The property comprises a mid terraced property arranged over ground, lower ground and two upper floors. The ground and lower ground floors comprise a retail unit and take-away, together with a flat accessed from the rear. All are let offering secure income in this popular location.
The upper floors comprise three flats, which have been sold on long leases.
Location
The property is located on the junction of Merton Road and The Broadway and close to the junction with Latimer Road. South Wimbledon Underground station (Northern Line) is a 7 minutes walk and Wimbledon Train station is a 12-minute walk from the property. Numerous bus routes pass by the property.
Accommodation
115 (Retail): 544 sq. ft. (50.50 sq. m.)
115a (Take-away): 142 sq. ft. (13.19 sq. m.)
115 (Flat): 351 sq. ft. (32.58 sq. m.)
TOTAL: 1,036 sq. ft. (96.28 sq. m.)
Terms
VAT - The property is not elected for VAT.
PRICE - £620,000 for the freehold interest subject to the various tenancies.
Net Initial Yield 6.36%. After purchaser's costs of 4.92% Gross yield 6.68%.
TENANCIES:
115 & rear studio flat Let at £29,400 pa
115a Let at £15,000 pa
TOTAL £44,400 pa
115 Shop & Flat let to 21 March 2037. Rent review and break 2027 & 2032.
115a Shop – No formal agreement. New lease on completion (if required)
Flat 1 Let to 28/09/2091 (65 yrs unexpired)
Flat 2 Let to 31/03/2182 (156 yrs unexpired)
Flat 3 TBA
LEGAL COSTS - Each party to bear their own legal costs incurred in this transaction.
EPC:
115 – Band D (83) Expires 6 May 2036
115a – Band D (77) Expires 6 May 2036
115 Flat – Band D (57) Expires 3 May 2036
RATES / COUNCIL TAX - 2026 List rateable value
115: £7,500
115a : £6,200
Flat: Band C
UBR 2026/27 – 0.38.2 in the £
Source: VOA website.
Interested parties should make their own enquiries with Merton Council to confirm the Business rates/Council Tax payable.
Specification
- Good public transport links
- Fully let property plus scope for lease extension on Flat 1.
- Popular location
- High traffic and pedestrian flow