Located in Lewisham, South East London directly opposite Lewisham Shopping CentreCurrent income of £42,000 paWhole property (ground floor, first floor, and second floor) entirely let to tenant t/a JenningsbetWithin a very high density area undergoing significant regeneration and investmentMedium / longer term potential to convert upper floors to residential use and / or add a further storey of accommodationNearby occupiers include Three, Marks & Spencer, Timpsons, Superdrug, McDonalds, Specsavers and so on
The property comprises a three storey building of brick construction with flat roof coverings. The building was constructed in the early 20th century. The accommodation is arranged at ground floor, first floor and second floor level. Internally the property is currently fitted our as a bookmakers with a sales area at ground floor with office and staff room at first floor; the second floor accommodation is used for storage. We understand the ground floor and first floor space was recently re-fitted by the current tenant.
There is a concrete yard area to the rear / car parking use (1 or 2 cars).
The property is offered for sale on a Freehold basis.
Freehold - Title Number 413781
The current lease was agreed during the initial onset of the March 2020 covid lockdown and therefore we are of the view that there should be some margin for an uplift in the rental level at the next lease event.
We are of the opinion, should the tenant use the break option or vacate at the end of the lease, there is likely to be an opportunity to convert the upper floors to residential use whilst retaining the ground floor for commercial / retail use.
There also may be scope for an additional floor or extension at 1st and/or second floor levels for residential use. We would advise interested parties to make their own enquiries with their professional advisers on this matter.
Offers in excess of £725,000. We understand VAT is not payable on the purchase price.
Each party to bear their own legal costs incurred in this transaction.
For further information or accompanied viewings, please contact the agent:
Viewings strictly via appointment with the agent only.
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