118 - 120 London Road, Mitcham CR4

Freehold investment / development opportunity for sale. Comprises a mix of industrial units, office space and hard standing area. 0.5 miles to Tooting Rail Station. Sole Agents

Description - Investment / development opportunity

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.
Title Nos: SY159723
Plot size: 0.121 acres
Use Class: E Class
Listed Building: No
Flood Zone: No
Local Authority: Merton

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)

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

Viewing - Viewings are strictly by appointment only

Running businesses are in occupation and interested parties are asked not to approach staff