Offers over
£2,000,000
Property for saleRingers Road, Bromley, Kent BR1
About this property
Commercial freehold building for sale
Residential Development Potential (STPP)
Multiple Management Angles to Add Value
Just Off Bromley High Street & Town Centre
Internal Floor Measuring c.11,872sqft
Oieo £2,000,000
A rare opportunity to purchase a commercial freehold measuring 11,872sqft internally in the heart of Bromley Town Centre with multiple value add opportunities either through management or redevelopment (stpp). The property occupies a parcel of land measuring c. 0.1ha that runs between Ringers Road and Ethelbert Road just 50yards from the west side of Bromley High Street.
The property is currently configured as a restaurant at ground floor and part first floor level (measuring c.6,290sqft) and let to a restaurant operator at a rental of £75,000 per annum with a 6-month mutual lease break option effective after 28 January 2025. The part first and second floor of the building (measuring c.5,580sqft) is let as creative space to a tenant paying £25,000 per annum with a 6-month mutual lease break option effective after 10 July 2025. Both of the existing commercial leases are outside of the 1954 Landlord and Tenant Act. The established existing planning use class of the property is use class E meaning the property can be utilised for a variety of commercial uses including retail, office, restaurant, coffee shop, medical clinic, professional services to visiting members of the public, light industrial and day nursery.
Potential value-add opportunities for the property are identified as follows:
- Reversionary leases and re-gears with existing tenants to achieve market rental levels
- Owner occupation
- Internal re-configuration to provide additional commercial units
- Redevelopment of site/property (STPP) - noting that the property falls within areas suitable for development in the Bromley Town Centre Area Action Plan 2010 and is therefore an important part of the Borough's Land Development Framework.
The property is currently configured as a restaurant at ground floor and part first floor level (measuring c.6,290sqft) and let to a restaurant operator at a rental of £75,000 per annum with a 6-month mutual lease break option effective after 28 January 2025. The part first and second floor of the building (measuring c.5,580sqft) is let as creative space to a tenant paying £25,000 per annum with a 6-month mutual lease break option effective after 10 July 2025. Both of the existing commercial leases are outside of the 1954 Landlord and Tenant Act. The established existing planning use class of the property is use class E meaning the property can be utilised for a variety of commercial uses including retail, office, restaurant, coffee shop, medical clinic, professional services to visiting members of the public, light industrial and day nursery.
Potential value-add opportunities for the property are identified as follows:
- Reversionary leases and re-gears with existing tenants to achieve market rental levels
- Owner occupation
- Internal re-configuration to provide additional commercial units
- Redevelopment of site/property (STPP) - noting that the property falls within areas suitable for development in the Bromley Town Centre Area Action Plan 2010 and is therefore an important part of the Borough's Land Development Framework.
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