366 Crofton Road, Locksbottom, Kent BR6 8NN - Acorn Commercial
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• • • • • •
Description
Location
Accommodation
Terms
Summary
Freehold, mixed-use investment Restaurant, a flat and offices Popular parade in affluent suburb Fully let producing £74,500 pax Rent reviews due in 2018 OIEO £1,000,000 F/H
DESCRIPTION A rare opportunity to acquire an attractive, freehold mixed-use investment producing £74,500 pax. Ideally located at the head of a popular parade, the property comprises a ground floor restaurant, with offices and a self-contained apartment on the upper floors. Opportunities to acquire freehold investments in the immediate area are extremely rare, and as such the property is likely to prove of interest to local and regional investors.
LOCATION The property is situated on Crofton Road (A232) in the heart of Locksbottom; equidistant to Bromley and Orpington Town Centres. Crofton Road is adjacent to the Farnborough Park Estate, and within 1/4 mile of Keston Park Estate; two of the most sought after residential locations in the borough. Crofton Road (A232) joins the A21 which provides access to Kent and the M25 to the South, with Bromley and Lewisham to the North. Orpington is the closest station; situated within 1 mile of the property and providing access to London Bridge and Charing Cross. Numerous bus routes also pass along Crofton Road. Neighbouring occupiers include Costa Coffee, Laithwaites Wine and Marks & Spencer.
366 Crofton Road, Locksbottom, Kent BR6 8NN Freehold mixed-use investment for sale
View more information...
366 Crofton Road, Locksbottom, Kent BR6 8NN
Home
Description
Location
Accommodation
Terms
Summary
View all of our instructions here...
III III
ACCOMMODATION The ground floor trades as ‘Cyprianis’ restaurant, and comprises a modern kitchen and dining area for around 80 covers behind an attractive glass frontage. The area demised to the restaurant also includes offices across the rear first floor of the building, accessed independently from the side, and currently understood to be used for residential purposes. The first and second floor accommodation at the front of the property is similarly accessed from the side, but is currently arranged and occupied as offices. Approval exists under Permitted Development Rights to convert the front offices into a 3 bedroom apartment, with minimal works required.
LEASE TERMS The ground floor restaurant and first floor offices (flat) to the rear are let at £62,500 pax on full repairing and insuring terms for 10 years from 29th January 2013, thus having a little over 5 years unexpired. The tenant previously owned the property, and has been in occupation for approximately 15 years. The lease is subject to 5 yearly reviews and is secured inside the ‘54 Act. The first and second floor offices to the front are subject to a 12 month licence from 5th July 2017 at a passing rent of £12,000 pax. The current tenants have been in occupation since 2013.
TERMS Offers in excess of £1,000,000 are invited for the freehold interest subject to the existing leases. A deadline for offers many be set, and therefore interested parties are advised to contact our offices for further information.
E: [email protected] W: acorncommercial.co.uk 1 Sherman Road, Bromley, Kent BR1 3JH T: 020 8315 5454
120 Bermondsey Street, London SE1 3TX T: 020 7089 6555
366 Crofton Road, Locksbottom, Kent BR6 8NN
Home
Description
Location
Accommodation
Terms
Summary
AREAS
View all of our instructions here...
III III
FURTHER INFORMATION Area
Sqm
Sqft
Ground floor restaurant & ancillary space
171.6
1,847
First floor offices (rear)
41.8
450
First & second floor offices (front)
62.7
675
Total
276.1
2,972
Please note that we have not measured the subject property, nor inspected it recently. The areas quoted above are taken from Valuation Office Agency and historic records. Any interested parties are advised to satisfy themselves as to the full extent of the property and its component parts.
For more information contact: Tony Wood on 020 8315 5454 Meet the rest of the team...
Copies of the existing floor plans, prior approval documentation, existing leases and EPC’s are available on request.
VAT We understand that VAT is not applicable in this transaction.
INVESTMENT SUMMARY Freehold investments in Locksbottom rarely come available. The subject property offers buyers the prospect of securing a NIY as strong as 7% (based on the guide, and allowing for purchase costs of 5.75%) with the future potential to create two lawful apartments in the upper parts, stpp. With the conversion works undertaken and the property re-let on a piecemeal basis the ERV is in the region of £90,000 pax.
This [brochure and its content] is copyright of Acorn Limited © 2016. All rights reserved. Any redistribution or reproduction of part or all of the contents in any form is prohibited. You may not, except with our express written permission, distribute or commercially exploit the content, nor may you transmit it or store it in any form. Acorn as our vendor’s agents have endeavoured to check the accuracy of these sales particulars, but however can offer no guarantee, we therefore must advise that any prospective purchaser employ their own experts to verify the statements contained herein. All measurements are approximate and should not be relied upon. No equipment, utilities, circuits or fittings have been tested.
E: [email protected] W: acorncommercial.co.uk 1 Sherman Road, Bromley, Kent BR1 3JH T: 020 8315 5454
120 Bermondsey Street, London SE1 3TX T: 020 7089 6555
• • • • • •
Description
Location
Accommodation
Terms
Summary
Freehold, mixed-use investment Restaurant, a flat and offices Popular parade in affluent suburb Fully let producing £74,500 pax Rent reviews due in 2018 OIEO £1,000,000 F/H
DESCRIPTION A rare opportunity to acquire an attractive, freehold mixed-use investment producing £74,500 pax. Ideally located at the head of a popular parade, the property comprises a ground floor restaurant, with offices and a self-contained apartment on the upper floors. Opportunities to acquire freehold investments in the immediate area are extremely rare, and as such the property is likely to prove of interest to local and regional investors.
LOCATION The property is situated on Crofton Road (A232) in the heart of Locksbottom; equidistant to Bromley and Orpington Town Centres. Crofton Road is adjacent to the Farnborough Park Estate, and within 1/4 mile of Keston Park Estate; two of the most sought after residential locations in the borough. Crofton Road (A232) joins the A21 which provides access to Kent and the M25 to the South, with Bromley and Lewisham to the North. Orpington is the closest station; situated within 1 mile of the property and providing access to London Bridge and Charing Cross. Numerous bus routes also pass along Crofton Road. Neighbouring occupiers include Costa Coffee, Laithwaites Wine and Marks & Spencer.
366 Crofton Road, Locksbottom, Kent BR6 8NN Freehold mixed-use investment for sale
View more information...
366 Crofton Road, Locksbottom, Kent BR6 8NN
Home
Description
Location
Accommodation
Terms
Summary
View all of our instructions here...
III III
ACCOMMODATION The ground floor trades as ‘Cyprianis’ restaurant, and comprises a modern kitchen and dining area for around 80 covers behind an attractive glass frontage. The area demised to the restaurant also includes offices across the rear first floor of the building, accessed independently from the side, and currently understood to be used for residential purposes. The first and second floor accommodation at the front of the property is similarly accessed from the side, but is currently arranged and occupied as offices. Approval exists under Permitted Development Rights to convert the front offices into a 3 bedroom apartment, with minimal works required.
LEASE TERMS The ground floor restaurant and first floor offices (flat) to the rear are let at £62,500 pax on full repairing and insuring terms for 10 years from 29th January 2013, thus having a little over 5 years unexpired. The tenant previously owned the property, and has been in occupation for approximately 15 years. The lease is subject to 5 yearly reviews and is secured inside the ‘54 Act. The first and second floor offices to the front are subject to a 12 month licence from 5th July 2017 at a passing rent of £12,000 pax. The current tenants have been in occupation since 2013.
TERMS Offers in excess of £1,000,000 are invited for the freehold interest subject to the existing leases. A deadline for offers many be set, and therefore interested parties are advised to contact our offices for further information.
E: [email protected] W: acorncommercial.co.uk 1 Sherman Road, Bromley, Kent BR1 3JH T: 020 8315 5454
120 Bermondsey Street, London SE1 3TX T: 020 7089 6555
366 Crofton Road, Locksbottom, Kent BR6 8NN
Home
Description
Location
Accommodation
Terms
Summary
AREAS
View all of our instructions here...
III III
FURTHER INFORMATION Area
Sqm
Sqft
Ground floor restaurant & ancillary space
171.6
1,847
First floor offices (rear)
41.8
450
First & second floor offices (front)
62.7
675
Total
276.1
2,972
Please note that we have not measured the subject property, nor inspected it recently. The areas quoted above are taken from Valuation Office Agency and historic records. Any interested parties are advised to satisfy themselves as to the full extent of the property and its component parts.
For more information contact: Tony Wood on 020 8315 5454 Meet the rest of the team...
Copies of the existing floor plans, prior approval documentation, existing leases and EPC’s are available on request.
VAT We understand that VAT is not applicable in this transaction.
INVESTMENT SUMMARY Freehold investments in Locksbottom rarely come available. The subject property offers buyers the prospect of securing a NIY as strong as 7% (based on the guide, and allowing for purchase costs of 5.75%) with the future potential to create two lawful apartments in the upper parts, stpp. With the conversion works undertaken and the property re-let on a piecemeal basis the ERV is in the region of £90,000 pax.
This [brochure and its content] is copyright of Acorn Limited © 2016. All rights reserved. Any redistribution or reproduction of part or all of the contents in any form is prohibited. You may not, except with our express written permission, distribute or commercially exploit the content, nor may you transmit it or store it in any form. Acorn as our vendor’s agents have endeavoured to check the accuracy of these sales particulars, but however can offer no guarantee, we therefore must advise that any prospective purchaser employ their own experts to verify the statements contained herein. All measurements are approximate and should not be relied upon. No equipment, utilities, circuits or fittings have been tested.
E: [email protected] W: acorncommercial.co.uk 1 Sherman Road, Bromley, Kent BR1 3JH T: 020 8315 5454
120 Bermondsey Street, London SE1 3TX T: 020 7089 6555
