Know what you are buying before you bid with a Legal Pack Summary:
Barnard Marcus describes this property as:
Freehold Retail Investment with Two Maisonettes. One Maisonette Let on AST, One on Regulated Tenancy. Total Current Rent Reserved £42,628 per annum. Growth Potential and No Rent Arrears – see notes. Location: The property forms part of this retail parade on the east side of Elmers End Road which forms part of the A214 linking between Elmers End and Norwood lying to the north whilst the centres of Beckenham and. Bromley lie to the east. The parade provides shopping facilities to a densely populated local catchment with the added benefit of high visibility and passing trade from traffic utilising the A214. The property itself is located opposite the pedestrian crossing which further adds to potential passing pedestrian trade. The area is well served by public transport links with bus routes linking to the surrounding area and Birkbeck Rail station within less than 0.25 mile to the south providing direct links to London Bridge station with a journey time of 33 minutes. Description: The property comprises this pair of mid terrace three floor buildings. The upper floors comprise two separate self-contained two floor maisonettes. These maisonettes benefit from a secure gated access which leads off Ravenscroft Road. The ground floor was originally let as a single interconnecting double retail unit. The current tenant has divided part of this and sub-let this space (please see notes). The tenants’ space is currently trading as a Costcutter convenience store and the separated and sub-let. space trading as Amazing Grace Caribbean restaurant and take-away. Accommodation/Tenancy: Ground Floor Shops, 73-75 Elmers End Rd - EPC: 50B. Accommodation - Main Retail Area t/a Costcutter: Retail Zone A 39.9 sq. m (429.4sq.ft). Retail Zone B 47.0 sq. m (505.9sq.ft). Retail Zone C 45.0 sq. m (484.3sq.ft). Retail remaining 34.2 sq. m (368.7sq.ft). Staff wc. Sub Let area t/a Amazing Grace. Retail Zone A 16.6 sq. m (178.6sq.ft). Retail Zone B 8.8 sq. m (95.1sq.ft). Combined Total Area. 191.8 sq.m(2,064 sq ft). Tenancy: The entire ground floor is let to V. Rajakumar and S. Sivashanmugam (with personal guarantee) for 25 years from 1st December 2006 (10 years unexpired) on Full Repairing and Insuring terms. Rent £ pa: £21,500. Review/Notes: Rent reviews every 5 years, next due December 2021. Note the tenant has sub-let part without landlords consent. There are no rent arrears. There was no increase in rent as per 2016 rent review. First and Second Floor Maisonette (No 73a) (Left hand side) - EPC: D. Two Floor Self-Contained Maisonette Comprising: Two bedrooms, reception Room , Kitchen, Bathroom/wc. Tenancy: Let on an AST for 12 Months from 1st September 2020. Rent p.a.: £12,600. Review/notes: There are no rent arrears. First and Second Floor Maisonette (No 75a) (right hand side) - EPC: D. Two Floor Self-Contained Maisonette Comprising: Two bedrooms, reception Room, Kitchen, Bathroom/wc. Tenancy: Let on a Registered Tenancy at a regulated rent with current rent effective November 2019. Rent p.a.: £8,528. Reviews/Notes: Re registration due November 2021. There are no rent arrears. Total Rent Reserved. £42,628 per annum – Rent reviews this year. Note 1: None of the tenants have any rent arrears. Note 2: The tenant of the ground floor retail space has not sought landlords consent to sub-let. The seller has not objected to this, the rent is paid on time and up to date with the tenacy supported by personal guarantor. Rent review for shop due December this year. Rent re-registration of flat 75a due November this year. ...
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Local Market Data
We have no current sold data to provide comparisons for this lot.
The following data is based on a Freehold 2 bedroom Maisonette. This data is derived and aggregated from public sources and to be used as a guide not an authority. Please let us know if you spot any anomalies.
Average weekly rental: £303
Average yield: 4.4%
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