Investment Consideration:
Gross Initial Yield: 7.29%
Rental Income: £64,500 p.a.
VAT is NOT applicable to this property
Comprises retail shop and 1-bed flat on ground floor with 3 studio flats at first and second floor
Nearby occupiers include Coral Betting, Costa Coffee, amongst a number of local traders including estate agent, grocery store, pharmacy and restaurant/takeaways.
Property Description:
Comprises mid-terrace building arranged to provide a ground floor shop t/a hair salon, a one bedroom self-contained flat at rear ground floor and a 3 x studio flats with additional communal kitchen at first and second floor, providing the following accommodation and dimensions:
Ground Floor Retail: Beauty salon 38 sq m (410 sq ft)
Ground Floor Rear: 1-Bed Flat 28 sq m (301 sq ft)
First Floor: 1 x Studio Flat 17 sq m (183 sq ft)
Second Floor: 2 x Studio Flat 38 sq m (409 sq ft)
Tenancy:
The Retail Shop is at present let to Melena Mane Ltd with Personal Guarantee t/a Hair Salon for a term of 6 Years 11 Months from 22nd May 2026 at a current rent of £16,500 p.a. and the lease contains full repairing and insuring covenants. Rent review every 3 years open market. No breaks. Deposit held of £4,125.
Flat 1 is at present let on an AST to an Individual for a term of 12 Months from 8th January 2023 at a current rent of £15,600 p.a. Deposit held of £1,300.
Studio 3 is at present let on a Guaranteed Rent Agreement to N&N Property Management Limited for a term of 36 Months from 27th August 2020 at a current rent of £10,200 p.a.
Studio 4 is at present let on a Guaranteed Rent Agreement to Smartspace Property Solutions Limited for a term of 24 Months from 1st August 2023 at a current rent of £11,400 p.a. Tenant option to determine at any time with min 1 month notice.
Studio 5 is at present let on a Guaranteed Rent Agreement to Smartspace Property Solutions Limited for a term of 36 Months from 10th March 2022 at a current rent of £10,800 p.a. Tenant option to determine at any time with min 1 month notice.
Location:
Sidcup is an area of south-east London, England, primarily in the London Borough of Bexley. It is 11.3 miles south-east of Charing Cross, bordering the London Boroughs of Bromley and Greenwich. Sidcup Train Station provides the area with South-eastern services to London Charing Cross, London Cannon Street via Lewisham, Woolwich Arsenal, Dartford and Gravesend. East Rochester Way on the A2 road runs partly through the district, adjoining Blackfen Road. The road provides links to the Blackwall Tunnel and Kent. The property is situated on an established parade amongst the local shops and amenities of Blackfen Road. Nearby occupiers include Coral Betting, Costa Coffee, amongst a number of local traders including estate agent, grocery store, pharmacy and restaurant/takeaways.
