London Road, Mitcham, Surrey, CR4

LOCATION:-The property is situated fronting the busy London Road in the centre of Mitcham at its junction with Raleigh Gardens in a corner position. London Road is the main link between Mitcham and Sutton and the property benefits from vast quantities of passing vehicular traffic which is particularly heavy during the rush hour periods. There are bus stops immediately outside the block and a good deal of pedestrian foot-flow generated by nearby schools and other retail. Mitcham is a densely populated catch which the parade is able to service. Nearby multiples include a large British Heart Foundation furniture store, Greggs and KFC.

DESCRIPTION:- The property comprises a freehold commercial investment comprising a substantial building arranged over lower ground, ground, first, second and third floors. The upper floors and basement car park is subject to a head lease. The property has a car parking area to the rear subject to rights of way of the head lessee and commercial lessees. The property comprises 7 no. commercial units of varying sizes, all let and producing a total income of £152,000 per annum exclusive. There is unused basement space beneath the largest unit in the block that may have the potential to become income producing subject to suitable access being agreed. There is the prospect of the receipt of an overage payment from the head lessee, upon the receipt of full planning for the exploitation of the air space and there may be some other potential to add value, subject to discussion with the head lessees.

As it stands the property comprises a high yielding commercial investment providing an unbroken parade of 7 units.

ACCOMMODATION:-See table below

INCOME:- The income from all commercial shops is £152,000 (one hundred and fifty two thousand) pounds per annum exclusive.

PRICE:- Offers in excess of £1,750,000 (One million seven hundred and fifty thousand pounds). This reflects an initial yield of 8.2% allowing for purchaser's costs of 6.04%.

TENURE:- The property is offered freehold subject to the occupational leases as highlighted in the table below.

USE/PLANNING:- We understand all the commercial units fall within Class E of the latest Town and Country Planning (Use Classes) Order and uses are specified in the accommodation table below. Outline planning consent was granted for development of air space above by the head lessee, which is subject to overage provisions contained within the head lease. There may be further potential subject to collaboration with the head lessee in respect of the rear car park and unused basement.

EPC RATINGS:-
272 - 34 band B
274 - 44 band B
276 - 41 band B
278 - 55 band C
280 - 70 band C
282 - 37 band B
284-286 - 46 band B

VAT:- We are advised that VAT exemption has not been waived and that VAT will not be charged on the purchase price.

VIEWINGS:- Viewings by prior arrangement - please telephone .