The property comprises 3 shops together with 2 storey self-contained upper parts, all of which have been sold off on long leases. The first unit is in a corner position with a good frontage and return frontage and operates as a beauty and haircare products outlet. The second unit trades as a footwear retailer and the third unit trades as Pizza Hut and a pizza delivery business. .
Location
The property is situated in a prime retailing position within the South London suburb of Penge which is positioned between Crystal Palace and Beckenham. Penge High Street is the main thoroughfare and trading location servicing the surrounding areas. Penge High Street benefits from considerable passing vehicular traffic and a good deal of pedestrian flow generated by a mixture of retail and service businesses. The subject properties share the vicinity with a mixture of multiples (including McDonalds, Barclays Bank, Cash Converters, Ladbrokes, Cheque Centre, Superdrug, Halifax, Greggs, KFC) and good secondary traders. There are short term pay and display parking bays on the High Street and unrestricted parking in side roads.
Accommodation
Unit 1
Gross Frontage - 6.09m 20’
Return Frontage - 6.58m 21’6
Shop Depth - 10.33m 33’9
Sales Area - 61.31 sq m 660 sq ft (approx)
Basement - 9.29 sq m 100 sq ft (approx)
Unit 2
Gross Frontage - 5.79m 19’
Internal Width - 5.60m 18’4
Shop Depth - 13.31m 43’7
Sales Area - 70.60 sq m 760 sq ft (approx)
Basement - 15.32 sq m 165 sq ft (approx)
Unit 3
Gross Frontage - 5.48m 18’
Internal Width - 5.12m 16’8
Shop Depth - 13.10m 43’
Sales Area - 66.88 sq m 720 sq ft (approx)
Upper Parts - 6 flats each sold off under long leases. We believe at the time of marketing that only one of the six long leases has been extended.
Terms
TENURE - The properties are freehold and subject to the following leases:
No. 126 - Shop Unit 1
Let under a full repairing and insuring lease for a term of 25 years from 3 April 1998 to expire on 2 April 2023. The lease is in favour of Brompton House of Frames, assigned to Mr M Khaleeque on 18 January 2006 at a passing rental of £20,000 per annum exclusive.
No. 127 – Shop Unit 2
Let on a full repairing and insuring lease for a term of 10 years from 6 December 2010 to Mr A Yasinzadeh at a passing rental of £22,000 per annum exclusive.
No. 128 – Shop Unit 3
Let to Pizza Hut UK Ltd on a 25 year lease from 1 November 1990 to expire on 31 October 2015. This lease was assigned to Yum iii (UK) Ltd from October 2012 and remains trading as Pizza Hut. The passing rental was £22,500 per annum exclusive.
Upper Parts
6 x 1 bedroom flats, all sold off on long leases. One lease is 125 years from 2012 and all other leases are 99 years from 1990 thus having 76 years as at 2013. Ground rents on each flat are £75 per annum rising to £175 per flat per annum in 2023 and rising further thereafter.
USE/PLANNING - We understand that two of the retail units trade under Class A1 (General Retail) of the current Town and Country (Use Classes) Order and the third operates as a takeaway thus within Class A5 (Hot Food Takeaway) of the current Town and Country (Use Classes) Order.
PRICE - Offers in excess of £900,000 (nine hundred thousand pounds) are sought for our client’s freehold interest subject to the leases highlighted above.