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Retail Property (high street) for sale

Lower Addiscombe Road, Croydon, Surrey, CR0

Under Offer £625,000
975 sq. ft.

Property Description

Commercial information

  • 975 sq ft (90 sq m)
  • Use class orders: A1 Shops

Key features

  • Investment for sale
  • Subject to the existing Tenancies
  • Ground floor shop with Residential upper parts

Full description

Tenure: Freehold

GROUND FLOOR SHOP

WITH RESIDENTIAL UPPER PARTS

FREEHOLD INVESTMENT FOR SALE

Location: 

The property is situated on the south side of Lower Addiscombe Road close to the Addiscombe Tramlink. This is a busy thoroughfare with good public transport facilities and short term metered parking available immediately outside.

The parade consists of a number of multiple and independent retailers that include Sainsburys Local, Boots, Greggs and KFC.

Description/Accommodation:
The ground floor comprises a retail area with ancillary storage, kitchen and wc to the rear. There is access via a rear service road with yard/parking area at the rear of the property.

The first floor flat comprises 3 bedrooms, bathroom, kitchen and Lounge. Access to the flat is from Lower Addiscombe Road.

Tenancies:
The ground floor is let to The Salvation Army on a 10 year lease from 10th December 2015, subject to a rent review at the 5th year at a current rent of 20,000 pax. and Tenant only break clause at the 5th year. The Lease is an effective full repairing and insuring lease subject to a capped service charge in respect of the shop.

The first floor flat is let on an Assured Shorthold Tenancy currently let at 1,250 pcm.

It is considered that there is potential to further develop the residential accommodation, subject to planning.

Terms:

The Freehold interest is available for sale subject to the Tenancies above in the sum of 625,000 subject to contact plus VAT (if applicable).

Business Rates:
According to the Government website the property has a Rateable Value of 13,250. The UBR for 2017/18 is 46.6p in the .

Legal costs:
Each party to be responsible for their own legal costs incurred in this transaction.

Energy Performance Certificate
Full information available upon request.


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