The subject block occupies a prime trading location. The property comprises an unbroken
parade of six retail units, and 3 residential units, extending to 30,917 sq f. Predominantly arranged on basement, ground and two upper floors, some extended to third floor. Freehold held in 8 separate titles. The property is let to 10 tenants, producing a current rent passing of £1,003,160 pa. The WAULT to expiry is 5.7 years with 3.7 years to break. The property offers immediate asset management initiatives and potential to carry out further residential conversion/ extension of the ancillary upper parts, subject to planning and vacant possession. The property is not listed but sits within the Central Croydon Conservation Area.
Additional Information
Development opportunity
2 floors above Tesco are currently vacant and fitted to shell. The vendor has submitted a planning application for a change of use to residential, comprising 1 two bed flat and 2 studio flats.
Overview of the tenants
The commercial income is let to undoubted covenants, including Tesco, EE, Vision Express, Pandora and Card Factory.
Other relevant information
The property is elected for VAT and therefore VAT will be payable on the purchase price. It is envisaged that the sale will be dealt with as a Transfer Of a Going Concern (TOGC).
