Restaurant/cafe for sale in Bromley Road, Catford SE6

Offers over £395,000 (£505.76/sq. ft)
Restaurant/cafe for sale 781 sq. ft*
Interested in this property? Call +44 1483 665755 * or Request Details

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Property features

  • 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

Property description

Location


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.


Description


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.


Tenancy


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.


Accommodation


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.


Rental market


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.


Rating


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 .


EPC


Available on request.


VAT


The property is not elected to VAT.


Tenure


The property is to be sold Freehold, subject to the lease.


Proposal


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.


Legal costs


Each party will be responsible for their own legal costs incurred in this transaction.

Property info

* Sizes listed are approximate. Please contact the agent to confirm actual size.

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For more information about this property, please contact
Boddy & Edwards, GU1 on +44 1483 665755 * (local rate)

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Property descriptions and related information displayed on this page, with the exclusion of Running Costs data, are marketing materials provided by Boddy & Edwards, and do not constitute property particulars. Please contact Boddy & Edwards for full details and further information. The Running Costs data displayed on this page are provided by PrimeLocation to give an indication of potential running costs based on various data sources. PrimeLocation does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions, related information or Running Costs data provided here.

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