Description
Guide Price offers over £950,000!!- Freehold Building
- Prime Location
- Great potential STPP
- Close to Tooting Broadway tube station
- Income Producing Rental Income
- VAT applicable - No
A great opportunity to acquire a FREEHOLD BUILDING over three floors. The premises are configured with ground floor shop and 2 x 1 bedroom apartments above. Currently both apartments are rented out on ASTs. Externally the building is of brick built construction with glazed shop front.
Commercial premises: a traditional shoe and repair shop occupying prime town centre trading location over 900sqft with WC facilities and kitchenette to the rear of unit. There is under stairs storage space plus outside space which is covered with a flat roof. The commercial space is sub-divided in two parts; front aspect is for sale/display of shoes and rear aspect occupies heavy machinery for the repair of shoes. The owner of the establishment has worked in the business for over 50 years as a shoe cobbler. The premises are now lying idle as the gentleman has retired and there is no current turnover. We are informed, by the owner that the business rates are approximately £3,600 per annum. Theres no VAT on the purchase of this building and the collective building including the premises are bought on a FREEHOLD basis.
First floor flat: one bed recently refurbished and rented out at £1,300pcm. Total Internal area approx.326sqft. Top floor flat: one bed flat achieving a lower rent in todays market at £1,000pcm. More dated, but bigger internal area approx. 454sqft.
Potential to add value - STPP - by building over the extended rear aspect of commercial premises. In addition, you can convert the extended part into a residential unit and keep the commercial entity at the front. Potential to convert top floor one bed flat into a two bed with rear dormer. In addition, potential to increase the passive income by adding leaseholder to the commercial premises.
Potential to add value - STPP – by building over the extended rear aspect of commercial premises. In addition, potential to increase gross rental yield by adding leaseholder to the shop. This would generate an annual passive income of at least £60k along with the two existing buy to let flats.
Tooting Broadway offers an array of shops, cafes and restaurants. Plus, great transport links including Northern Line tube station and various bus links.
Tenure: Freehold
