The opportunity
The property comprises a substantial mixed-use block incorporating three commercial units at ground-floor level together with six residential flats.
The residential accommodation is arranged over ground, first and second floors. Two of the commercial units are let to catering operators.
The property has under-croft access to a service road to the rear over which third parties have beneficial rights of way. The property offers a reasonably secure spread of income from both commercial and residential property.
The commercial element comprises three shop fronted units, two of which are currently occupied. The third commercial unit is currently vacant and being actively marketed to let. The residential accommodation comprises six self-contained flats.
The property offers a well-balanced mixed-use investment, with a combination of longer-term commercial leases and residential rental income.
Location
In the Heart of Wallington
The property occupies a position fronting Ross Parade, an established local parade situated just off the principal thoroughfare within Wallington town centre. The location benefits from a varied mix of occupiers, combining recognised national and multiple operators, including Travis Perkins, Cuppa Chaii and Wetherspoons.
Ross Parade benefits from convenient short stay parking bays immediately outside of the property., supporting passing trade and providing ease of access for customers and visitors. The property is also within 0.1 miles to Wallington Railway Station, providing regular rail services and further enhancing the accessibility of the location.
The surrounding area provides a well-established and varied commercial environment, with Wallington town centre offering a good mix of retail, food and beverage, leisure and service operators. The wider area is a densely populated residential catchment. The combination of local amenities, transport links and established occupier mix makes the area an attractive and accessible location for both commercial and residential occupation.
Tenure: The property is held under two Freehold titles which are to be sold subject to the occupational tenancies and commercial leases:
7 & 8 Ross Parade: (SGL489522)
9 Ross Parade: (SGL194981)
Price: £1,750,000 (One million, seven hundred and fifty thousand pounds) representing a gross yield of 7.85% at the ERV and 7% at the current income.
VAT: We are advised that the property is not elected for VAT
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Location
Ross Parade, Wallington SM6 8QG, UK