for sale mixed use development opportunity 96, 98-100 & r...
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For Sale Mixed Use Development Opportunity 96, 98-100 & R/O 98-100 High Street, Orpington, Kent BR6 0JY
Investment Summaryo Opportunity to acquire a mixed use
property comprising two retail units,
residential upper parts and rear yard
and workshop with development
potential.
o Full planning consent to demolish one
workshop and erect a new building
comprising three residential dwellings.
o Total site area of circa 0.27 acres (0.10
hec)
o Asset management, refurbishment and
development opportunity.
o Vacant retail unit and upper parts
providing immediate development
potential or alternative uses (subject to
planning).
o Offers in the region of £1,700,000 are
sought for the Freehold interest.
LocationOrpington is located within the London Borough of Bromley
approximately 15 miles south east of Central London, 5 miles
south east of Bromley and 10 miles east of Croydon. Orpington
railway station is situated less than a mile from the subject
property and is served by South-eastern trains providing
frequent services to Central London, with a fastest journey time
of 18 minutes to London Bridge, making the location particularly
popular with commuters. The town benefits from excellent road
links being situated 4 miles south from Junction 4 of the M25. It
is also served by 17 different bus routes providing daily services
around Orpington and Greater London.
Situation The property is situated at the Northern end of Orpington High
Street close to the junction with Chislehurst Road . Surrounding
occupiers include a variety of retail and restaurant units with a
mix of national and independent covenants. The property is less
then 200 metres from the Walnuts Shopping Centre where
tenants include Odeon, Sainsburys and Nandos. The Priory
Gardens are also within close proximity offering open park
space.
Surrounding amenities include:
Description The property comprises two adjoining buildings, rear workshop/stores and a yard area.
96 High StreetComprises a three storey, mid terrace, mixed commercial and residential building. The ground floor unit previously traded as a mini cab office and is currently arranged to provide a number of partitioned offices with a storage area to the rear. The property benefits from an enclosed rear yard/garden.
The first and second floors offer a three bedroom maisonette currently accessed from within the retail unit. The entrance could be reconfigured in order for the upper parts to become self contained with relatively minor works. In addition, it is considered the maisonette is capable of sub-division to provide 2 x 1 bedroom flats (subject to statutory consents). The property requires refurbishment and is sold with the benefit of full vacant possession.
98 – 100 High StreetComprises a double fronted, mixed commercial and residential building. The ground floor is occupied by a graphic design company and arranged to provide offices/showroom fitted out to the tenants specification.
The property incorporates a covered roadway adjacent to no.100 providing vehicular and pedestrian access to the rear yard area.
The upper parts provide self contained residential accommodation comprising 4 flats over first and second floors arranged as 2 x 2 bedroom and 2 x 1 bedroom each let individually on Assured Shorthold Tenancies. Access is via a communal entrance fronting the High Street.
All of the flats are finished to a good standard throughout. The landlord is responsible for the repair and maintenance while the tenants are liable for all occupational outgoings including Council Tax and utilities.
96
100 98
Description Rear of 98-100 High StreetTo the rear of the existing buildings is a yard area of approx. 1123sq m providing parking and 2 single storey workshop buildings, one of which is occupied whilst the other is vacant. This area benefits from two direct access points from Moorfield Road or High Street.
AccommodationThe property provides the following floor areas;
All measurements are approximate, however these are based upon the principles laid down in accordance with the RICS Code of Measuring Practice.
Unit/Floor Use Sq Ft Sq M
96 - Ground Retail 573 (NIA) 53.2 (NIA)
96 – First & Second
Residential 1,076 100
98 - Ground Retail 1,188 (NIA) 110.3 (NIA)
100A - Second Residential 601 55
100B - Second Residential 354 32.8
100C - First Residential 638 59.2
100D - First Residential 940 87
Rear Workshop (Occupied)
B1(c) Light Industrial
2,723 253
Rear Workshop (Vacant)
- 532 (GEA) 49.4
TenanciesNo 98 – Ground Floor:
The ground floor is let to In 2 Image Marketing Ltd for a term of 5 years from 28 January 2015 on Internal Repairing and Insuring terms, (save that the tenant is also responsible for the shopfront windows and doors) at a rent of £14,000pax without review. The lease is excluded from the security of tenure and compensation provisions of the Landlord and Tenant Act 1954 (Part II) as amended.
No 100 – Flats
Each flat is let under an Assured Shorthold Tenancy at the current rents.Flat A - £700/calendar month - £8,400paFlat B - £750/calendar month - £9,000paFlat C - £890/calendar month - £10,680paFlat D - £920/calendar month - £11,040 pa
Rear Workshop
The vehicle workshop to the rear of the property which is subject to Planning Consent is currently let for a term expiring 19 December 2017 at an annual rent of £14,400pax. The lease is excluded from the security of tenure and compensation provisions of the Landlord and Tenant Act 1954 (Part II) as amended, thus ensuring possession without paying the tenant compensation at the end of the term.
The property produces a total income of £67,520 per annum.
Proposed Development
On 4th October 2016 planning permission (Ref: 16/02533/FULL1) was granted for the demolition of the rear workshop and for the erection of a part-single storey/part-two storey block of 3 apartments comprising 2 x 1-bedroom units and a 1 x 2-bedroom unit. There are no affordable housing requirements or S106 contributions. The ground floor of the proposed development will consist of Flat 1 and Flat 2 approx. 51 sq m and 63 sq m respectively arranged to provide kitchen, living room, bathroom and bedroom. The proposed first floor comprises of Flat 3 of approx. 61 sq m providing kitchen, living room, bathroom and two bedrooms. The planning permission subject to the fulfilment of 19 planning conditions.
Further details can be obtained from the London Borough of Bromley Planning Portal : Click Here
Proposal We are instructed to seek offers sought in the region of £1,700,000 (One Million Seven Hundred Thousand Pounds) subject to existing leases, contract and exclusive of VAT.
TenureFreehold.
VATThe property is not elected for VAT.
EPCThe Energy Performance Certificates and Recommendation reports are available on request.
Data RoomFor additional documents to include: • Existing leases • Freehold title register • Existing floor plans • Planning permission
SUBJECT TO CONTRACT
Contact DetailsFor further information, or to arrange an inspection, please contact the joint selling agents.
Simon Beeton Mandeep Cheema 01279 620 200 01689 875 [email protected] [email protected]
Victoria Golding Adrian Tutchings01279 620 221 01689 875 [email protected] [email protected]
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