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20 September 2023 20 September 2023 - 9:00am >
Lot 88
20 September 2023: Wednesday 20 September 2023 - 9:00am
Your Bid
Guide price
TBA
Hammer price
Withdrawn
Withdrawn Prior
Sold
Sold Prior
Sold Post
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Key features
- Mixed Use Property In Prominent High Street Location
- Ground Floor Let to Caffe Nero Producing £40,000 per annum - Expires 02/10/2031
- Three Years Term Certain
- Total Area Approx. 4,488 sq ft (416.91 sq m)
- Vacant Upper Parts
- 2 x Planning Consents for Conversion of Upper Parts to Provide Residential Accommodation
- Further Development Potential (subject to planning)
- Gross Yield of 5.3% on Guide Price
- Six Week Completion Available
Description
The property comprises a prominent, mixed-use building arranged across ground, first and second floors. The property provides retail accommodation to the ground floor, with the upper parts accessed from street level providing vacant commercial accommodation.
The ground floor is let to Caffe Nero on a lease expiring 02/10/2031 and producing £40,000 per annum. The retail area is therefore laid to this use with a sales area including 55 covers and a bar area to the front, with customer toilets, staff area and kitchen to the rear.
The upper parts are accessed from street level and includes both a stairway and lift. The upper parts are currently vacant and were previously used as an education centre. The upper parts benefit from two separate planning consents for conversion to residential use to provide either 2 x two bedroom flats or 4 x one bedroom flats.
The property includes a parking area to the rear accessed from Green Lane. There may be further opportunity to extend/develop to the rear, subject to obtaining the requisite consents)
The property occupies a prominent frontage in close proximity to Worcester Park Station, with the mock Tudor facade providing an attractive sales space in keeping with the character of the local area.
Additional information
Tenure
Freehold
Tenancy
The property is let to the well known High Street covenant of Nero Holdings Limited (t/a Cafe Nero) on an effective FRI lease expiring 02/10/2031 and producing £40,000 per annum.
There is a tenants break option on 03/10/2026 (six month notice).
Planning
The property benefits from two separate consents as detailed below:
DM2021/00787 - Conversion of First and Second floors to provide 4 x One Bedroom Flats
DM2021/00771 - Conversion of First and Second floors to provide 2 x Two Bedroom Flats
There may be further opportunity to extend/develop to the rear, subject to obtaining the requisite consents)
Rent
£40,000 per annum
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