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London TW12 - Freehold Retail and Residential Ground Rent Investment with Consented Development Opportunity

For sale: £725,000.00|2,416 |Retail, Residential, Retail - High Street, Restaurant/Cafes

Property details

FOR SALE£725,000.00
SIZE2,416
ADDRESS118a & 118b High Street, Hampton Hill, London TW12 1NT
TYPERetail, Residential, Retail - High Street, Restaurant/Cafes
TENUREDevelopment Opportunity, For Sale Freehold
POSTED ON6th May 2021

Description

Investment Consideration:
Gross Initial Yield: 5.25%
Rental Income: £38,050 p.a.
VAT is NOT applicable to this property
Comprises 2 x Ground Floor Retail Shops with large yard at rear and 2 x 1-Bed Flats at First Floor, which have been sold off on long leasehold.
Rear yard benefits from planning permission for development of a detached 1 Bed 'Mews Style’ Flat.
Potential for a second floor mansard style roof extension to provide 2 × 1-Bed Flats, subject to obtaining the necessary consents.
Located within ½ mile from Fulwell Train Station, which provides direct services to London Waterloo
Nearby occupiers include Tesco Express, Costa Coffee and Sneller`s Estate Agents, amongst many more.

Property Description:
The property comprises 2 x Ground Floor Shops with Large Yard at Rear and 2 x 1-Bed Flats at First Floor, which have been sold off on long leaseholds.

The property provides the following accommodation and dimensions:
Ground Floor: 2 Shops 125 sq m (1,340 sq ft)
First Floor: 2 Flats 100 sq m (1,076 sq ft)
Flat 118A: 1 Bedroom, Living Room, Kitchen, Bathroom/WC
Flat 118B: 1 Bedroom, Living Room, Kitchen, Bathroom/WC

Approved Planning:
Rear Yard benefits from planning permission for development of a detached 1-Bed 'Mews Style’ Flat.
The property provides the following accommodation and dimensions:
1 Bedroom, Kitchen, Living Room, Bathroom/WC, Private Garden

Additional Development Potential:
Potential for a second floor mansard style roof extension to provide 2 × 1 bed flats, subject to obtaining the necessary consents*.
*Note - Planning was granted on 06.08.20 for a scheme at No. 3-4 New Broadway (the adjoining parade in Hampton Road) which includes a second floor mansard style roof extension to provide 2 × 1 bed flats.

Tenancy:
The ground floor double shop is at present let to Family and Friends Co Limited for a term of 25 years from 29th September 2021 at a current rent of £38,000 per annum. The lease contains full repairing and insuring covenants. Rent reviews every fifth year linked to RPI. The tenant has option to determine the lease on the fifth, tenth, fifteenth and twentieth anniversary. Rent deposit held of £9,500.

Flat A has been sold off on long leasehold for a term of 99 Years from 25th December 1978 at a ground rent of £50 p.a. Rent increases to £100 in 2044. Flat B has been sold off on long leasehold for a term of 189 Years from 29th September 2004 at a ground rent of peppercorn.

Location:
Hampton Hill is a district in the London Borough of Richmond upon Thames to the south of Twickenham. It is served by Fulwell railway station and Hampton railway station on the Shepperton to Waterloo line. It is part of what is collectively known as The Hamptons. The property is located within ½ mile from Fulwell Rail Station. Aside from the residential areas of the town, the High Street is filled with shops, restaurants, several cafes, a few public houses and a traditional 75-year-old bakery. The High Street also stages a yearly parade before Christmas when the street is closed and a procession takes place. The property is located next to the junction between High Street and Hampton Road. Occupiers close by include Tesco Express, Costa Coffee and Sneller`s Estate Agents, amongst many more.

Location

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Location: 118a & 118b High Street, Hampton Hill, London TW12 1NT

Hounslow Central (2.9 miles)

Hounslow East (3.1 miles)

Richmond (3.3 miles)

Fulwell (0.3 miles)

Strawberry Hill (0.9 miles)

Teddington (1.0 miles)

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