294 Croxted Road, London, SE24 9DA

Reference: GC9249

Category: Investments
Status: For Sale
Size: 340 ft sq (Approx 31.59m sq)
Price/Rental: 185000
Tenure: Freehold

Description:

THE PREMISES OCCUPY A PROMINENT CORNER POSITION AT THE JUNCTION OF A215 NORWOOD ROAD AND A2199 CROXTED ROAD. THE UNIT IS SITUATED AT THE END OF A MIXED RETAIL PARADE, TO THE SOUTH OF HERNE HILL CENTRE AND RAILWAY STATION. THE LOCATION BENEFITS FROM HEAVY FOOTFALL TO AND FROM THE RAILWAY STATION AND NUMEROUS LOCAL BUS SERVICES, AS WELL AS THE LOCAL RESIDENTIAL COMMUNITY WHICH THIS LOCATION SERVES. THE PREMISES ARE A GROUND FLOOR LOCK-UP A3 RESTAURANT TAKEAWAY UNIT WHICH HAS BEEN OPERATING AS A WEST INDIAN TAKEAWAY FOR THE PAST 5 YEARS. IT IS COMPRISED OF A MAIN SERVING AREA, KITCHEN, STORAGE AREA WITH A TOILET AND BASIN TO THE REAR OF THE PROPERTY. WE UNDERSTAND THE TENANT HAS RECENTLY SPENT MONEY ON UPGRADING THE PREMISES. THE CURRENT LEASE HAS EXPIRED BUT IT IS HOLDING OVER, AND CURRENTLY YIELDING 10,800.00 PER ANNUM. A NEW 10-YEAR LEASE IS BEING NEGOTIATED FOR A RENTAL FIGURE OF 12,000.00 PER ANNUM WITH RENT REVIEW IN THE 5TH YEAR. APPROX SIZE 340 SQ. FT. FOR SALE 185,000.00, REPRESENTING A 6.5% RETURN ON A RENT OF 12,000.00 PER ANNUM.


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