Downham Way, Bromley, BR1

For Sale - £850,000

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  • FREEHOLD INVESTMENT OPPORTUNITY AT AN 8% YIELD
  • POTENTIAL RENTAL INCOME OF £68,800pa
  • 4 X FLATS PLUS 2 COMMERCIAL PREMISES
  • CLOSE PROXIMITY OF GROVE PARK STATION
  • PROPERTY MAY BE SUITABLE FOR FURTHER EXTENSION (STPP)

LOCATION:
The subject property forms part of a busy parade of local shops near to Grove Park railway station. Custom for the parade is drawn from a large residential catchment area, passing trade and commuters. Other retailers within the immediate vicinity include a pharmacy, several takeaways, a public house and a convenience store. Recreation facilities are found at Chinbrook Meadows.


ACCOMODATION:

Flat 2 (Second floor)

Two bedroom flat with one reception room, kitchen and bathroom/wc

Let on an assured shorthold tenancy from December 2018 at a rent of £1,250 per calendar month which equates to £15,000 per annum.

Flat 1 (First floor)

Two bedroom flat with one reception room, kitchen, and bathroom/wc

Let on an assured shorthold tenancy for 12 months from 23rd November 2018 at a rent of £1,250 per calendar month which equates to £15,000 per annum.

Flat 3 (Ground floor)

A studio room with kitchen and bathroom/wc.

We understand that this flat is held on a short term, non-agreement let to a friend of the landlord, The rental income is £700 per calendar month, which equates to £8,400 per annum.

Flat 4 (Ground floor)

A studio room with kitchen and bathroom/wc which we understand has recently been vacated and the landlord is currently carrying out some repairs. Based on the above then the expected rental is likely to be in the region of £700 per calendar month, equating to £8,400 per annum.

Ground floor shop A

Comprising a retail area and staff toilets. Gross internal area, taken from the VOA website of approximately 45.53sq m (492sq ft).

Let to barbers which was on a 5 year lease from 2013 at a rent of £8,500 per annum. We understand that terms for a new 5 year lease and in the process of being agreed, the anticipated rental is to be £10,000 per annum.

Ground floor shop

Comprising a retail, internal storage. Gross internal area, taken from the VOA website of approximately 45.71sq m (492sq ft)

Let to Mr Turner trading as Urban Art Tattoo & Piercing Studio on a 15 year lease from 29th January 2018 at a passing rental of £12,000 per annum.

TOTAL RENTAL INCOME:

£60,100 per annum with vacant possession of one flat.

PLANNING:

The property may be suitable for redevelopment / extension. Interested parties should make their own enquiries to the London Borough of Bromley planning department.

EPC's:

Flat 638a - C
Flat 2 - C
Studio 1 - E
Studio 2 - E

Ground floor shop A - E
Ground floor shop - E

RATES:
We understand that the business rates are the responsibility of the tenants.

LEGAL FEES:
Each party are to be responsible for their own legal costs

AGENTS NOTE:

The property has not been internally inspected by ourselves and details provided are from our client and The Valuation Office website. Interested parties should rely on their own enquiries in this regard.

VIEWING ARRANGEMENTS:
No direct approach may be made to the property / business. For an appointment to view, please contact the agent.

IMPORTANT NOTICE

Descriptions of the property are subjective and are used in good faith as an opinion and NOT as a statement of fact. Please make further specific enquires to ensure that our descriptions are likely to match any expectations you may have of the property. We have not tested any services, systems or appliances at this property. We strongly recommend that all the information we provide be verified by you on inspection, and by your Surveyor and Conveyancer.