Land for sale in Coombe Lane, Raynes Park, London SW20

Investment / development opportunity

Shop & Upper with clear potential to increase height subject to the relevant consents

Description

Freehold investment / development opportunity comprising existing ground floor commercial unit with 3 bedroom flat above

The site boundary extends beyond the front and side of the existing buildings footprint which the local authority have paved and installed studs to show the ownership outline, The access to the rear is also owned within the demise and neighbouring properties have right of way only for deliveries

The passageway potentially unlocks the development of the airspace for the neighbouring properties without the need to interfere with the existing buildings (subject to the relevant consents).

Location

The property is situated within a mixed use parade on Coombe Lane at its junction with Durham Road

A wide range of bars, shops and restaurants are nearby both independant and national retailers, Waitrose, Sainsburys, Co - Op, Starbucks, Greggs, Anytime Fitness and more

Raynes Park Station is the closest being just 0.2 miles away (South Western Rail Services)
The A3 is also just 0.5 miles away offering quick access further in or out of London by road

Planning

Merton Planning Ref: 12/P1299
Implemented planning for a 2 storey extension at the rear creating a retail unit fronting Durham Road at gf and 1 bed flat above.

S106: Paid

The adjacent corner is 6 storeys and we feel a scheme of 6 - 7 floors here would be achievable subject to the the relevant consents

Tenancies

The commercial unit is let to Princess Alice Hospice at £40,000 p/a (Expired 16/3/22 - Holding over).
A lease renewal for a further 10 years has been negotiated and agreed, heads of terms are with solicitors but to date have not been signed

The new lease allows for development of the rear and also airspace should future planning be obtained.

The flat is let below market value on an AST at £16,200 p/a (Fixed term expired - Periodic)

Terms

Guide Price £900,000 Freehold

Viewings

Please do not approach staff - View by appointment - Contact sole agents - Christopher St James