Purchase Price: £725,000
Gross Initial Yield: 7.79%
Rental Income: £56,510.36 p.a.
VAT is NOT applicable to this property
Comprises retail shop and one bedroom self-contained flat on the ground floor and a three-bed HMO arranged over first and second floor.
Commercial tenant Break Clause in April 2020 NOT exercised.
Nearby occupiers include Coral Betting, Costa Coffee, amongst a number of local traders including estate agent, grocery store, pharmacy and restaurant/takeaways.
The property comprises a mid terrace building arranged to provide a ground floor shop, a one bedroom self-contained flat and a three-bed HMO situated within a terraced building arranged over ground and two upper floors.
The property provides the following accommodation and dimensions:
Ground Floor: Shop 38 sq m (410 sq ft)
1-bed Flat 28 sq m (301 sq ft)
First Floor: 1 x Studio Room, Kitchenette, Bathroom 17 sq m (183 sq ft)
Second Floor: 2 x Studio Rooms , Shared Bathroom and WC 38 sq m (409 sq ft)
The Ground Floor Shop is at present let to A.SONGPRAKHON for a term of 5 years from 28th April 2017 at a current rent of £11,000 per annum and the lease contains full repairing and insuring covenants. Break clause in April 2020 NOT exercised.
Flat 1 (Ground Floor) is at present let on an AST to an INDIVIDUAL for a term of 18 Months from 20th March 2020 at a current rent of £13,800 per annum. Deposit held of £1,326.92. Rent Review linked to RPI (min.3% - max.8%) on the anniversary of this tenancy and upon each subsequent anniversary.
Room 3 (First Floor) is at present let on an Guaranteed Rent Agreement to N&N PROPERTIES for a term of 36 Months from 27th August 2020 at a current rent of £10,200 per annum. Tenant option to determine in August 2021.
Room 4 (Second Floor) is at present let on an Guaranteed Rent Agreement to SMARTSPACE PROPERTY SOLUTIONS LIMITED for a term of 36 Months from 9th June 2020 at a current rent of £10,800 per annum.
Room 5 (Second Floor) is at present let on an AST to an INDIVIDUAL for a term of 12 Months from 8th September 2020 at a current rent of £10,710.36 per annum. Tenant option to determine in March 2021.
Sidcup is an area of south-east London, England, primarily in the London Borough of Bexley. It is 11.3 miles south-east of Charing Cross, bordering the London Boroughs of Bromley and Greenwich. Sidcup Train Station provides the area with South-eastern services to London Charing Cross, London Cannon Street via Lewisham, Woolwich Arsenal, Dartford and Gravesend. East Rochester Way on the A2 road runs partly through the district, adjoining Blackfen Road. The road provides links to the Blackwall Tunnel and Kent. The property is situated on an established parade amongst the local shops and amenities of Blackfen Road. Nearby occupiers include Coral Betting, Costa Coffee, amongst a number of local traders including estate agent, grocery store, pharmacy and restaurant/takeaways.