Residential/ Telecommunications Investment For Sal, Ladywell Water Tower, Dressington Avenue, Lewisham, SE4 1RR

Ladywell Water Tower is a Grade II Listed building with an adjacaent modern two storey block of flats with a walkway linking the two structures. The former water tower was extensively refurbished to a stylish internal specificaiton in the 1990’s. The site is predominantly in residential use with 7x 1-bed flats some vacant commercial space and telecommunications apparatus in the upper floors.

The ground and first floor of the tower comprises a 1-bed maisonette with basement. The upper floors of the tower provide another 1-bed flat and several further floors that have planning permission for use as offices and a plant room which may be suitable for conversion to residential. The tower is approximately 31 metres in height and is a landmark building, with telecommunication apparatu. Externally there is a gated private car park for approximately 7 vehicles.
( Agency Pilot Software Ref: 14393 )

Location

The property is situated on the west side of Dressington Avenue, approximately 50 metres to the south of its junction with Chudleigh Road. To the west are the rear gardens of residential properties fronting Foxborough Gardens and to the north are the rear gardens of residential properties fronting Chudleigh Road.The surrounding area is predominantly residential in character, comprising a mixture of two storey terraces and semi-detached housing. Gordonbrock School is situated. 250 metres to the north and Aexander Nursing Home is situated 90 metres to the east.

Accommodation

TOWN PLANNING
The property has numerous planning consents for changes and alterations to telecommunications paraphenalia but the residential consents date from the early 1990’s.
The property is Listed under list entry no. 1262028 under which the Grade II Listing is confirmed and states the Water Tower 1898 – 1900 by Ernest Newman was the
Water Tower to St Olaff’s Union, a former workhouse. It states that the yellow brick Flemish bond tower is 120 ft high over five storeys

Terms

PRICE GUIDE
£1,250,000 for the freehold interest subject to the existing tenancies. A purchase at this level reflects a net initial yield of approximately 5.36% assuming usual purchaser's costs.

TENURE
Freehold. Title Number: TGL151836.

VAT
VAT will be chargeable on the terms quoted.

LEGAL COSTS
Each party is to be responsible for their own legal fees.

EPC
The Energy Performance Certificates are available on our website.

Specification

INVESTMENT SUMMARY

• Freehold converted water tower and attached block of flats.
• The property comprises 7x flats with 3 held on ASTs and 4 sold on long leases. Vacant commercial space and telecommunication apparatus is in the tower roof.
• Income: ASTs £38,640 pa, Ground Rent £800 pa, Telecommunications £31,538.80 pa.
• Total Income: £70,978.80 pa.
• Vacant commercial space on tower upper floors suitable for office, storage or residential conversion.
• Price £1,250,000 (5.35% NIY).