LOCATION: – The property is situated fronting Stondon Park (B218) and comprises a roughly triangular-shaped plot at the apex of the junction between Stondon Park Road and Brockley Rise. Stondon Park Road is the main road connecting the South Circular to Brockley and on towards Lewisham. The high street on Brockley Road is only a short distance away, and the subject property is located immediately adjacent to this. Stondon Park is a bus route, and the property is visible from a steady flow of passing vehicular traffic, which is particularly heavy during rush hour periods. The property is conveniently situated between Honour Oak Park Station and Crofton Park Station. The surrounding area is a densely populated residential catchment.
DESCRIPTION: – The subject property comprises a freehold mixed-use income-producing investment. At ground floor, there are two commercial units occupied by a veterinary practice and a podiatry practice. The veterinary practice, The Neighbourhood Vet, is a multiple operator with representation in Penge, East Dulwich and Crofton. There are three flats within the building, comprising a two-bedroom flat at first floor, a three-bedroom flat at first floor, and a two-bedroom flat at ground floor which has been sold. All elements under the freeholder’s ownership are fully let and income-producing, providing investors with a clean income-producing asset from completion with potential.
ACCOMMODATION: –
1 Stondon Park (Neighbourhood Vets)
Total floor area 83.61m² (900ft² approx.)
3 Stondon Park (SE23 Podiatry)
Total floor area 28.79m² (310ft² approx.)
Flat 5 Stondon Park Road
A two-bedroom ground floor flat with sole use of a section of the garden.
Flat 5A Stondon Park Road
A three-bedroom flat first floor flat.
Flat 5B
A two-bedroom first floor flat.
INCOME: – The overall income is believed to be £51,850 per annum exclusive.
TENURE: – The property is offered freehold subject to the following occupational leases and tenancies as advised by our client:
1 Stondon Park (Neighbourhood Vets)
Unit 1 Stondon Park is currently let to The Neighbourhood Vet for a term commencing 29th September 2016 and expiring on 28th September 2031. There are rent reviews at three-yearly intervals, and the next review will fall on 29th September 2028. The passing rent is £16,000 per annum exclusive.
3 Stondon Park (SE23 Podiatry)
Number 3 Stondon Park is let to SE23 Podiatry by way of a lease dated 9th September 2016 for a period of 12 years from 24th June 2016. There are three-yearly rent reviews, and the next review is due on 9th September 2028. The passing rent is £7,000 per annum exclusive.
Flat 5 Stondon Park
This flat has been sold and is held by way of a lease dated 10th May 2000 for a term of 199 years. The property is subject to a payment of £100 annual ground rent. The leaseholder rents additional garden area from the freeholder at £250 per annum.
Flat 5A Stondon Park
This property is subject to a tenancy, and the tenant is currently holding over. The passing rent is £1425 per month.
Flat 5B Stondon Park
This property is subject to a tenancy, and the tenant is currently holding over. The current rent is £950 per month.
USE/PLANNING: – We understand that the commercial elements fall within Class E of the Town and Country Planning (Use Classes) Order, and the residential elements fall within Class C3 of the current Town and Country Planning (Use Classes) Order.
Interested parties should make enquiries of the local authority prior to offer.
PRICE: -£1.3 million (One million three hundred thousand pounds). This reflects a current gross yield of 3.9%.
VAT: – All capital figures quoted are exclusive of VAT.
VIEWINGS: -Viewings by prior arrangement – please telephone 0208 681 2000.
Features
Download property details
Location
Stondon Park, London SE23 1LB, UK