Investment Consideration:
Gross Initial Yield: 4.23%
Rental Income: £25,400 p.a.
VAT is NOT applicable to this property
Comprises ground floor shop and 2-bed flat at first floor
Total area size 138 sq m (1,485 sq ft)
Parking space for 2 cars
Located approximately ¼ mile of Welling Railway Station
Occupiers nearby include Holland & Barrett, McDonald’s, Lloyds, Scope, a Post Office and a Large Iceland Supermarket.
Property Description:
The property comprises ground floor takeaway shop and self-contained 2-Bedroom flat at first floor. The shop benefits from having a rear service road for unloading as well as parking for 2 cars. The flat is separately accessed from the rear and comprises 2 bedrooms, kitchen/living room and bathroom/WC
The property provides the following dimension and accommodation:
Ground Floor: Shop 68 sq m (732 sq ft)
First Floor: 2-Bed Flat 70 sq m (753 sq ft)
Total area size: 138 sq m (1,485 sq ft)
Tenancy:
The ground floor shop is at present let to Himalayan Sushi Bar Ltd for a term of 10 years from 1st December 2020 at a current rent of £14,000 per annum and the lease contains full repairing and insuring covenants. No break clause. Open market rent review in 2025. Deposit held of £3,500. Lease within 1954 Act. The first floor flat is at present let on AST to an Individual for a term of 12 Months from 7th March 2019 (holding over) at a current rent of £11,400 per annum. Deposit held of £1,000.
Location:
Welling is situated approximately 11 miles south-east of central London and 6 miles west of the M25 (Junction 1A) with easy access via the A2. The property is located close to the junction with Deepdene Road amongst a variety of local traders and multiple retailers such as Holland & Barrett, McDonald’s, Lloyds, Scope, a Post Office and a Large Iceland Supermarket as well as being only approximately ¼ mile of Welling Railway Station.
