Trafalgar Road, Greenwich SE10

DESCRIPTION:

The property comprises a 3-storey (plus basement) freehold building arranged over basement (413ft²), ground (1,720ft²) and two upper floors (3,185ft²).

The ground floor comprises a large betting office with the basement utilised as storage.

The two upper floors consist of self-contained offices above which have a separate entrance off Trafalgar Road.

LOCATION:

The property is situated in a prominent position on Trafalgar Road. The local authority is the Royal Borough of Greenwich.

Trafalgar Road is the main shopping street in East Greenwich, with a number of restaurants, pubs and shops.

Maze Hill overground station is 0.3 miles from the property providing frequent services to London Cannon Street in 18 minutes.

TENANCY:

The entire property is currently let to Coral Racing Ltd for a term of 16 years from 3rd February 2011 at a current passing rent of £69,124p.a expiring in February 2027.

Heads of Terms have been agreed with the Tenant to surrender the upper floors of the property and to take a new lease on the ground and basement floor, at £60,000p.a. for 5 years from 20th December 2024.

This will enable vacant possession of the upper floors in order to facilitate development or letting to a third party.

PLANNING AND DEVELOPMENT POTENTIAL:

The property is not locally or statutorily listed, nor is it situated within a Conservation Area.

There is potential to develop the upper parts via conversion and extension to provide residential or alternative uses, subject to obtaining the necessary consents.

A feasibility study which is available on request, has been prepared which shows how the upper floors can be converted alongside a single storey extension to create 9 flats, with Coral retained at the basement and ground floor levels.

TENURE:

The property is being sold Freehold with existing tenants remaining in situ.

VAT:

The property is not elected for VAT.

TERMS:

Offers invited in the region of £1,500,000 for the freehold interest.