LOCATION: – The property is situated on a busy thoroughfare within walking distance of Kingston mainline railway station and the Bentall Centre. A wide range of multiple retailers are located within the vicinity such as Foxtons Estate Agents, Warhammer, Antony James, Natterjacks, Morley’s, Admiral, Sevenoak Hifi and Leaders. There are short term parking bays at the front of the property promoting quick-stop trade.
DESCRIPTION: – The property comprises a freehold mixed use income producing investment. There is a well-established café occupying the ground floor. The upper parts comprise a 2 bedroom split level self contained flat let to a single occupier and 3 room HMO. The property therefore offers a spread of income. There are four car parking spaces, two of which are demised to the commercial tenant. There may be some potential to add value by way of further asset management.
ACCOMMODATION: –
Ground floor commercial 109m2 (1,173ft2) approx.
One car parking space
35A Fife Road
Two-bedroom flat
37A Fife Road
Room 1
Room 2
Room 3
INCOME: -We are advised by our client that the gross income from the ground floor commercial premises and upper residential parts is £106,300 per annum exclusive. We are advised that rates, utilities and insurance included in the residential rents rents therefore the net income is approximately £98,100 per annum representing a net yield of 7.5%.
TENURE: – The property is offered freehold subject to the following occupational leases and periodic tenancies:
The ground floor is currently let to an individual trading as Coin de Paris café for a period of 15 years from the 8th of August 2015 with a rent review on the 8th of August 2025 subject to 6 months prior notice. The passing rent is £58,000 per annum exclusive
35a Fife Road is let under a single occupier at £1400 pcm.
Room 1 37a Fife Road is let on a periodic tenancy £1,100 pcm.
Room 2 37a Fife Road is let on a periodic tenancy at £775 pcm.
Room 3 37a Fife Road is let under a on a periodic tenancy at £750 pcm.
USE/PLANNING: – We understand that the commercial use falls within Class E of the current Town and Country Planning (Use Classes) Order. We understand that the upper parts fall within Class C3/C4 of the latest Town and Country Planning (Use Classes) Order.
Interested parties should make enquiries of the local authority in respect of their intended use prior to offer.
PRICE: – £1,295,000 (one million two hundred and ninety five thousand pounds).
BUSINESS RATES/ COUNCIL TAX: –
Ground floor commercial element – £43,250 Rateable Value
35A – council tax band C
37A – council tax band D
Enquiries should be made of the Valuation Office Agency in this regard.
www.tax.service.gov.uk/business-rates-find/search
EPC RATINGS: –
35-37 Fife Road (commercial ground floor) – 54 Band C
35A Fife Road – 52 Band E
37A Fife Road – 37 Band D
VAT: – We understand that VAT is not to be chargeable in respect of rents and other outgoings on this property.
VIEWINGS: –Viewings by prior arrangement – please telephone 0208 681 2000
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Location
Fife Road, Kingston upon Thames KT1 1SF, UK