79 Church Street, Croydon, Croydon, CR0 1RH

Guide Price* : £250,000

High Yielding Mixed Use Investment

  • Mixed Use Investment
  • The current rent reserved is £21,000 per annum
  • 1,539 sq ft (142.97 sq m)
  • Freehold
  • Guide Price of £250,000 reflects an attractive Net Initial Yield of 8.2%

Description

The property comprises a mixed use investment with retail to the ground floor and a single residential maisonette to the first and second floors.

The ground floor, currently used as an off license, comprises a sales area to the front, fitted with standard shelving. There is a storage room to the rear and a WC. The total area of the ground floor is 513 sq ft (47.64 sq m)*

The two bedroom maisonette is accessed separately from the rear of the property via an external stairway from a small garden/courtyard area. The first floor comprises a kitchen/living room and a bedroom, whilst the second floor features a bathroom and a further bedroom.

*Floor areas are provided by the vendor and are not to be relied upon.

Location

Croydon is a large town in South London, It is one of the largest commercial districts in Greater London, with an extensive shopping district and night-time economy.

The property is situated in the heart of Croydon close to the High Street and nearby to the 'Old Town' with a frontage facing onto Church Street. It is surrounded by a number of amenities including national supermarket chains and other retailers, however the area also benefits from a distinct local culture, with a number of smaller retailers and markets also present.

The property has excellent transport links with the local tram stop providing access throughout South London and National Railway stations, East Croydon & West Croydon, only within a few minutes walking distance.

Tenure

Freehold

Tenancy

The whole property is currently let under a single, full repairing and insuring, lease for a term of 15 years from 25th December 2005. The current rent reserved is £21,000 per annum.

The tenant is currently holding over, however negotiations are currently taking place regarding a renewal of the existing lease.

Legal Pack

Please note the legal pack is not yet complete. If you register your interest and are "Watching" the lot, you will receive an automatic update when it becomes available.

VAT

Refer to the legal documentation

Note

The current Rateable Value for the ground floor is £12,250.

Contact

* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.

Administration Fee The successful purchaser will be required to pay the auctioneers administration fee of £1,200 inclusive of VAT on purchases of £20,000 and above and £360 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.

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The successful purchaser will be required to pay the auctioneers administration fee of £1,200 inclusive of VAT on purchases of £20,000 and above and £360 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.


Office Contact

Max Mason
07917 865 212

Agreement Documents


Subject to Contract and Exclusive of VAT © Lambert Smith Hampton May 2022

Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries, including 574, and their joint agents if any ("LSH") for themselves and for the seller or landlord of the property whose agents they are give notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of LSH or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of LSH has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of LSH or its employees or agents, LSH will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by LSH. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists’ impressions or architects’ drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and LSH shall have no liability whatsoever concerning any variation or discrepancy in connection with such matters.