Auction House London

Lot 50

 

237-239 Northborough Road

Mitcham, London, SW16 4TR

£850,000+

Guide Price

A Mixed Use Investment Offered with Planning Permission to Redevelop the Building to Provide Additional Retail Floor Space

Description

The property comprises three self-contained flats arranged as 1 x 3 bedroom and 2 x 1 bedroom flats situated above commercial premises within an end of terrace building arranged over ground and two upper floors.

Tenure

Freehold

Location

The property is situated in the South West London area of Mitcham close to local shops and amenities. The open spaces of Pollards Hill and Mitcham Common are within easy reach. Transport links are provided by Mitcham Eastfields railway station.

Planning (2nd Column)

The London Borough of Merton granted the following planning permission on 20th December 2013 (ref: 12/1937):
"Demolition of the existing rear storage unit and erection of a single storey rear extension with basement to provide additional retail floor space to an enlarged retail unit (Use Class A1) including alterations to the access to the retained residential units at first storey level, the provision of new refuse storage area, installation of a new shop front incorporating a cash machine (ATM) and internal alterations to the layout".

Note (3rd Column)

The three shops have a lapsed agreement with Sainsbury's Supermakets Limited for a 15 year FRI lease with fixed upward only 5 yearly reviews at a rent of £66,000 per annum.

Viewing Details

Sold Prior

Accommodation & Tenancy Schedule

Property Floor Accommodation Tenancy Details Current Rent
237-239 Northborough Road Ground & Basement Commercial Area 15 Year Leasehold with fixed upward only 5 year reviews £66,000 per annum
237a Northborough Road First Reception Room, Bedroom, Kitchen, Bathroom with WC and wash basin Let on an AST at £650 per calendar month £7,800 per annum
237c Northborough Road First Reception Room, Bedroom, Kitchen, Bathroom with WC and wash basin Let on an AST at £650 per calendar month £7,800 per annum
239a Northborough Road Second Reception Room, Three Bedrooms, Kitchen, Bathroom with WC and wash basin Let on an AST at £1,000 per calendar month £12,000 per annum

Additional Fees

Administration charge: £1,200 including VAT unless otherwise stated in the addendum.

Buyers Premium and Disbursements: Please see the legal pack and the addendum for any disbursements and buyers premium that may be payable by the purchaser on completion.

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For further information, please register for the legal pack. To speak to a member of our team about this lot, please call us on 020 7625 9007 or email us at info@auctionhouselondon.co.uk

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