Shooters Hill, London, SE18

For Sale - OIRO £860,000

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  • FREEHOLD INVESTMENT FOR SALE APPROX 7% YIELD
  • TOTAL RENTAL INCOME APPROX £60,000pa
  • GROUND FLOOR RESTAURANT + 4 FLATS
  • PROPERTY EXTENDED AT THE REAR IN JULY 14
  • SELLER TO PROVIDE INDEMNITY INSURANCE IN ABSENCE OF PLANNING CONSENT

LOCATION:
The subject property is situated on the busy Shooters Hill (A207) on the corner of Red Lion Lane and near to the junction with the South Circular Road. The property is located some 2.5 miles to the west of Welling, 3.7 miles east of Greenwich and 1.7 miles south of Woolwich.

DESCRIPTION:
The subject property comprises a fairly sizeable detached building.

The property is configured at the front to provide a ground floor restaurant which fronts on to Shooters Hill with above a 3 bedroom flat and a separate office over. Behind there is an adjoining single storey extension comprising 3 studio flats. The flats have their own entrance.

The business is that of an independently run restaurant.

TERMS:
The restaurant is held on a 20 year lease from 2017.
The rental is £1,200pcm which equates to £15,000 per annum and is subject to 5 year rent reviews..

119 Red Lion Lane - First floor 3 bedroom flat is held on a 12 month AST at a passing rental of £1,400pcm.

An office on the first floor is let on a verbal understanding to an on-line radio operator at a rental of £250pcm.

115 Red Lion Lane - A studio flat held on a 12 month AST and at a rental of £700pcm

117 Red Lion Lane - A studio flat held on a 12 month AST at a rental of £700pcm

121 Red Lion Lane - A studio flat held on a 12 month AST at a rental of £700pcm

PLANNING:
In July 2014 permission was approved for a single storey rear extension to be used as storage (Reference 14/1609/CE). The seller has since configured this extension to provide 3 studio flats.

In the absence of the relevant planning consent for the flats the seller will provide an indemnity insurance.

TENURE:
Freehold investment

EPC: Shop D -85

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

LEGAL FEES:
Each party is to be responsible for their own legal fees.

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.