Home > Auctions > 28 January 2025 28 January 2025 - 9:00am > Lot 101

28 January 2025: Tuesday 28 January 2025 - 9:00am
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    Key features

    • Moved to the 12th February auction
    • Comprising a large retail unit on the ground floor with two self-contained flats above
    • Planning permission approved for an additional 2 x dwellings at the rear of the property
    • Proposed new accommodation for 2 x two bedroom flats
    • Further development potential to add additional dwellings (subject to the requisite consents)
    • Asset management potential to increase the passing rent on the existing commercial premise and 2 x flats
    • 6 week completion available
    • Investment let at £48,800 p.a.

    Description

    A two storey corner building forming part of a busy parade of shops. Comprising a large open plan retail unit, with two self-contained flats on the first floor accessed from the rear.

    Planning permission approved for an additional 2 x two bedroom flats at the rear of the property.

    Proposed accommodation schedule

    Flat 1 - 2 x Bedroom flat an approx. 938 sq ft (87.2 sqm)

    Flat 2 - 2 x Bedroom flat an approx. 904 sq ft (84 sqm)

    Once development is complete the property will comprise of 1 x Retail unit, 3 x two bedroom flats & 1 x one bedroom flat

    Additional information

    Tenure

    Freehold

    Accommodation

    Please note that Savills have not inspected the property, but is believed to comprise of the following

    Ground Floor Shop - Open plan with rear WC. Approximate GIA 162 sq m (1,750 sq ft)

    First Floor Flat 1 - One Bedroom Flat, Approximate GIA 41 sq m (450 sq ft)

    First Floor Flat 2 - Two Bedroom Flat, Approximate GIA 57 sq m (620 sq ft)

    Tenancy

    Ground Floor shop

    • Retail let on a short terms lease with a passing rent of £24,000 pa (+ VAT)
    • ERV £35 - £40,000 pa

    53a First floor flat

    • let on an AST currently holding over with a passing rent of £10,800 pa
    • ERV £15,000 pa

    53b First floor flat

    • let on an AST currently holding over with a passing rent of £14,000 pa
    • ERV £17,400 pa

    Total rent = £48,800 p.a.

    Planning

    Sutton Council

    Planning ref: DM2023/00792

    Description: Erection of two storey building providing a link to the front of the existing building to comprise 2 new residential units, retention of existing ground floor commercial unit, provision of car parking, cycle stores, refuse stores, external access stairs and landscaping.


    Note that the rear of the adjoining property has recently been granted full planning permission for 9 apartments within a new build scheme, which sets the precedent for redevelopment.

    Rent

    £48,800 p.a.

    Notes

    Joint Auctioneer

    Chris Jones

    Tel: 020 8545 0591

    Email: chris@csj-property.com


    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.

    VAT is applicable however we believe that the sale can be treated as TOGC (please refer to the legal pack)

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        Local information

        Situated in a prominent position on Central Road (2043), between Windsor Road and Balmoral Road in Worcester Park. Neighbouring occupiers include; Sainsburys, Papa John’s, Star Barbers, Winkworth, Costcutter, Bronco’s, Coversure, Pizza Express, Hunters, Nat West, St Raphael Hospice, together with a good mix of other independent and local traders.

        Worcester Park mainline railway station is within walking distance, providing services to Dorking, Guildford and London Waterloo. There are also buses serving the area located on Worcester Park.

        Transport

        Worcester Park - National Rail

        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.

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