Home > Auctions > 8 November 2022 08 November 2022 - 9:00am > Lot 40

8 November 2022: Tuesday 08 November 2022 - 9:00am
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    Key features

    • Investment let at £26,000 pa (7.02% on Guide Price)
    • Fixed rental increases
    • Let to tenant trading as The Hairy Chair
    • Let on a 12 year lease expiring March 2031 (subject to break option)
    • In continuous use as a hair salon since 2003. No Arrears (full rent during lockdowns).
    • Self contained maisonette on upper parts sold on long lease
    • Future potential to add value with conversion of part to residential (subject to planning)
    • VAT-Free Investment
    • 8 Week Completion Available

    Description

    The property comprises a ground floor shop currently arranged as a hairdressers with ancillary accommodation on the basement floor.

    Additional information

    Tenure

    Freehold.

    Accommodation

    Please note that the approximate areas have been supplied by the client and/or taken from the VOA and the property has not been inspected by Savills.


    Ground - 74.40 sq m (800 sq ft)

    Basement - 44.20 sq m (475 sq ft)


    Total approximate internal area - 118.60 sq m (1,275 sq ft)

    Plus approximate external area - 9.3 sq m (100 sq ft)

    Tenancy

    Ground/Basement - Let to an individual trading as The Hairy Chair Hairdressers on a 12 year lease from 01/03/2019 until 01/03/2031. Current rent reserved is £26,000pa. The lease is subject to fixed rental increases to £28,000 in September 2025 and £30,000 in September 2028. One quarter’s rent deposit is held + director’s guarantees. The lease is subject to a mutual break option in 2025.

    Upper floors - Sold off on a long lease for 189 years from 24/06/1984 at a nil ground rent.


    Total Current Rent - £26,000 pa

    Planning

    The property may benefit from future development/change of use potential, subject to the necessary consents. For further enquiries please contact Greenwich Borough Council (www.royalgreenwich.gov.uk).

    Rent

    £26,000 pa (rising)

    Notes

    VAT is not applicable to this lot.

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        Local information

        The property is situated in a popular location in Greenwich, approximately 5 miles from Waterloo. The property is located in a

        prominent corner position, with good frontage exposure to the A2, close to the junction with Greenwich South Street and Blackheath Road. Nearby occupiers include Pets at Home, Wickes, Costa Coffee and a number of independent shops, cafes and restaurants. The property is squarely located between Greenwich town centre to the north, Deptford to the west, Lewisham to the south and Blackheath Village to the east. Walking distsance to the town centre, University, River board and Greenwich Park and Observatory.

        Transport

        Rail - 10-minute walk to Greenwich Main Station (TfL Zones 2 & 3) (Thameslink / Southeastern: 10-minute journey time to London Bridge)

        and DLR (10-minute journey time to Canary Wharf)

        Legal documents

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        EPC rating

        The EPC rating for this property is C

        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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