High Street, Croydon, London, CR0

An existing 5 storey Class E building arranged as retail on the ground & lower ground floor with offices on the upper floors, benefitting from planning permission for a conversion to residential.

The building is situated 0.4 miles from East Croydon Station.

Measuring approximately 10,652 sq ft NIA.

The total current passing rent equates to £82,052 with a new letting agreed for units 7 & 8 for a new 5 year term at £32,000 per annum. Thus the anticipated total rent will be £114,052 following the execution of the new lease.

We have been advised that the ERV of the offices & retail if fully let at the open market value is in the region of £226,340 per annum.

A certificate of lawfulness has been granted (planning ref: 23/04653/GPDO) on 24th April 2024 for change of use of the first and second floor from commercial (Use Class E) to residential (Use Class C3) to create 8 flats under Class MA. Croydon Borough Planning Ref: 24/00708/LP.

The proposed scheme comprises 4 x studios & 4 x 1 one bedroom apartments - NIA 4,442 sq ft.

A new Prior Approval application has been submitted to for change of use of the first, second and third floor from commercial (Use Class E) to residential (Use Class C3) to create 11 flats under Class MA. Croydon Borough Planning Ref:24/01232/GDPO.

The enhanced scheme comprises 5 x studios, 5 x 1 one bedroom & 1 x 2 bedroom apartments.

The building offers further potential to add value by way of an upward extension.

Offers in excess of £2,100,000 (Two Million, One Hundred Thousand Pounds) subject to contract, which reflects an incredibly low capital value of £197 per sq ft.