Commercial Property for sale

DESCRIPTION
Freehold mixed use investment for sale, comprising a ground floor shop, ground floor 1-bedroom flat, and a 3-bedroom flat spread over the first and second floors. There is also a shared garden at the rear and a shed of approximately 80ft²/7m².

The property is located on the London Road, Figge's Marsh, on the mini roundabout with Streatham Road. Tooting overground station is about 5 minutes walk to the north, and Mitcham town centre is a few minutes walk to the south. Access to the flats is via a rear alley which leads onto Eveline Road.

The ground floor shop is approximately 395ft²/36m² and has been used as a bike shop, and as an off-licence in the past and comprises two rooms and a w/c in the communal entrance to the 3-bedroom flat. The ground floor one bedroom flat has its own access, though its services are currently connected with the shop.

The 3-bedroom flat above is split over the first and second floors, has its own services and benefits from gas central heating.

Estimated letting prices for the units are as follows

Shop £600pcm (£7,200pa)
1-bedroom flat £500pcm (£6,000pa)
3-bedroom flat £1,000pcm (£12,000pa)
Measurements of the residential elements are as follows:

Ground Floor 1-bed flat

Living Room/Kitchen Diner 15'4 x 10'31 (4.6m x 3.1m)

Bedroom 8'7 x 6'6 (2.6m x 1.9m) minus space occupied by shower room/W/C

Shower Room / W/C 3'4 x 5'3 (1.1m x 1.6m)

1st floor

Living Room 14'8 x 12'1 (4.4m x 3.6m)

Kitchen 13'2 x 10'2 (4m x 3.1m)

Bathroom / W/C 4'3 x 7'6 (1.3m x 2.3m)

Bedroom 1 7'1 x 8'2 (2.1m x 2.5m)

Bedroom 2 12'1 x 10'3 (3.6m x 3.1m)

2nd Floor

Bedroom 3 14'8 x 14'4 (4.4m x 4.3m)


The property is available with full vacant possession. Total potential rental income is in the region of £25,200 per annum, representing an initial yield of 7.1% on the freehold price.

Business rates for the shop are advised as being payable at around £1,854.90p per annum. The ground floor 1-bedroom flat is in council tax band B, and the 3-bedroom flat on the first and second floor is in council tax band C (Merton Council).

All enquiries welcome.