The property comprises a mid-detached three storey property arranged as 6 flats (2 x studio, 2 x 1 bed & 2 x 2 bed).
Location
The property is situated to the northern end of Penge High Street (A234), within a 3 minute walk to Penge West railway station with its direct links to London Bridge in 23 minutes and, via Overground to West Croydon to the south and the East London Line, Canada Water, Shoreditch and Dalston Junction to the north.
Penge East is a 5 minute (1 /3 mile) walk to the north with its direct service to London Victoria (19 minutes) and Bromley South (10 minutes).
Accommodation
Flat A - SF - 323 sq ft (30 sq m)
Flat B - SF - 484 sq ft (45 sq m)
Flat C - FF - 334 sq ft (31 sq m)
Flat D - FF - 484 sq ft (45 sq m)
Flat E - GF - 409 sq ft (38 sq m)
Flat F - GF - 431 sq ft (40 sq m)
TOTAL - 2,465 sq ft (229 sq m)
Terms
TENURE - Freehold subject to the various tenancies, as outlined in the attached brochure.
PRICE - Offers invited in excess of £1,300,000.
CURRENT RENTAL INCOME - Total current income is £81,120 per annum. The residential rents provide scope for increases.
This provides a net initial yield of 5.90% after usual purchaser’s costs.
VAT - The property is elected for VAT.
EPC RATING - See tenancy schedule outlined in the attached brochure.
COUNCIL TAX BANDING - See tenancy schedule, in the attached brochure. Interested parties are recommended to make their own enquiries with Bromley Council.
LEGAL COSTS - Each party is to bear their own legal costs incurred in this transaction.
Specification
- Short walk to Penge West & Penge East stations.
- 5 flats let on AST’s with to be let shortly.
- Good commuter location.
- Scope for AST rental increases.