Home > Auctions > 10 May 2023 10 May 2023 - 9:00am > Lot 48

10 May 2023: Wednesday 10 May 2023 - 9:00am
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    Key features

    • Investment let at £32,000 pa (9.14% on Guide Price)
    • The upper ground floor is let to a tenant trading as The Hairy Chair on a 12-year lease expiring in 2031 (subject to mutual break option) at £20,000pa
    • The lower ground floor is let to a tenant trading as Kelly’s Permanent Beauty on an 8-year lease expiring 2031 (subject to mutual break option) at £12,000pa
    • Fixed rental increases, rising to £40,000
    • In continuous use as a hair salon since 2003. No Arrears (full rent during lockdowns).
    • Self contained maisonette on upper parts sold on long lease
    • VAT-Free Investment
    • 8 Week Completion Available

    Description

    The property comprises a freehold 4-storey building, currently arranged as a hairdressers’ saloon over the ground floor and therapist studios over the lower ground floor. The property includes the maisonette flat above which has been sold on a long lease.

    Additional information

    Tenure

    Freehold.

    Accommodation

    Please note that the approximate areas have been supplied by the vendor and/or taken from the VOA and the property has not been inspected by Savills.


    Ground - 74.40 sq m (800 sq ft)

    Lower Ground - 46.45 sq m (500 sq ft)


    Total approximate internal area - 120.77 sq m (1,300 sq ft)

    Plus approximate external area - 13.94 sq m (150 sq ft)

    Tenancy

    Ground- Let to a limited company trading as The Hairy Chair Hairdressers on a 12 year effective FRI lease from 01/03/2019 until 01/03/2031. Current rent reserved is £20,000pa. The lease is subject to fixed rental increases to £22,000 in March 2025 and £24,000 in March 2028. One quarter’s rent deposit is held + director’s guarantees.


    Lower Ground - Let to two individuals trading as therapists Kelly's Permanent Beauty on an 8 year effective FRI lease from 25/12/2022 at a rent of £12,000 pa. The lease is subject to fixed rental increases, rising to £14,000 in March 2025 and £16,000 in March 2028. The lease is subject to a mutual break option in 2025. One quarter’s rent deposit is held + director’s guarantees.


    First & second floors - Sold off on a long lease for 189 years from 24/06/1984 at a nil ground rent.


    Total Current Rent - £32,000 pa


    Planning

    The property may benefit from future development/change of use potential, subject to planning permission. Pre-application advice has not yet been sought. For further enquiries please contact The Royal Borough of Greenwich (www.royalgreenwich.gov.uk).

    Rent

    £32,000 pa (rising)

    Notes

    Six Week Completion Available.


    VAT is not applicable to this lot.

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        Local information

        The property is situated in a popular location in Greenwich, approximately 5 miles from Waterloo. The property is located in a

        prominent corner position, with good frontage exposure to the A2, close to the junction with Greenwich South Street and Blackheath Road. Nearby occupiers include Pets at Home, Wickes, Costa Coffee and a number of independent shops, cafes and restaurants. The property is squarely located between Greenwich town centre to the north, Deptford to the west, Lewisham to the south and Blackheath Village to the east. Walking distance to the town centre, University, River board and Greenwich Park and Observatory.

        Transport

        Situated on a strategic roadside junction on the A2 main artery route between central London and Kent, between four major hubs: Greenwich town centre is to the North and Blackheath village is to the East. Lewisham high street is to the South and Deptfo

        Legal documents

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        EPC rating

        The EPC rating for this property is C

        Guide prices and common auction conditions

        •Guide prices given are indications within 10% upwards or downwards of where the reserve price may be set at the time of going to print. Please note they are not an indication of the anticipated sale price or a valuation.

        •The reserve price is the minimum price at which the property can be sold.

        •Both the guide price and reserve price may be subject to change up to and including the day of the auction.

        •For unsold properties after an auction an Available price may be listed. This is the price that the seller(s) are looking for post auction, subject to contract and no higher offers, and has no relation to the guide prices listed prior to the auction sale.

        Please note that all prices listed, whether prior to or post auction, are subject to contract.

        The Auctioneers and sellers accept no responsibility for any loss, cost or damage that a buyer may incur as a result of relying on any guide price. It is the buyer's responsibility to decide how much they should bid for any lot. Please check with us for regular updates as guide prices are subject to change prior to the auction.

        The guide price does not include the buyer's fee charged by the auctioneer or VAT which may apply to the sale or other amounts the seller may charge. The seller's Special Conditions of Sale will state whether there are other seller's charges and whether the seller has elected to charge VAT on the sale price.

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