Home > Auctions > 12 February 2025 12 February 2025 - 9:00am > Lot 74

12 February 2025: Wednesday 12 February 2025 - 9:00am
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    Key features

    • Freehold Social Housing Investment
    • Well located in Deptford, a popular South London suburb
    • Let to Southern Housing Group on a lease expiring 2043
    • Arranged as 13 self-contained flats
    • Development potential to add another floor(1)
    • VAT is not applicable
    • Investment let at £180,020 p.a. (reflecting 8.00% on guide price)

    Description

    The property is arranged over ground and two upper floors to provide 13 self-contained supported living flats.


    The property benefits from parking for 2 cars.

    Additional information

    Tenure

    Freehold

    Accommodation

    Ground Floor - 304 sq m (3,272 sq ft)

    First Floor - 302 sq m (3,251 sq ft)

    Second Floor - 302 sq m (3,251 sq ft)


    Total - 908 sq m (9,774 sq ft)


    Please see the below schedule of accommodation for a breakdown of the flats

    Tenancy

    Let to Southern Housing Group Limited on an FRI lease for a term of 20 years from May 2024 at £180,020 per annum.


    The lease provides for 3 yearly CPI linked rent reviews (capped at 102%)


    Break Clause: Either the Landlord and/or the Commissioner's confirming in writing that they intend to cease the use of the Property for Supported Housing. The Commissioner is currently the London Borough of Lewisham who places residents in the property


    ---


    For the year ended March 2022, Southern Housing Group Limited reported:      

    D&B Rating: 5A-      

    Turnover·£252,339,000      

    Pre-tax profit·£32,052,000    

    Shareholders Funds: £762,351,000

    (Source: Icans 16.01.2025)

    Planning

    (1) A feasibility study has indicated that, subject to the existing lease and subject to planning permission, the property may have potential to add a 3rd floor to provide an additional 6 self-contained units (4 x 1 bedroom and 2 x studio) over c. 3,000 sq ft as well as converting some of the existing ground floor communal area to an additional 1 bedroom flat. The property would then comprise of 20 self-contained flats. Indicitive plan available in the legal pack.


    All enquiries in this regard should be made with Lewisham Council

    Website: lewisham.gov.uk

    Rent

    180020

    Notes

    Joint Agent

    Chaim Aziz

    The Estate Office

    0207 2668500

    07970824292

    c.aziz@estate-office.com

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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.

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        Accommodation / Tenancy Schedule

        Local information

        Deptford, a popular South London suburb is located within the London Borough of Lewisham, between Surrey Quays and Greenwich, some 4 miles south-east of Central London, adjoining the River Thames


        The property is situated on the south side of Edward Street, close to its junctions with Deptford High Street and the A200, in a predominantly residential area.

        Transport

        Road - In close proximity to the A2 connecting Elephant and Castle to the west and Kent to the east

        Rail - In close proximity to Deptford (0.2 miles), Deptford Bridge, Greenwich and New Cross providing regular services to London Bridge and Cannon Street Station

        Air - London City Airport

        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.

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