Camberwell New Road, London, SE5
£375,000
£688.07 per sq ft
Business rates & charges may apply
- SIZE AVAILABLE
545-646 sq ft
51-60 sq m
- SECTOR
Shop for sale
Key features
- Prominent area
Description
LOCATION: - The property is situated fronting Camberwell New Road in a prominent, but secondary, position. Camberwell New Road is a busy link road and bus route between Camberwell Green and Kennington Oval and the property benefits from vast quantities of passing vehicular traffic which is particularly heavy during the rush hour periods.
There is a nearby pedestrian crossing which encourages foot flow to the locality and the property is a few doors from a Co-op convenience store which is a draw to the parade. Other trades in the locality are local and specialist and service a densely populated residential catchment in the surrounding areas.
The ground floor rear residential unit is accessed from Madrigal Lane to the rear of the block.
DESCRIPTION: - The property comprises a mid-terraced mixed commercial and residential unit, income producing from the ground floor elements, and with the upper floors sold off under a very long lease. The ground floor is arranged as shop fronted premises to Camberwell New Road and a self-contained 3- bedroom flat to the rear.
ACCOMMODATION: -
Ground floor shop 454 sq ft approx.
Flat at 5 Madrigal Lane - self-contained 3-bedroom flat 646ft² approx.
USE/PLANNING: - We understand the commercial element of the property currently falls within Class E (Retail / Office) of the latest Town and Country Planning (Use Classes) Order and currently trades as a retail premises.
The rear ground floor flat was consented by way of a certificate of lawfulness dated 15 November 2023 for the use of a single storey building as a self-contained dwellinghouse.
Interested parties should make enquiries of the local authority in respect of their intended use prior to offer.
TENURE: - The property is to be sold under a freehold title subject to a long leasehold interest on the upper floors, a commercial lease on the ground floor front and an assured shorthold tenancy on the ground floor rear. The ground floor shop is held under a lease for a term of 5 years from 1 May 2020 due to expire on 30 April 2025. We are advised that a new 5-year lease has been agreed at a rent of £11,500 pax but this is yet to be concluded.
The flat at 169A Camberwell New Road is sold under a 999-year lease from 14 January 2001 at a peppercorn ground rent.
The rear ground floor residential has an address of 5 Madrigal Lane and is let under an assured shorthold tenancy for a term of 6 months from 6 May 2024. The tenant is, therefore, holding over and is therefore a statutory periodic tenant. The rent under the tenancy is £25,200 pa (£2,100 pcm).
The current rent passing for the entire building is, therefore, £36,200 pa and this will rise to £36,700 pa upon completion of the new commercial lease on the ground floor shop.
PRICE: - £375,000 (Three hundred and seventy-five thousand pounds) is sought for our client's freehold interest offering a gross initial yield of 9.65% rising to 9.79% gross upon completion of the new lease.
BUSINESS RATES: - The ground floor shop has a rateable value of £7,500. Interested parties should contact the Local Authority to confirm the rates payable.
EPC RATING: -The property has an EPC rating of 86 within Band D for the retail unit and 65 within Band D for the rear ground floor flat.
VAT: - We understand the property is not elected to VAT and, therefore, VAT is not to be charged on the purchase price.
VIEWINGS: -Viewings by prior arrangement - please telephone .
There is a nearby pedestrian crossing which encourages foot flow to the locality and the property is a few doors from a Co-op convenience store which is a draw to the parade. Other trades in the locality are local and specialist and service a densely populated residential catchment in the surrounding areas.
The ground floor rear residential unit is accessed from Madrigal Lane to the rear of the block.
DESCRIPTION: - The property comprises a mid-terraced mixed commercial and residential unit, income producing from the ground floor elements, and with the upper floors sold off under a very long lease. The ground floor is arranged as shop fronted premises to Camberwell New Road and a self-contained 3- bedroom flat to the rear.
ACCOMMODATION: -
Ground floor shop 454 sq ft approx.
Flat at 5 Madrigal Lane - self-contained 3-bedroom flat 646ft² approx.
USE/PLANNING: - We understand the commercial element of the property currently falls within Class E (Retail / Office) of the latest Town and Country Planning (Use Classes) Order and currently trades as a retail premises.
The rear ground floor flat was consented by way of a certificate of lawfulness dated 15 November 2023 for the use of a single storey building as a self-contained dwellinghouse.
Interested parties should make enquiries of the local authority in respect of their intended use prior to offer.
TENURE: - The property is to be sold under a freehold title subject to a long leasehold interest on the upper floors, a commercial lease on the ground floor front and an assured shorthold tenancy on the ground floor rear. The ground floor shop is held under a lease for a term of 5 years from 1 May 2020 due to expire on 30 April 2025. We are advised that a new 5-year lease has been agreed at a rent of £11,500 pax but this is yet to be concluded.
The flat at 169A Camberwell New Road is sold under a 999-year lease from 14 January 2001 at a peppercorn ground rent.
The rear ground floor residential has an address of 5 Madrigal Lane and is let under an assured shorthold tenancy for a term of 6 months from 6 May 2024. The tenant is, therefore, holding over and is therefore a statutory periodic tenant. The rent under the tenancy is £25,200 pa (£2,100 pcm).
The current rent passing for the entire building is, therefore, £36,200 pa and this will rise to £36,700 pa upon completion of the new commercial lease on the ground floor shop.
PRICE: - £375,000 (Three hundred and seventy-five thousand pounds) is sought for our client's freehold interest offering a gross initial yield of 9.65% rising to 9.79% gross upon completion of the new lease.
BUSINESS RATES: - The ground floor shop has a rateable value of £7,500. Interested parties should contact the Local Authority to confirm the rates payable.
EPC RATING: -The property has an EPC rating of 86 within Band D for the retail unit and 65 within Band D for the rear ground floor flat.
VAT: - We understand the property is not elected to VAT and, therefore, VAT is not to be charged on the purchase price.
VIEWINGS: -Viewings by prior arrangement - please telephone .
Brochures
Camberwell New Road, London, SE5
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Oval Station0.5 miles
- Kennington Station0.7 miles
- Loughborough Junction Station0.8 miles
Notes
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