Home > Auctions > 28 March 2023 28 March 2023 - 9:00am > Lot 53

28 March 2023: Tuesday 28 March 2023 - 9:00am
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    Key features

    • Planning Permission granted for demolition of the existing building and the construction of new three storey mixed use building to provide 8 x residential apartments and Dental Surgery at ground floor level
    • Planning pending for demolition of the existing building and the construction of new three storey plus mansard roof mixed use building to provide 9 x residential apartments and Dental Surgery at ground floor level - it is anticipated that this will be granted by completion (see legal pack).
    • Currently comprises a dental practice and four flats
    • Investment currently let at £79,900 pa

    Description

    The property comprises a two storey building arranged as three terrace buildings of a dental surgery together with four residential flats. Planning permission has been granted for demolition of the existing building and the construction of new three storey mixed use building to provide 8 x residential apartments and Dental Surgery at ground floor level. The existing commercial tenant will remain in the new scheme as part of the planning and will be issued a new lease of £30,000 pa.

    Additional information

    Tenure

    Freehold. There are also leasehold titles included within the sale relating to Flat 1 and Flat 2 (143) which will be transferred to the buyer on completion. Please see legal pack.

    Accommodation

    The property currently comprises three terrace units arranged as a ground floor dentist together with four flats above.


    Proposed accommodation (planning permission granted):

    Tenancy

    Dentist - Currently let at £22,000 pa

    Flat 1, 141 Cannon Hill Lane - £16,800 (£1,400 pcm)

    Flat 2, 141 Cannon Hill Lane - £13,200 pa (£1,100 pcm)

    Flat 1, 145 Cannon Hill Lane - £14,100 pa (£1,175 pcm)

    Flat 2, 145 Cannon Hill Lane - £13,800 pa (£1,150 pcm)


    Total - £79,900 pa - The property will have full vacant possession by 1st June, ready for the development to commence (see legal pack).


    Planning

    • Planning Permission granted for demolition of the existing building and the construction of new three storey mixed use building to provide 8 x residential apartments (Class C3) and Dental Surgery (Class E) at ground floor level (ref: 20/P2396).
    • Planning pending for demolition of the existing building and the construction of new three storey plus mansard roof mixed use building to provide 9 x residential apartments and Dental Surgery at ground floor level - it is anticipated that this will be granted by completion (see legal pack). Please see Merton Council Planning Portal for further information (www.merton.gov.uk/planning-and-buildings).

    Rent

    £79,900 pa - The property will have full vacant possession by 1st June

    Notes

    CIL - £112,174.28

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        Local information

        The property is located in the popular and affluent Raynes Park area of South West London, approximately 9.5 miles south west of Central London. The property is located on the East side of Cannon Hill Lane, close to it's junction with Martin Way.

        Transport

        Road: A3, A24

        Rail: South Merton, Wimbledon Chase

        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.

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