TENUREDevelopment Opportunity, Investment Opportunity, For Sale Freehold
POSTED ON14th September 2020
New Malden is approximately 10 miles south-west of Central London and is an established commercial centre with numerous retailers, restaurants and leisure facilities.
The building is located in the centre of New Malden, close to the railway station which offers fast and frequent services to London Waterloo with an approximate journey time of 25 minutes. The A3 is less than one mile from the property and offers direct access to Central London and Junction 10 of the M25.
The property is situated on the west side of the High Street. There is rear access to the property via Sussex Place.
The part-terraced property is arranged over ground and three upper floors on a site of approximately 0.086 acres. The ground floor which was previously in retail use in what is considered to be a prime pitch, now comes under Use Class E. The unit benefits from numerous storage areas, toilets, gas central heating and a kitchen. There is loading and parking to the rear.
The upper floors consist of five flats. The flats are accessed from a self-contained entrance on the High Street. There is a staircase leading to all flats but no lift. The first and second floors have a one-bedroom flat to the rear and a two-bedroom flat to the front. The first floor one-bedroom flat has a large roof terrace. The top floor has a two-bedroom flat with a roof garden. All flats have gas fired central heating. The flats are in good condition.
The flats are all let on Assured Shorthold Tenancies for a year or less. The property has the potential for further development subject to planning.
Income: Flat 1 Hanover House Tenancy start date - 08.07.2014. Last renewal date - 08.07.2020. Current rental £1,125.00 pcm Flat 2 Hanover House Tenancy start date - 19.12.2013. Last renewal date - 19.12.2019. Current rental £1,155.00 pcm Flat 3 Hanover House Tenancy start date - 10.11.2017. Last renewal date - 10.11.2019. Current rental £1,020.00 pcm Flat 4 Hanover House Tenancy start date - 25.01.2020. Last renewal date - no renewal as yet. Current rental £1,250.00 pcm Flat 5 Hanover House Tenancy start date - 15.12.2016. Last renewal date - 15.12.2019. Current rental £1,360 pcm The ground floor will now come under Use Class E allowing for numerous uses such as retail, medical and offices. The upper floors have C3 residential use.