36 Lower Richmond Road comprises a ground floor retail unit and first floor one bed residential flat accessible via Ruvigny Gardens.
Location
The Property is located on the northern side of Lower Richmond Road at its junction with Ruvigny Gardens The unit benefits from excellent transport links with Putney Station (South Western Trains) 0.6 miles away and East Putney Station (District Line) 0.5 miles, plus a number of bus routes. The local area is a mixture of local retailers and restaurateurs, nearby traders include Social Brew, City Paws Club and Putney Design & Print.
Accommodation
The premises afford the following approximate net internal floor areas:
Ground Retail - 32.07 sq m (345 sq ft)
Basement Retail - 3.27 sq m (35 sq ft)
Residential First - 36 sq m (385 sq ft)
TOTAL - 71.34 sq m (765 sq ft)
Terms
Tenancy - The ground floor retail premises are let to Riverside Cobbler on a FRI lease for a term of 10 years from 25th June 2015 at a passing rent of £10,000 per annum, subject to an open market rent review on the 24th June 2020. The lease is held inside the provisions of the Landlord and Tenant Act 1954 Pt II s.24-28. The first floor residential flat is occupied on an AST with an annual income of £16,333. Total income is £26,333 per annum.
Planning - A ground floor and basement unit with A1 use, in accordance with the Town and Country Planning Act 1987.
Tenure - Freehold.
VAT - To be confirmed.
Proposal - We are instructed to seek offers in excess £499,500 subject to contract. A purchase at this level would reflect a net initial yield of 5.04%, having allowed for purchaser’s costs at 4.70%.
EPC - The residential premises has an EPC (Rating of D 55). The commercial EPC has been ordered. Copies of the Energy Performance Certificates are available on request.