Under Offer
North Cheam – Cafe & Flat
18/18A Cheam Common Road, North Cheam, Surrey KT4 8RWFreehold Shop and Residential Investment
Price
£300,000
Rent P.A.
£11,000
Yield
3.67%
Tenure
Freehold
Lease Term
10 Years
Years Left on Lease
Holding Over
Area
1,092 SQ FT
VAT Applicable
No
Sector
Investment Consideration
- Comprising a shop and a self-contained flat
- Entirely let on a lease expiring in 2024
- Tenant break option 23.07.2019 (not exercised)
- Potential to extend to the rear, subject to obtaining consents
- Well positioned close to Post Office/WHSmith, Costa & Greggs
Key Features
Tenure
Freehold
VAT
VAT is not applicable.
Property Description
The commercial property comprises a ground floor shop with first floor residential flat. There may be potential to extend the property at the rear, subject to obtaining all the necessary consents. All enquiries should be referred to Sutton Council, Website Address: www.sutton.gov.uk.
The property provides the following accommodation and dimensions:
Ground Floor Shop (Not in Occupation)
60.55 sq m (652 sq ft)
First Floor Flat - 2 Rooms, Kitchen, Bathroom/WC
40.84 sq m (440 sq ft)
The property provides the following accommodation and dimensions:
Ground Floor Shop (Not in Occupation)
60.55 sq m (652 sq ft)
First Floor Flat - 2 Rooms, Kitchen, Bathroom/WC
40.84 sq m (440 sq ft)
Tenancy Description
The entire property is at present let to A Furness for a term of 10 years from 23rd July 2014 at a current rent of £11,000 per annum and the lease contains full repairing and insuring covenants. Rent Review in the fifth year and the review for 2019 is outstanding. Tenant break option on 23rd July 2019 was not exercised. We are advised by the vendor that they have served notice at £18,000 p.a. and the tenant has responded quoting a rent of £13,000 p.a. subject to contract and without prejudice.
Tenancies & Accommodation
Location Description
North Cheam is a popular commuter suburb within the London Borough of Sutton, some 10 miles south west of Central London. The area benefits from excellent road communications being on the A24 which runs from Central London to the M25 Motorway, some 7 miles to the south. The property is situated within an established parade of shops, on the north side of Cheam Common Road (A2043) close to its junction with London Road (A24). Occupiers close by include Post Office/WHSmith, Coral, Costa, Greggs and Londis amongst many others.
