, Offices, Residential, Other Property Types & Opportunities

PROPERTY DETAILS

FOR SALE£2,845,000.00
SIZE2169 Sq Ft
ADDRESS146-148 Newington Butts, London SE11 4RN
TYPERetail, Office, Flat, General Retail, Retail - High Street, Restaurant/Cafes, Mixed Use, Offices, Residential, Other Property Types & Opportunities
TENUREFor Sale Freehold
POSTED ON31st May 2020

DESCRIPTION

Investment Consideration:
Prominent location and position.
Comprises two ground floor retail shops and first floor office accessible from the front of the building.
VAT is NOT applicable to this property.
Nearby occupiers include Jewson, Snap Fitness, among other local traders and a 6-minute walk from the Elephant & Castle Shopping Centre.

Property Description:
The property is arranged as a ground floor retail shop and ground floor office with basement. The upper parts are operated as a hostel accessible from the front of the building.

The property provides the following accommodation and dimensions:
No. 146-148 Ground Floor Office: 114.03 sq m (1,227 sq ft)
No. 146-148 Ground Floor Shop: 82.84 sq m (892 sq ft)
No. 146-148 Upper Parts (Hostel): Not Measured

Tenancy:
No.146-148 office space on ground floor and basement is at present let to FBS Accounting Services Ltd for a term of 15 years from 19th October 2016 at a current rent of £29,200 per annum and the lease contains full repairing and insuring covenants. The lease provides for rent review every fifth year and fixed rental increases on 19.10.20 to £30,600 and 19.10.21 to £32,000. Rent deposit is held of £8,000. No.146-148 retail shop on ground floor is at present let DP Realty Ltd t/a Domino's for a term of 20 years from 25th February 2010 at a current rent of £29,000 per annum and the lease contains full repairing and insuring covenants. The lease provides for rent review every fifth year. The upper parts are at present let to Beta Hospitality Ltd for a term of 6 years since 2013 at a current rent of £84,000 per annum and the lease contains full repairing and insuring covenants.

Location:
The property is situated on the west side of Newington Butts. Elephant & Castle Shopping Centre is close by, with the further shops and facilities of London’s West End being accessible to the north-west. Rail and London Underground services (Northern and Bakerloo Lines) run from Elephant & Castle Station. Kennington Lane (A3204) and Kennington Park Road (A3), which provides access to the M25 Motorway, are within easy access. The open spaces of Lambeth Palace Gardens and Geraldine Mary Harmsworth Park are within easy reach.

LOCATION

Location: 146-148 Newington Butts, London SE11 4RN

Kennington (0.2 miles)

Elephant & Castle (0.3 miles)

Lambeth North (0.6 miles)

Elephant & Castle (0.3 miles)

Waterloo (0.9 miles)

Waterloo East (0.9 miles)

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