Lot 109 Commercial And Residential Investment With PotentialAuction Date:
5th May 2022
26A Bostall Hill, London, SE2 0RA
Currently let at £44,400 per annum
A three storey mixed-use commercial and residential building comprising double shop unit and basement with three residential flats above.
Planning Permission was granted to add a further two residential flats which expires on 19th April 2022, thus offering further potential, subject to all necessary Planning Consents being obtainable.
Bostall Hill is located within the popular South East London area of Abbey Wood in close proximity to local transport, shopping and Abbey Wood station providing rail transport links via Thameslink and South Eastern services.
Existing Accommodation
Ground Floor
Arranged as a double shop unit, with two separate front entrances. Shared toilet, storeroom, sink and hot water supply.
First Floor
Flat 1
One bedroom.
Second Floor
Flat 2
Two bedrooms.
Flat 3
One bedroom.
Outside
Gated yard with storage at the back and side of the shop units.
Auctioneer’s Note
At the time of publication the Auctioneers have been unable to internally inspect the property. These details have been provided by the seller and interested applicants should rely on their own investigations to verify the information provided.
Tenancies
The ground floor commercial space is let on a Tenancy at Will for £1,000 per a month. A sublet of part of this commercial space has been granted with the sub-tenant paying £500 to the tenant under the Tenancy at Will. Since February 2022 the sub-tenant has paid directly to the freeholder this rent of £500 with the tenant under the Tenancy at Will paying the remainder £500.
The three residential flats are let as follows:
One is let on an Assured Shorthold Tenancy and two are on rolling one year leases. Together they produce a total annual income of £32,400 (monthly income of £2,700). Please refer to the legal pack for further details.
Planning
Planning Permission was granted by the Royal Borough of Greenwich under reference: 18/1129/F, dated 17th April 2019, for construction of a three storey side extension, construction of an additional storey on existing rear extension, loft conversion, addition of two residential units and alterations to residential mix to create a total of five residential units (2 x studio unit, 1 x one bedroom, 1 x two bedroom and 1 x three bedroom), subject to conditions. The Planning Permission expired on 19th April 2022.
A copy of the Planning Permission and accompanying documents may be downloaded from the Local Planning Authority’s website, Royal Borough of Greenwich. Tel: 020 8854 8888. Website: royalgreenwich.gov.uk.
There is an addendum available to be read
in conjunction with the legal documentation.
Important
All lots are sold subject to the Common Auction Conditions and Special Conditions of Sale (unless varied by the Sellers Solicitors), together with the Addendum, which will be available on Auction Day.
* Price Information
Guides are provided as an indication of each Seller’s minimum expectation. They are not necessarily figures at which a property will sell for and may change at any time prior to Auction. Unless stated otherwise, each Lot will be offered subject to a reserve (a figure below which the Auctioneer cannot sell the Lot during the Auction).
We expect the reserve will be set within the guide range or no more than 10% above a single figure guide. Please check our website regularly at cliveemson.co.uk, or contact us on 01622 608400, in order to stay fully informed with the up-to-date information.
Additional Fees
An Administration fee and Other non-optional fees may also be payable in addition to the bid price. All lots are offered subject to the Common Auction Conditions and Special Conditions of Sale or Revised Special Conditions of Sale (as applicable) and may include the repayment of search and other fees and or costs payable by the buyer.
All buyers are advised to inspect all available legal documentation prior to bidding and will be deemed to fully understand what they may be liable for if they are successful in purchasing. This should also include Stamp Duty, Land Registry fees and VAT which may become payable on completion in line with any property transaction, whether it is by auction or private treaty. If, as a buyer, you are in doubt you should seek advice from your own professional advisors. For more information on fees please go to Buyers Fees
