2 Bellegrove Road comprises a building of traditional brick construction under a flat roof. It is arranged on the ground floor only.
The building is in good condition with the exterior rendered and painted in white and a prominent shop front which is fully glazed. Internally the property comprises of a ground floor sales area, kitchen and a toilet.
( Agency Pilot Software Ref: 893804 )
Location
Welling is a town located in the London Borough of Bexley approximately 10.5 miles southeast of Charing Cross, London. There is a good mix of people in Welling, from young families to retirees, and this gives the town a balanced demographic. The town had a population 10,800 at the 2011 census. The London and Kent bound A2 is easily accessible from the town and also provides access to the wider motorway network.
There is a regular train service from Welling railway train station to and from London Charing Cross from which a large proportion of the local population commute. There are also Bexleyheath and Falconwood train stations on the outskirts of Welling town.
The London Borough of Bexley has one of the highest levels of employment rate in the country with 75.5% of its population working. The town is characterised by high levels of economic activity and a skilled workforce; factors which have led to increasing house prices and industries such as finance and business services.
2 Bellegrove Road is located at the busy junction of Bellegrove Road and Hook Lane. Nearby occupiers include Poundland, Dream Curtain Designs and KFC.
Accommodation
The property comprises the following, with approximate dimensions (net internal):-
Ground floor sales - 337 sq ft (31.31 sq m)
Net internal area - 396 sq ft (36.75 sq m)
Total NIA ITZA - 321 sq ft (29.8 sq m)
Terms
Tenure - The property is marketed for sale freehold subject to the occupational tenancy.
Proposal - Offers in excess of £150,000 are sought for the freehold interest, subject to contract. A purchase at this level would represent a net initial yield of 6.5% after purchasers costs.
Tenancy - 2 Bellegrove Road is let to William John Delaney, Eamonn James Delaney and David Anthony Dyer, trading as a residential estate agency specialising in sales and lettings. It is let for a term of 10 years from 14th April 2015. There is a tenant option to break the lease on 13th April 2020. The break is operable on 6 months' written notice and is subject to the usual conditions. The current passing rent is £10,000 per annum exclusive, with a upwards only rent review on 14th April 2020. The lease is drafted on a full repairing and insuring basis. The lease is inside of the security of tenure provisions of the Landlord and Tenant Act 1954. We analyse the rent on 2 Bellegrove Road to £31 / ft2 in terms of zone A, which we feel is in line with the market in this location.
Covenant - The trading name of the tenant, Anthony James UK Limited, appear to a be reasonable small covenant with two offices in Kent.
Legal Costs and VAT - Each party is to bear their own legal costs associated with the transaction. We understand that the property is not elected to tax and therefore VAT is not payable on the purchase price.
EPC - The Energy Performance Certificate has a rating of E
Specification
- Located at a busy junction in thriving Greater London suburb
- Fully let to established business
- Ideal SIPP investment
- Potential to enhance value