The subject property comprises a mid-terraced property arranged as a warehouse to the majority of the ground floor (occupying 23 and 23B Pensbury Place), a small owner-occupied office at 23C Pensbury Place and a first floor 3-bedroom flat, known as 23A Pensbury Place.
Location
The property is located close to Wandsworth Road overground station and approximately ¾ mile south of Battersea Power Station/Nine Elms, with its major redevelopment including the recent opening of new underground stations at both locations.
The property is located to the south west side of Pensbury Place and opposite the recently constructed multi-storey car park adjacent to the new Royal Mail delivery office located in Pensbury Street.
Accommodation
23 & 23b - 3,176 sq ft (294.99 sq m)
23a - 816 sq ft (75.79 sq m)
23c - 260 sq ft (24.15 sq m)
Total - 4,252 sq ft (394.93 sq m)
Site Area - 0.101 acres (0.041 ha)
Terms
TENURE: Freehold subject to the various tenancies, as outlined in the below schedule.
PRICE: £2,200,000
LEGAL COSTS: Each party to bear their own legal costs incurred in this transaction.
VAT: The property is not elected for VAT.
TENANCY SCHEDULE: See attached brochure for information.
BUSINESS RATES / COUNCIL TAX: See below tenancy schedule.
Interested parties are recommended to make their own enquiries with Lambeth Council.
CURRENT RENTAL INCOME: Total current income is £56,400 per annum. The vacant shop and flat 1 provide an opportunity to increase the rental income to £97,200 per annum exclusive. In addition, the residential rents provide scope for increases.
This provides an initial yield of 5.74% after usual purchaser’s costs once fully let.
EPC RATING: See adjacent tenancy schedule.
DEVELOPMENT POTENTIAL / PLANNING: Planning permission was granted in 2012 for demolition of existing buildings and erection of a four storey building to provide both storage/distribution (use class B8) and ancillary office space (use class B1) with associated vehicle loading/delivery including light goods vehicle parking. (Application number 12/02853/FUL refers.)
TENANCIES: 23 & 23b let to Badiani Limited. Company number 09303465. Manufacturers of ice cream. Credit rating of C (34) Moderate Risk
Specification
- Short walk to Wandsworth Road station (Overground – Windrush line).
- Majority of ground floor let since 2018.
- 1 flat let on AST.
- Good commuter location.
- Development potential with lapsed consent