Mixed Use Freehold Investment with Planning.
Let as a whole producing £36,000 pa until September 2016.
Planning consent for 4 self-contained flats and a part ground floor & basement retail unit.
The property is located on the northern side of Lavender Hill (A3036), on the corner of Dorothy Road, close to the junction with Latchmere Road (A3220) and Elspeth Road (A3220). Lavender Hill forms part of a busy route between Wandsworth and Vauxhall.
Public Transport is available with numerous bus routes and Clapham Junction, Britain's busiest Rail Station is located 0.3miles to the west and Clapham Common is 0.4miles to the South East.
The property currently comprises a traditional corner ground floor shop and basement with three upper floors providing residential accommodation.
Planning permission (Application No. 2014/6901) was granted on 9th February 2015 to provide two further self-contained flats. This will provide a total of four self-contained flats with part of the ground floor and basement being available for retail space. There will be a CIL payment of £4,500 before the development commences.
The property is let on an FRI lease to Curzon Assets Limited until 28th September 2016 and is producing £36,000 pa. the lease is inside the Landlord and Tenant Act 1954.
We understand the tenant sublets the first floor as bedsits and the second and third floors are self contained residential flats, one being let on a Regulated Tenancy. The ground and basement is sublet outside the Act until 31st August 201 at £25,500 pa.
Business Rates and Council Tax:
We understand from the local authority that the Rateable Value for the ground floor and basement is £29,000. The 1st and 2nd Floor flats are currently Council Tax Band C and the 3rd Floor flat is Band B.
Unconditional offers are sought for the freehold investment in excess of £1million.
The building is not elected for VAT.
By appointment via the sole agents, Davis Brown, on allocated viewing days.
Davis Brown for themselves, for any joint agents and for the vendors or lessors of this property whose agents they are give notice that: (i) the particulars are set out as a general outline only for the guidance of intending purchasers, or lessees, and do not constitute, nor constitute part of, an offer or contract; (ii) all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them; (iii) no person in the employment of Davis Brown or any joint agents has any authority to make or give any representation or warranty whatever in relation to this property; (iv) all rentals and prices quoted are exclusive of VAT (if chargeable)
SUBJECT TO CONTRACT