The opportunity
The property comprises a mixed-use three storey parade incorporating three commercial units at ground-floor level together with three substantial split level flats. The surrounding area is affluent in nature making the location highly desirable to both residential and commercial tenants. The commercial elements are all health and beauty occupiers providing clean uses.
115 High Street is a barber shop with a lease expiring in April 2041. 117 High Street is a beauty salon with a lease expiring in November 2031 and 119 is a tanning salon with a lease expiring in September 2033. Both 117 and 119 High Street benefit from access to the rear of the property.
The residential accommodation is arranged over the first and second floors of the building and comprise three self-contained three-bedroom flats. Each flat benefits from both a small balcony to the front of the building and a larger balcony to the rear. The flats are accessed via a staircase to the rear of the building. We are advised that the residential elements benefit from Goodlord landlord rent protection and legal expenses insurance policies.
The property offers a balanced mixed- use investment in a popular location, with a combination of longer-term commercial leases and residential rental income.
Location
The property occupies a prominent position fronting West Wickham High Street, an established and popular commercial destination within the London Borough of Bromley.
The High Street benefits from strong levels of passing vehicular traffic and consistent pedestrian footfall. There are short term parking bays to the front of the property. West Wickham pay and display car park is to the rear of the building further promoting trade to the locality. The premises is well positioned to serve a substantial and densely populated surrounding residential catchment, with the High Street providing a mix of national operators, recognised brands and independent businesses.
Nearby occupiers include Subway, M&S Foodhall and a variety of independent retailers and service providers. The combination of a prominent High Street position, strong local catchment, transport links, passing trade and established occupier base makes the property an attractive proposition for investors seeking a well-located commercial investment in South East London retail location.
West Wickham train station is just 0.6 miles away and the High Street is a bus route making the location convenient for the commuter.
Tenure: Freehold subject to the occupational tenancies.
Price: £1,275,000 (One million, two hundred and seventy five thousand pounds) representing a gross yield of 7.9% at the guide price.
VAT: We are advised that the property is not elected to VAT.
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Location
High Street, West Wickham BR4 0LT, UK