Mixed Use Investment providing 4 self-contained flats and 2 retail (A1/A3) Units in Beckenham, Kent producing £127,100 pa (gross)
- A substantial detached freehold building located on the busy High Street, Beckenham
- Recently converted to provide 4 self-contained residential flats and 2 retail (A1/A3) Units
- 4 allocated car parking spaces to the rear for the residential flats with direct access off the High Street
- Scope for further residential development of three or more flats subject to planning
- Retail element producing £78,500 pa on the ground floor on effect FRI terms
- Residential income from AST lettings producing £48,600 pa (gross)
- Total gross income £127,100 pa
- Offers invited in excess of £1,900,000 subject to contract which will be split between the freehold and long leasehold interests.
Beckenham is an affluent suburb of Bromley in Kent and the High Street has a cosmopolitan array of restaurants and retailers including Ask Italian, NatWest Fee & Brown, M&S Simply Food, Sainsbury's, Boots, Costa, Superdrug and Waitrose. Beckenham is one of the four district centres within the London Borough of Bromley.
The property is located on the eastern side of the High Street, close to its junction with Manor Road (A222) and Bromley Road. Beckenham Junction mainline train station is within a short walking distance with trains to London Victoria. London Victoria services Gatwick Express, Southern, Southeastern and Thameslink trains, together with London Victoria Underground Station serving the Victoria, District and Circle lines.
Beckenham High Street is undergoing a series of improvements which will cover all public areas between Beckenham Junction Station and the War Memorial Roundabout. The scheme is being funded by Bromley Council in partnership with Transport for London and it is understood that the works will be completed by late 2018.
This is a substantial detached property and was originally constructed as a police station. It was converted about 5/6 years ago to provide four self-contained flats (3 x one bedroom and 1 x two bedroom) with a large well maintained communal terrace area and four allocated car parking spaces to the rear.
The ground floor provides two retail units, one which trades as Coppers, a British Restaurant and the other retail unit trading as The Boutique Spa (hair and beauty salon). This is an imposing brick built building of traditional construction on a larger than average rectangular site of about 0.07ha (0.17acre).
Accommodation & Floor Areas:
Unit 1 (t/a The Boutique Spa) - 122.8 sqm / 1,315 sqft
Unit 2 (t/a Coppers) - 187.6 sqm/2,020 sqft
Flat 1 - 1 Bedroom - 37.16 sqm / 400 sqft
Flat 2 - 1 Bedroom - 37.90 sqm / 408 sqft
Flat 3 - 1 Bedroom - 34.47 sqm / 371 sqft
Flat 4 - 2 Bedroom - 42.83 sqm / 461 sqft
The property is held freehold in an SPV and is subject to the two commercial lettings and a long leasehold interest in respect of the four flats.
The long leasehold interest is held by a connected party in a separate SPV. The lease was granted for a term of 125 years (less three days) from 26 August 2015 and is subject to the ASTs.
The property consists of both the freehold and long leasehold interests.
Unit 1 - 03.01.2012 to 02.01.2022 - £26,500 pa
Unit 2 - 09.07.2012 to 08.07.2027 - £52,000 pa
Flat 1 - 20.05.2017 to 19.05.2018 - £11,400 pa
Flat 2 - 18.05.2016 to 17.05.2017 - £11,400 pa (periodic)
Flat 3 - 25.03.2016 to 24.03.2017 - £11,400 pa (periodic)
Flat 4 - 27.02.2016 to 26.02.2017 - £14,400 pa (periodic)
The building is not listed but comes within the Beckenham Town Centre Conservation Area.
Planning permission was granted for Unit 1 from Class A1 to Hair Salon (Class A1) and Beauty Spa (Sui Generis).
We believe that Unit 2 has a Class A3/A4 Use.
The upper floors have a Class C3 Use (Residential)
Subject to planning, it is considered that there is potential to obtain consent for three or four flats as shown.
The commercial element has been elected for VAT
Available upon request
Each party will be responsible for their own legal and professional costs
Offers are invited in excess of £1,900,000 (subject to contract)
This would show a net yield of about 6.30% based on income of £127,100 pa
Strictly through sole agents Davis Brown and by prior appointment on selected viewing dates.
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