78-79 Grange Road, London, SE1 3BW
- PROPERTY TYPE
Commercial Property
- SIZE
Ask agent
Key features
- To be offered on Tuesday 26 November
- A ground floor double fronted lock up shop let on a new 15 year FR&I lease at £27,630 p.a. (low blended rent of £19 per a sqft)
- 3 self contained flats at 1st & 2nd floor (2 x two bedroom flats & 1 x one bedroom flat)
- Potential to internally re-arrange the 1-bedroom flat into a 2-bedroom flat and/or development potential to extend the 1-bedroom flat to create a 2/3 bedroom flat (subject to the requisite consents)
- Development potential to add an additional floor (subject to the requisite consents)
- 2 x two-bedroom flats let on AST's at £50,700 p.a.
- Asset management potential to let out vacant flat and increase overall rents (ERV of £21,000 p.a.) Total rent £99,330 p.a.
- Investment let at £78,330 p.a. (6.52% GIY on guide & 8.27% GIY on guide at total ERV rent)
Description
StrapLine
Auction Sale - 19/11/2024A ground floor double fronted commercial premise (let on a new 15 year lease) and 3 x self contained flats at 1st & 2nd floor.
Development potential to re arrange the internal configuration of the vacant one bed flat to create a two-bedroom flat, also potential to extend the existing property to increase the existing floor plate and or add an additional floor to create extra dwellings (subject to the requisite consents)
Investment let at £78,330 p.a. (1 bedroom maisonette currently vacant)
Description
Flat 78A click here for virtual tour
Flat 78B click here for virtual tour
Flat 79A click here for virtual tour
A mid terrace property comprising of a double fronted commercial unit at ground floor and 3 x flats
The ground floor is let on a new 15 year lease to Medivet at £27,630 p.a.
The uppers (1st & 2nd floors) comprise a split level 1- bed flat (79A) that is currently vacant (£21,000 p.a. ERV).
There is Development potential to re arrange the internal configuration of the vacant one bed flat to create a two-bedroom flat, also potential to extend the existing property to increase the existing floor plate and/or add an additional floor to create extra dwellings (subject to the requisite consents)
The 2 x 2 bed apartments (78A & 78B) that are both let on AST agreements. Flats are producing a combined income of £50,700 p.a.
The ground floor tenant - Medivet was founded in 1987 and now operates from over 350 branches across the UK. In 2021, CVC Capital Partners acquired Medivet for in excess of £1bn (
Location
Grange Road (A2206) is an historic road in Bermondsey, within the London Borough of Southwark.
Hugely popular location to live and work with some of the best amenities London has to offer.
Transport
The subject property is 0.8 miles to London Bridge station (National Rail, Jubilee, Northern & ThamesLink).
Tenancy
Please refer to Accommodation and Tenancy schedule
Accommodation
Please refer to Accommodation and Tenancy schedule
78-79 Grange Road, London, SE1 3BW
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Bermondsey Station0.6 miles
- London Bridge Station0.9 miles
- Borough Station0.9 miles
Notes
Disclaimer - Property reference 158-13733. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Savills Auctions, London. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.
Auction Fees: The purchase of this property may include associated fees not listed here, as it is to be sold via auction. To find out more about the fees associated with this property please call Savills Auctions, London on 020 3909 6715.
*Guide Price: An indication of a seller's minimum expectation at auction and given as a “Guide Price” or a range of “Guide Prices”. This is not necessarily the figure a property will sell for and is subject to change prior to the auction.
Reserve Price: Each auction property will be subject to a “Reserve Price” below which the property cannot be sold at auction. Normally the “Reserve Price” will be set within the range of “Guide Prices” or no more than 10% above a single “Guide Price.”
Map data ©OpenStreetMap contributors.