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    Key features

    • To be offered on Tuesday 26 November
    • A ground floor double fronted lock up shop let on a new 15 year FR&I lease at £27,630 p.a. (low blended rent of £19 per a sqft)
    • 3 self contained flats at 1st & 2nd floor (2 x two bedroom flats & 1 x one bedroom flat)
    • Potential to internally re-arrange the 1-bedroom flat into a 2-bedroom flat and/or development potential to extend the 1-bedroom flat to create a 2/3 bedroom flat (subject to the requisite consents)
    • Development potential to add an additional floor (subject to the requisite consents)
    • 2 x two-bedroom flats let on AST's at £50,700 p.a.
    • Asset management potential to let out vacant flat and increase overall rents (ERV of £21,000 p.a.) Total rent £99,330 p.a.
    • Investment let at £78,330 p.a. (6.52% GIY on guide & 8.27% GIY on guide at total ERV rent)

    Description

    Flat 78A click here for virtual tour

    Flat 78B click here for virtual tour

    Flat 79A click here for virtual tour

    A mid terrace property comprising of a double fronted commercial unit at ground floor and 3 x flats

    The ground floor is let on a new 15 year lease to Medivet at £27,630 p.a.

    The uppers (1st & 2nd floors) comprise a split level 1- bed flat (79A) that is currently vacant (£21,000 p.a. ERV).

    There is Development potential to re arrange the internal configuration of the vacant one bed flat to create a two-bedroom flat, also potential to extend the existing property to increase the existing floor plate and/or add an additional floor to create extra dwellings (subject to the requisite consents)

    The 2 x 2 bed apartments (78A & 78B) that are both let on AST agreements. Flats are producing a combined income of £50,700 p.a. 

    The ground floor tenant - Medivet was founded in 1987 and now operates from over 350 branches across the UK. In 2021, CVC Capital Partners acquired Medivet for in excess of £1bn (www.medivet.co.uk)

    Additional information

    Tenure

    Freehold

    Accommodation

    Please refer to Accommodation and Tenancy schedule

    Tenancy

    Please refer to Accommodation and Tenancy schedule

    Rent

    £78,330 p.a.

    Notes

    Please note the areas provided are approximate. The photos and any drawings are for illustrative purposes only and may not reflect the exact boundary of the property. The property has not been internally inspected by Savills. Prospective purchasers must rely upon their own enquiries in this regard. Please refer to the legal pack.

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      All viewings at this property have now taken place prior to the auction. For further information on the property please download the legal pack or email the property contact.

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      Viewings are in the process of being finalised and will be online shortly, please click here for a notification when they go online.

      No set viewings will be available on this property prior to auction due to the tenants in situ. Please refer to the legal pack for further information.

      No set viewings will be available on this property prior to auction due to safety concerns within the property. Please refer to the legal pack for further information.

      There are no formal viewings for this property. You can visit during commercial trading hours as a customer.

      Accommodation / Tenancy Schedule

      Local information

      Grange Road (A2206) is an historic road in Bermondsey, within the London Borough of Southwark.

      Hugely popular location to live and work with some of the best amenities London has to offer. 

      Transport

      The subject property is 0.8 miles to London Bridge station (National Rail, Jubilee, Northern & ThamesLink).

      Legal documents

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      EPC rating

      If no EPC rating appears please refer to the legal pack.

      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.

      Addendums