Investment Consideration:
Gross Initial Yield: 4.84%
Rental Income: £24,175 p.a.
VAT is NOT applicable to this property
Comprises ground floor shop t/a Coral with 2 residential flats at first and second floor (sold-off)
Planning approved in June 2023 for mansard style roof extension to create 1 x 2-Bed Apartment
Located in predominantly residential area with occupiers nearby including Costcutter, Post Office and more.
Property Description:
Comprises three-storey terraced property which is arranged as a ground floor betting office with two residential flats above which have been sold off on long leaseholds, providing the following accommodation and dimensions:
Ground Floor: 126.60 sq m (1,363 sq ft)
Open plan retail, Office, Storage, WCs
First Floor: Flat 119A (sold off)
Second Floor: Flat 119B (sold off)
Development Opportunity:
Planning approved in June 2023 for mansard style roof extension to create 1 x 2-bed residential dwelling (C3), providing the following accommodation and dimensions:
Third Floor: 75 sq m (807 sq ft)
Kitchen/living room, 2 bedrooms, bathroom
For more information, please refer planning application 22/AP/2649 on Southward Planning Portal:
Tenancy:
The property is at present let to Coral Racing Limited for a term of 16 years from 1st March 2011 at a current rent of £23,975.67 p.a. and the lease contains full repairing and insuring covenants. No breaks.
Flat 119A has been sold off on long leasehold for a term of 125 years from 25th March 1987 at a ground rent of £100 p.a. Fixed increase to £150 p.a. in 2053 and £200 p.a. in 2086. Reversion 2112.
Flat 119B has been sold off on long leasehold for a term of 125 years from 25th March 1987 at a ground rent of £100 p.a. Fixed increase to £150 p.a. in 2053 and £200 p.a. in 2086. Reversion 2112
Location:
Camberwell is a densely populated suburb of South East London located in the London Borough of Southwark, approximately 3 miles south-east of Central London. The property is situated on the north side of Southampton Way at the junction with Wells Way. The area is served by the A2 to the north east, the A3 to the west and A202 Peckham Road to the south. Denmark Hill mainline station providing a direct line to London Blackfriars station with a train every 15 minutes.
