Land for sale in London Road, Mitcham CR4

Freehold investment / development opportunity for sale. Comprises a mix of industrial units, office space and hard standing area. 0.5 miles to Tooting Rail Station. Sole Agents

Description

Investment / development opportunity

The property is on a single title with 2 separate detached buildings comprising Car repair / mot station let on a long lease which expires in 2027 and office space let on short term agreements with 2 months notice required for vacant possession.
Title Nos: SY159723
Plot size: 0.121 acres
Use Class: E Class
Listed Building: No
Flood Zone: No
Local Authority: Merton

Location

The property occupies a prominent corner position along the A217 London Road at its junction with Dennis Reeves Close on the edge of Mitcham Town Centre with quick access to neighbouring Streatham, Tooting & Colliers Wood

Nearest Stations:
Tooting British Rail Station - 0.5 miles (Thameslink Services)
Colliers Wood Underground Station - 1 mile (Northern Line Services)

Tenancies / Income

Mot Station: 20 year lease expires Nov 2027 - Passing Rent £36,000 pa
Occupying the majority of the ground floor space in the front office building, yard space and all units industrial units to the rear

Private tenants: Short term license agreements with 2 months notice required for vacant possession - Passing rent £24,000 pa let separately to two private individuals

Total Passing Rent: £60,000 pa

Planning

Subject to the relevant consents it is felt the site would lend itself to a mixed use or residential development

Scope also exists for extension / refurbishment works to increase the rental income

Terms

Guide Price £1,000,000 Freehold

Please be advised that subject to planning offers are not being considered

Viewing

Viewings are strictly by appointment only

Running businesses are in occupation and interested parties are asked not to approach staff