RETAIL & GROUND RENT INVESTMENT
FREEHOLD FOR SALE
Accommodation
The accommodation comprises the following approximate net internal floor areas:
| Description | sq ft | sq m |
| Retail Sales Area | 929 | 86.31 |
Location
Cheam is a large village in the London Borough of Sutton, located approximately 1 mile west of Sutton town centre and approximately 11 miles south-west of central London. The property is situated on The Broadway, which is the main road through the centre. Cheam railway station provides regular services to London Bridge and Waterloo. Nearby occupiers include a barber, a pharmacy, a greengrocer and an estate agents. Further north along The Broadway is a small Waitrose store.
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Mainline Stations
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Cheam4 mins
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West Sutton14 mins
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Sutton21 mins
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Belmont24 mins
Underground Station
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Cheam4 mins
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West Sutton15 mins
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Sutton21 mins
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Belmont24 mins
Further Information
Price Offers in the region of £200,000
Rates Payable Rateable Value of £14,250 with a UBR of 49.9 p in £. Small business rates relief may be applicable. The residential element falls under Council Tax Band C
EPC Rating Property graded as D-D
Description
The property comprises a mid-terrace two-storey building, forming part of a parade of shops. The ground floor retail unit has a traditional timber framed shop front with a side on entrance door and fascia sign above. The unit comprises a retail area, with a single storey extension providing storage and an external WC. The retail area benefits from air conditioning.
The 2-bed self-contained residential accommodation above, which is sold off on a long lease, is approached from the front, through its own entrance door.
Tenure
The property is available by way of a sale of the freehold interest, subject to the existing tenancies.
Tenancies
The ground floor retail unit is currently let to Thomas Martin Goodliffe, trading as Cheam Sports, under a lease for a term of six years expiring 30 September 2026, at a rent of £17,500 per annum. The lease provides for a service charge and is granted within the security provisions of the Landlord and Tenant Act 1954.
The self-contained residential accommodation is sold off on a long lease, which we understand is for a 125-year term from 1 January 2020 at an initial ground rent of £150 per annum, which then doubles every twenty-five years.
VAT
VAT is not applicable on the terms quoted.
Legal Costs
Each party to be responsible for their own legal costs.
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