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Freehold Restaurant & Residential Investment
Current Rent £17,750 pa
Full Repairing & Insuring Lease
Let for 15 years from 25th March 2004
A3 planning use on ground floor and Large 2/3 bedroom flat with separate access
The property is situated in a prominent parade of mixed retail and food use properties with main road frontage to the A21, approximately 1 mile to the south of Catford town centre, with access to both Bellingham railway station a short walk from the property or to Catford railway station to the north. A regular bus service provides good transport links and the bus stop is located immediately in front of the subject property.
The premises comprise self-contained ground floor restaurant premises with A3 use and a separately accessed flat over first and second floors, with forecourt to the front and access to the rear with parking via a service road accessed off Daneby Road to the north of the parade.
The property is currently let as a whole to Terence Blackman and Chaolyn Hamilton under the terms of an overriding full repairing and insuring lease for a term of 15 years from 25th March 2004 at a rent of £17,750 pa. The lease is protected by the security provisions of the Landlord & Tenant Act 1954 and therefore the tenant is currently holding over under the same terms. The current occupier is an assignee tenant and may consider a renewal of the lease or there may be the opportunity to take the property back (subject to agreement/lease surrender) in order to allow owner occupation.
The property has been measured in accordance with the sixth edition of the RICS Code of Measuring Practice to provide the following net internal areas (nia) in respect of the commercial premises:
Floor Size (ft2) Size (m2) itza Retail Area 461 42.8 - Kitchen 202 18.8 - Storage 118 11 - Total 781 72.6 419.2 There is a large two/three bedroom flat split over first and second floors which is separately accessed from the front of the property.
It is our opinion that the property is currently under rented at a rate reflecting approximately £26 Zone A in respect of the retail element and approximately £850 pcm in respect of the residential accommodation, then assuming a deduction for management, repairs and voids. It may be possible to achieve a combined rent more in the order of approximately £25,000 pa - £27,500 pa for the property at renewal or if re-letting (assuming as a whole), assuming a retail rent of circa £16,500 pa and a residential rent of circa £1,200 pcm with deductions for management, repairs and voids.
The subject property has a Rateable Value (rv) of £9,200 in the 2017 List effective from 1st April 2017.
The Uniform Business Rate (ubr) for 2019/20 is 49.1 pence per £1 of rateable value for properties with a rv less than £51,000. For property with a rv of less than £12,000 where the tenant meets the qualifying criteria, 100% rates relief is applied to the rates payer.
Interested parties are advised to make their own enquiries with Lewisham Borough Council on .
Available on request.
The property is not elected to VAT.
The property is to be sold Freehold, subject to the lease.
Our client is seeking offers in excess of £395,000 (Three Hundred and Ninety Five Thousand Pounds) for the freehold, subject to contract and lease.
Each party will be responsible for their own legal costs incurred in this transaction.
For more information about this property, please contact Boddy & Edwards, GU1 on +44 1483 665755 * (local rate)
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