Shooters Hill, London, SE18

For Sale - OIRO £895,000

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  • FREEHOLD INVESTMENT FOR SALE
  • TOTAL RENTAL INCOME APPROX £69,800
  • 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, trading as the Piri Hill Sizzling Grill.

TERMS:
The restaurant is held on a 12 month licence agreement which commenced on the 2nd April 2017. The ongoing commitment to the contract shall be reviewed annually by the owner.
The franchisee pays the owner a weekly licence fee of £500, payable as a sum of £2,166.66 monthly in advance.

First floor 3 bedroom flat is held on a 12 month AST commencing from 10th August 2017 at a rental of £1,250pcm.

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

Flat A is held on a 12 month AST from 1st June 2017 and at a rental of £750pcm

Flat B is held on a 12 month AST from 6th September at a rental of £800pcm

Flat C is held on a 12 month AST from June 2017 at a rental of £800pcm

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: TBC

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.

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

Hummerstone & Hawkins
144 Welling High Street
Welling, DA16 1TN

T: 0208 303 1061
E: agency@hummerstone.co.uk

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.