Guide price
£650,000
Industrial for sale23 London Road, Tooting, London SW17
Just added
Leasehold
About this property
Prominent mixed use investment for sale
Ground floor E class with residential parts
Income producing
Development potential STP
Next to Tooting br Station
Close to Underground station
Rear access
Shop and uppers for sale located next to Tooting br Station - Development potential STP.
Income producing. Long leasehold (854 years remaining). Sole agents
Description
For sale is this prominently positioned mixed-use investment immediately adjacent to Tooting railway station. The long-leasehold property comprises a ground-floor Class E retail unit and residential accommodation arranged across the upper and lower parts, offering existing income together with asset-management and development potential subject to the relevant consents.
The building is a period, part three- and part four-storey mid-terrace property, with a rear extension and courtyard. It is held on a 999-year long leasehold interest and is being offered subject to the existing occupational interests.
Accommodation
Ground-floor lock-up retail premises with basement storage, extending to approximately 55.7 sq m (600 sq ft) NIA, including approximately 36.1 sq m (389 sq ft) of sales accommodation.
First-floor one-bedroom flat, approximately 39.1 sq m (420 sq ft) gia.
Second-floor one-bedroom flat, approximately 40.1 sq m (439 sq ft) gia.
Upper-ground-floor part built flat, approximately 28.7 sq m (309 sq ft) gia, currently vacant as planning was not obtained for the conversion
Lower-ground-floor accommodation, dilapidated shell with a rear courtyard of approximately 33 sq m (355 sq ft)
The existing residential accommodation on the first and second floors is configured as self-contained one-bedroom flats. The upper and lower ground-floor areas offer a potential route to form a one-bedroom duplex maisonette, subject to obtaining and implementing the necessary planning consent and completing the required works
Income
The asset currently produces a passing income of £46,200 per annum, derived from the ground-floor commercial unit and the two occupied upper-floor flats.
The retail unit is let at £13,800 per annum under a six-year commercial lease from 1 January 2024
First- and second-floor flats produce £15,600 and £16,800 per annum respectively.
Additional income achievable if works were completed.
Asset Management
A planning application, reference 19/P2683, relates to the change of use of former shop storage accommodation to create a split-level one-bedroom residential unit.
The reasons for refusal would appear to be easy to overcome, therefore it is felt a new application would be successful if submitted. Prospective purchasers should make their own enquiries of the London Borough of Merton regarding the current planning position, implementation requirements and the suitability of the existing configuration.
Location
The property occupies a highly visible position on the eastern side of London Road (A217), The immediate area is an established mixed-use parade, characterised by independent commercial occupiers at ground level and dense residential development in the surrounding streets.
Tooting is a popular and well-connected South London district, positioned between Streatham, Mitcham and Wimbledon, with a broad local catchment and an active pedestrian environment. The property benefits from its close proximity to the railway station and the regular passing footfall generated by the surrounding residential population and local amenities.
Transport links
Tooting railway station is immediately adjacent to the property, providing Thameslink services towards Central London, including Blackfriars and St Pancras International, and south towards Wimbledon and Sutton.
Frequent bus services operate along London Road, connecting Tooting with surrounding South London centres. The property has a ptal rating of 4, reflecting above-average access to public transport.
Terms
Unconditional offers only are invited for the long leasehold interest with tenants in situ
Guide Price £650,000
Viewing
Contact sole agents Christopher St James
Income producing. Long leasehold (854 years remaining). Sole agents
Description
For sale is this prominently positioned mixed-use investment immediately adjacent to Tooting railway station. The long-leasehold property comprises a ground-floor Class E retail unit and residential accommodation arranged across the upper and lower parts, offering existing income together with asset-management and development potential subject to the relevant consents.
The building is a period, part three- and part four-storey mid-terrace property, with a rear extension and courtyard. It is held on a 999-year long leasehold interest and is being offered subject to the existing occupational interests.
Accommodation
Ground-floor lock-up retail premises with basement storage, extending to approximately 55.7 sq m (600 sq ft) NIA, including approximately 36.1 sq m (389 sq ft) of sales accommodation.
First-floor one-bedroom flat, approximately 39.1 sq m (420 sq ft) gia.
Second-floor one-bedroom flat, approximately 40.1 sq m (439 sq ft) gia.
Upper-ground-floor part built flat, approximately 28.7 sq m (309 sq ft) gia, currently vacant as planning was not obtained for the conversion
Lower-ground-floor accommodation, dilapidated shell with a rear courtyard of approximately 33 sq m (355 sq ft)
The existing residential accommodation on the first and second floors is configured as self-contained one-bedroom flats. The upper and lower ground-floor areas offer a potential route to form a one-bedroom duplex maisonette, subject to obtaining and implementing the necessary planning consent and completing the required works
Income
The asset currently produces a passing income of £46,200 per annum, derived from the ground-floor commercial unit and the two occupied upper-floor flats.
The retail unit is let at £13,800 per annum under a six-year commercial lease from 1 January 2024
First- and second-floor flats produce £15,600 and £16,800 per annum respectively.
Additional income achievable if works were completed.
Asset Management
A planning application, reference 19/P2683, relates to the change of use of former shop storage accommodation to create a split-level one-bedroom residential unit.
The reasons for refusal would appear to be easy to overcome, therefore it is felt a new application would be successful if submitted. Prospective purchasers should make their own enquiries of the London Borough of Merton regarding the current planning position, implementation requirements and the suitability of the existing configuration.
Location
The property occupies a highly visible position on the eastern side of London Road (A217), The immediate area is an established mixed-use parade, characterised by independent commercial occupiers at ground level and dense residential development in the surrounding streets.
Tooting is a popular and well-connected South London district, positioned between Streatham, Mitcham and Wimbledon, with a broad local catchment and an active pedestrian environment. The property benefits from its close proximity to the railway station and the regular passing footfall generated by the surrounding residential population and local amenities.
Transport links
Tooting railway station is immediately adjacent to the property, providing Thameslink services towards Central London, including Blackfriars and St Pancras International, and south towards Wimbledon and Sutton.
Frequent bus services operate along London Road, connecting Tooting with surrounding South London centres. The property has a ptal rating of 4, reflecting above-average access to public transport.
Terms
Unconditional offers only are invited for the long leasehold interest with tenants in situ
Guide Price £650,000
Viewing
Contact sole agents Christopher St James
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