Traditionally built commercial ground floor shop and basement. Self contained residential upper parts arranged over two floors. Comprising 2 bedrooms, kitchen, reception and shower room.
Location
The property is located within close proximity to the junction Brixton Station Road and Brixton Road (A23). Near to Brixton Underground Station and Mainline Railway Station. Brixton Station Road consists of a 1900 built terrace, currently shops, cafes bars, restaurants. The Road is also characterised by street market stalls and railway arch. There are commercial units of cafes and bars on the opposite side of the Road. Local occupiers include TK Maxx.
Brixton is located 2.7 miles (4.3 km) from Central London and its convenient transport links via the London Underground Victoria Line and Brixton Rail Station. It is a popular destination for both residents and visitors alike. It has often been seen as a more affordable alternative to South West London neighbours Clapham, Balham and Stockwell. However, with a desirable stock of period housing and trendy new build developments combined with an ever-increasing demand from tenants and buyers, rental and capital values have increased significantly in recent years.
Accommodation
Basement - Kitchen: 199.81 sq ft
Ground Floor - Retail: 191.95 sq ft
First Floor - Residential: 345.18 sq ft
Second Floor - Residential: 349.59 sq ft
Total - 1,086.54 sq ft
Terms
TENURE
Freehold.
PROPOSAL
We have been instructed by the vendor to seek offers in the region of £850,000 subject to contract reflecting a net initial yield of 6.5%.
PLANNING
The property lies within the area covered by Lambeth Council, which is the Local Planning Authority. The present use is fully in accordance with current Planning Law.
SUMMARY OF LEASE/TENANCY
Retail ground floor and basement leased to KYJ Korean Food Limited, guaranteed by Eun Shim Kin by way of a lease dated 1st February 2024 for a term of 10 years. Current rent at £32,000 per annum with an upwards only rent review at the fifth year.
Residential upper parts comprising self-contained flat arranged over first and second floors, let on an assured shorthold tenancy, for £26,400 per annum.
The total passing annual rent is £58,400 per annum.
EPC
Rating C 51 (Commercial)
Rating E 41 (Residential)
LEGAL COSTS
Each party to be responsible for their own legal costs incurred in this transaction.
Specification
- Retail over ground and basement
- Self contained residential upper floors
- Retail rent £32,000 pa
- Freehold
- 1,086.54 sq. ft. GIA ( 100.98 sq.m.)
- Residential Let on an AST for £26,400 per annum
- Offers sought in the region of £850,000