123 Mitcham Road comprises of a ground floor lock-up shop and self-contained three bedroom flat above which is let in its entirety on a 15 year FRI lease. The property has aluminum floor to ceiling glass frontage with central entrance door with roller security shutters. The shop is split into a serving area and main working area to the rear. The property is being offered on a business transfer basis to include all the equipment and the assignment of the lease.
Location
The property is situated fronting Mitcham Road between Tooting Broadway and Amen Corner close to the junction with Vant Road and occupies a highly visible position. The busy parade is occupied by a number of multiple and local retailers along with numerous restaurants and takeaways. Mitcham Road is a busy link road between Tooting Broadway and Mitcham with the business benefiting from constant vehicular passing traffic. Due to the densely populated residential area the shop enjoys a large pedestrian foot flow.
Accommodation
Frontage 4.67m (15.32ft)
Overall shop depth 16.82m (55.2ft)
Overall shop area 78.55m² (845 ft²)
Internal stairs leading to first floor flat which comprises of three bedrooms, lounge and kitchen. There is also a staircase at the rear of the property allowing you to self-contain the flat.
Terms
BUSINESS - We have been advised by our clients that the current turnover is £67,000 per annum and any potential purchasers will need to verify these figures directly with the owners.
TENURE - The property is offered by way of an assignment of the current lease which was granted on 8th August 2017 for a term of 15 years.
USE/PLANNING - We understand the property currently falls within Class A1 (Retail) of the Town & Country (Use Classes) Order.
RENT - The current rent is £28,000 per annum until 7th August 2019 then rising to £30,000 per annum to 7th August 2022 then 5 yearly upward only thereafter.
PREMIUM - A premium of £55,000 is sought for this valuable business interest to include Lease & all fixtures and fittings, equipment, plus stock at valuation.
EPC RATING - EPC has been commissioned and will be confirmed.
VAT - All rental and capital figures quoted within these details are exclusive of V.A.T. unless otherwise stated.