Location: The property is situated on the southern side of Lordship Lane close to its junction with Downhills Way (B155). The property forms part of a secondary retail parade which serves the local area. Notable occupiers in the vicinity of the above property include Sainsbury’s and a number of bookkeepers including Ladbrokes and Paddy Power.
Description: The property comprises a substantial mixed use parade with commercial use on the ground floor with three upper floors of residential accommodation (although the commercial occupier at 407 has some limited first floor space).
We have been informed that the 17 flats above the retail units have been sold on 125 years from July 1983 leaving circa 93.37 years unexpired.
It is also noted that the commercial elements of 409b & 415 - 417 have been sold on long leases.
There is some potential for future development on site and it is noted that the residential lease for 407 allows for the landlord to take control of the flat roof and common area to the rear provided there remains some access to the flats. Although we highly recommend that any prospective purchaser seeks legal advice to clarify this point.
Accommodation: The property offers the following (NIA) approximate dimensions: -
405 Lordship Lane Ground sales 807 sq ft. (75 sq m) Total retail areas (NIA) 807 sq ft. (75 sq m)
407 Lordship Lane Ground sales 1,259 sq ft. (117 sq m) Kitchen 376 sq ft. (35 sq m) Store 18 sq ft. (1.70 sq m) First Floor Store 182 sq ft. (16.90 sq m) Total retail areas (NIA) 1,836 sq ft. (170.60 sq m)
409A Lordship Lane Ground sales 355 sq ft. (33 sq m) Total retail areas (NIA) 355 sq ft. (33 sq m)
411/413 Lordship Lane Bar Area 3,197 sq ft. (297.00 sq m) Kitchen 230 sq ft. (21.4 sq m) Cellar 250 sq ft. (23.20 sq m) Offices 84 sq ft. (7.80 sq m) Total retail areas (NIA) 3,761 sq ft. (349.40 sq m)
Tenure: Freehold with the benefit of the existing tenancies.
Lease Terms: 405 is currently paying £14,000 per annum, the lease expired in 25th March 2013 and the tenant is holding over.
407 is currently paying £15,000 per annum, the lessee has 3 years unexpired.
409A is currently paying £6,000 per annum on lease due to expire in 2028, it is noted that the tenant is the long lease holder of 409B.
409B has been sold on a 999 year lease from 15th November 1991.
411/413 We understand that a new 30 year lease has just been signed with a rent of £48,000 per annum to Woolwich Taverns Limited.
415 -417 Ground floor sold on a 999 year lease from 28th July 2005
Ground rents are understood to stand at £425 per annum.
Total Income: £83,425 per annum
VAT: VAT will not be charged on the sale price.
Legal Fees: Each party to bear their own legal costs.
Price: Offers in excess of £1,155,000 (One Million One Hundred and Fifty Five Thousand Pounds) are sought for the freehold interest.