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Investment / Development Opportunity, 118-120 London Road, Mitcham, CR4 3LB

0.12 acres / Industrial / Investment

For Sale - £1,000,000.00

Under Offer - Last updated: 13 June 2024

The property is on a single title with 2 separate detached buildings comprising Car repair / MOT station let on a long lease which expires in 2027 and office space let on short term agreements with 2 months notice required for vacant possession.

Location

The property occupies a prominent corner position along the A217 London Road at its junction with Dennis Reeves Close on the edge of Mitcham Town Centre with quick access to neighbouring Streatham, Tooting & Colliers Wood.

Nearest Stations:
Tooting British Rail Station - 0.5 miles (Thameslink Services)
Colliers Wood Underground Station - 1 mile (Northern Line Services)

Accommodation

Plot size: 0.121 acres

Terms

Tenancies / Income - MOT Station: 20 year lease expires Nov 2027 - Passing Rent £36,000 pa
Occupying the majority of the ground floor space in the front office building, yard space and all units industrial units to the rear. 

Private tenants: Short term license agreements with 2 months notice required for vacant possession - Passing rent £24,000 pa let separately to two private individuals. 

Total Passing Rent: £60,000 pa.

Planning - Subject to the relevant consents it is felt the site would lend itself to a mixed use or residential development. 

Scope also exists for extension / refurbishment works to increase the rental income.

Terms - Guide Price £1,000,000 Freehold 

Please be advised that subject to planning offers are not being considered

Property Quote Price(s)

DescriptionSale typeGuide pricePrice type
Guide Price For Sale Freehold £1,000,000.00 NA

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Contact agents

Chris Jones

Christopher St James

020 3369 0654

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