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    Key features

    • To be offered on Wednesday 8 May
    • High Yielding Mixed Use Investment
    • Ground Floor Retail with 2 x Flats
    • Fully Let - Producing £35,316 per annum
    • Established and Popular Location
    • Asset Management Potential
    • Guide Price Reflects 11% Gross Yield
    • VAT Free Investment

    Description

    The property comprises a high yielding mixed use investment opportunity forming part of a popular street in the centre of South Norwood.

    Arranged across ground, first and second floors, the property offers retail accommodation to the ground floor with two residential flats above.

    The ground floor is currently let on a new 20 year lease to a tenant trading as a barbers from February 2024 at a rent of £12,996 per annum, the tenant is a longstanding occupier of 10+ years and the current lease is a renewal of a previous tenancy.

    The upper parts comprise two flats, benefitting from a shared access from street level. Both flats are let on Assured Shorthold Tenancies (ASTs) paying £12,000 per annum (£1,000 pcm) and £10,320 per annum (£860 pcm) respectively.

    We consider the property offers excellent diversity of income to secure and popular local tenants. We also consider there to be asset management via increasing the rents to the upper parts.

    The property benefits from a prominent frontage to Station Road, the principal pedestrian route to Norwood Junction Station. The amenities of Selhurst Road are immediately to the north whilst Selhurst Park football stadium is approximately 0.3 miles away. The retail frontages therefore benefit from high footfall.

    Additional information

    Tenure

    Freehold

    Tenancy

    The ground floor is currently let on a new 20 year lease to a tenant trading as a barbers from February 2024 at a rent of £12,996 per annum, the tenant is a longstanding occupier of 10+ years and the current lease is a renewal of a previous tenancy.


    The upper parts comprise two flats, benefitting from a shared access from street level. Both flats are let on Assured Shorthold Tenancies (ASTs) paying £12,000 per annum (£1,000 pcm) and £10,320 per annum (£860 pcm) respectively.

    Rent

    £35,316 per annum
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      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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