London Retail / Residential Investment with Development Potential

22/24 High Street | Chislehurst  | London | BR7 5AN

£950,000

subject to contract

FOR SALE

Summary

  • Located in an affluent London borough

  • Prominent position on the High Street

  • Development opportunity with low site cover of approx. 40%

  • Freehold

  • Offers in the region of £950,000, subject to contract

investment opportunities chislehurst uk BR7 5AN

Location

Chislehurst is an affluent suburb in South East London, within the London Borough of Bromley. It is situated approximately 22 km (14 miles) north of Central London, 5 km (3 miles) east of Bromley and 2.4 km (1.5 miles) south-west of Sidcup.

Chislehurst benefits from good road communications being located 1.6 km (1 mile) west of the A20 which provides a direct link to the M25/M20 Intersection approximately 9.6 km (6 miles) to the south-east. Chislehurst can also be accessed via the A208 from Mottingham, B263 from New Eltham and A222 from Bromley.

In addition, there are frequent rail services to London Charing Cross and London Cannon Street with a fastest journey time of approximately 30 minutes. London City Airport is located approximately 13 km (8 miles) to the north and Gatwick Airport some 43 km (27 miles) to the south-west.

Situation

The subject property is situated in the heart of Chislehurst occupying a prominent position on the High Street, close to its junction with Park Road. Chislehurst Railway Station is approximately 1.6 km (1 mile) to the south. Surrounding occupiers include Costa, Kinleigh Folkard & Hayward, Santander, Sainsbury’s, Lloyds Pharmacy, Café Nero and Cote Brasserie.

investment opportunities chislehurst uk BR7 5AN
investment opportunities chislehurst uk BR7 5AN

Description

The property comprises a 2-storey mid-terraced mixed-use building currently arranged over and first floor levels.

The ground floor comprises a double-fronted retail unit.

The first floor comprises two self-contained residential flats which are currently vacant. The flats are accessed from the rear of the property, via Queens Road.

The property benefits from a substantial garden and parking to the rear.

Development Potential

As shown from the aerial photographs, the property benefits from a substantial rear area. With the current site cover of approximately 40%, we suggest that the property offers potential for extension and development on the rear site, subject to appropriate consents. It should be noted that a modern residential scheme runs parallel to the rear undeveloped section of the property, indicating the potential. This is clearly visible from the aerial photographs.

investment opportunities chislehurst uk BR7 5AN
investment opportunities chislehurst uk BR7 5AN

Accommodation

The property has been measured by BKR Floor Plans and provides the following floor areas:

Ground Floor    
Gross Frontage 7.32m 24’0”
Net Frontage 6.45m 21’2”
     
Zone A 41.81sq m 450 sq ft
Zone B 43.01 sq m 463 sq ft
Zone C 9.57 sq m 103 sq ft
ITZA   707
Ground Floor Total (NIA) 94.39 sq m 1,016 sq ft
Gross Internal Area (GIA) 99.59 sq m 1,072 sq ft
     
First Floor    
Flat 22A 40.78 sq m 439 sq ft
Flat 24A 40.32 sq m 434 sq ft
First Floor Total (GIA) 81.10 sq m 873 sq ft
     
Plot Size 307.88 sq m 3,134 sq ft

The measured survey report is available to download and will be assigned to a purchaser at a cost of £435 + VAT.

Tenure

Freehold.

investment opportunities chislehurst uk BR7 5AN
investment opportunities chislehurst uk BR7 5AN

Tenancy

The ground floor shop is let to Dianne Yarlett, trading as Fortvny (ladies wear) on an effective full repairing and insuring lease for a term of 5 years from 11th January 2019, expiring on 10th January 2024. The current passing rent is £38,000 per annum. The tenant has the right to use two car parking spaces within the rear car parking area.

The residential accommodation is vacant.

 

Market Commentary

We suggest that the existing residential accommodation has the potential to generate an income of £1,000 per month per flat. In addition, we suggest that the existing one-bedroom flats have the potential for capital values in the region of £250,000 in a refurbished condition.

investment opportunities chislehurst uk BR7 5AN
investment opportunities chislehurst uk BR7 5AN

VAT

The property has been elected for VAT.

Proposal

We are instructed to seek offers in the region of £950,000 (Nine Hundred and Fifty Thousand Pounds), subject to contract, for the freehold interest.

The asking price represents £488 per sq ft on the existing gross internal area.

Allocating an investment yield of 6% to the retail accommodation equates to a value of only £350,000 in relation to the upper parts. This equates to £400 per sq ft in respect of the existing residential accommodation compared to sale values suggested in the region of £575 per sq ft / £500,000. These figures exclude allocating value for the rear land of approximately 1,880 sq ft / 184 sq metres.

Assuming rental values of £1,000 per month for each flat, when refurbished, the property within the existing structure has the potential to produce a gross income £62,000 per annum. Based upon the asking price, this represents a gross yield of 6.5%.


Please note that a purchaser will be re-charged the costs of searches and surveys which are provided in the data room.

Please note a purchaser will be charged a transaction fee of £3,750 + VAT.

investment opportunities chislehurst uk BR7 5AN
investment opportunities chislehurst uk BR7 5AN

Investment Considerations

  1. An opportunity to acquire a freehold retail and residential investment offering development opportunity;

  2. The property is located within an affluent London borough in a prominent position on Chislehurst High Street;

  3. The property has a low site cover;

  4. The asking price reflects an attractive capital value and potential income return;

  5. An attractive lot size to an investor;

Data Room and clicktopurchase®

Access to the data room and for the ability to purchase online with speed and ease, please click the clicktopurchase® “C” icon or the clicktopurchase® side bar. Purchasers will be able to access the complete legal package, clear verification and submit legally-binding offers to acquire the property.

Purchasers benefit from the trust, security and transparency provided by the platform. All activities, including the online contract execution, will form part of the electronic audit trail which is anchored in the clicktopurchase® Blockchain.

clicktopurchase® provides the opportunity for any investor, whether located UK or abroad, to uniquely purchase online with ease and certainty. To learn more about clicktopurchase®, click here.

Finance

We have partnered with a leading finance adviser to provide loan services. To learn more, please visit our “Finance” section.

finance

Contact Us

Singer Vielle   +44 (0) 207 935 7200
Neil Singer neil@singervielle.co.uk +44 (0) 203 478 9120
Dale Henry dale@singervielle.co.uk +44 (0) 203 701 1356
Daniel Elia daniel@singervielle.co.uk +44 (0) 203 701 1353

Vendors Solicitor

Greenberg Traurig LLP +44 (0) 203 349 8798
Ashia Adams adamsas@gtlaw.com
customer service