Overview
Description
Location
An excellent opportunity to acquire a well located mixed-use investment comprising a ground floor retail unit let to a highly established tenant, alongside a first floor residential development opportunity with significant value-add potential.
The ground floor is let to Landmark Entertainments Ltd, trading as Richmond Leisure, a long-standing adult gaming centre operator who have traded from the premises for over 35 years. The tenant will enter into a new 15-year FRI lease (tenant break at year 10) at an initial rent of £27,000 per annum, with 5-yearly upward only rent reviews. A rent deposit will be provided, and strong full company accounts are available upon request.
The first floor is currently arranged as a spacious 2-bedroom flat to the front and office accommodation to the rear. A planning process initiated in 2019 proposed reconfiguration of the upper parts to create 2 x 1-bedroom flats and 2 x studio flats. Architect's plans and historic planning documents are available upon request. Once developed, the flats are anticipated to generate a rental income in excess of £36,500 per annum.
Subject-to-planning offers will be considered.
Summary
Key points
- New 15 Year Commercial Lease
- Subject To Planning Offers Invited
- Estimated £63,500 Reversionary Income
- Commercial Tenant Well Established For 35+ Years
Contact
Keygrove Chartered Surveyors
Tel: 023 8083 5962
James Allen
ja@keygrove.com
EPC
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