Modern Mixed-Use Freehold Investment Property with Conversion/Development Potential (STPP) with vacant possession on ground floor and an income of £20,000 pa from the 1st floor.
Substantial modern mixed-use freehold investment property with conversion/development potential, subject to planning in the affluent London Borough of Wandsworth
A large corner plot extending to approximately 0.22 acres with great visibility
Freehold offered with vacant possession of the ground floor and with the benefit of an income from the first floor of £20,000 pa (£6.90 psf)
Unconditional offers are invited in excess of £2,200,000 (two million two hundred thousand pounds)
The property is situated on the corner of Mitcham Road and Byton Road in the London Borough of Wandsworth. Pedestrian access is from Mitcham Road and vehicular access is from Byton Road. The property comes within a retail parade of shops directly opposite Sainsbury’s. Byton Road is primarily residential.
The property is one third of a mile north of Tooting Rail Station. Tooting Broadway Underground Station is within a short walking distance.
The property comprises a modern two-storey retail shop with a substantial rear extension workshop/warehouse and self-contained first floor accommodation, originally designed for open plan office use.
The property was purpose built for HSS approximately 20 years ago and has the benefit of a large yard which can be used for storage or car parking.
The first floor, which is self-contained, is currently occupied by a religious charity.
The total site area extends to approximately 0.22 of an acre.
EXISTING FLOOR AREAS
Ground - 4,500 sq ft (418 sq m) GIA
First Floor - 2,910 sq ft (270 sq m) NIA
Yard/Car Park - 4,300 sq ft (400 sq m)
Total - 0.22acres (890 sq m)
The property is freehold and is offered with vacant possession of the ground floor and yard area but is subject to a lease on the first floor.
The first floor is let to Jegatheswaram on a lease outside the Provisions of Landlord and Tenant Act (as Amended). The lease expires on 13th May 2024 and has the benefit of an income of £20,000 pa. The tenant is in arrears.
So far as we are able to ascertain, the first floor has a planning use for a training/education facility which would fall within the old Class D1 (c). We believe that this use would now come within Class F1. As such, properties in Class F1 will continue to benefit from any permitted development rights that it was entitled to on or before 31st August 2020.
The property does have considerable development potential to convert and extend both the main building and rear extension subject to planning and there is also the potential to provide new residential accommodation in the yard with direct access from Byton Road. Some preliminary architectural sketches have been obtained by our clients, but no formal planning application or pre-app has been made (preliminary drawings attached).
The site would be subject to the planning policies of the London Borough of Wandsworth’s Core Strategy, but it sits outside the boundaries of Tooting Town Centre which permits the loss of shops outside protected shopping frontages and parades.
The PTAL rating of 6a allows density of between 55-225 u/ha with a maximum height of four storeys. Potential purchasers should make their own planning enquiries.
We believe the property has an EPC rating of 86 (D)
Each party to be responsible for their own legal and professional fees.
Strictly by appointment through sole agents Davis Brown.
The property has been elected for VAT.
Offers in excess of £2,200,000 (two million two hundred thousand pounds) are invited for the freehold interest subject to the first floor tenancy.
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