Freehold Retail and Residential Investment with Residential Development Opportunity
Ground Floor Restaurant Let until 2029 (No Breaks)
Includes Self Contained Flat let on an AST and Self Contained Ancillary Area (with residential Conversion Consent) with Vacant Possession and Car Parking
No Arrears
Planning Permission Granted to Erect a Second Floor and Convert Uppers to 3 x 2 Bedroom and 1 x 1 Bedroom Flats
Affluent South East London Borough
Prominent Position on Prime Retailing Thoroughfare
Nearby Occupiers include Specsavers, Rymans, Magnet, Costa, KFC, Superdrug and JD Wetherspoon
Freehold Retail and Residential Investment with Residential Development Opportunity
Ground Floor Restaurant Let until 2029 (No Breaks)
Includes Self Contained Flat let on an AST and Self Contained Ancillary Area (with residential Conversion Consent) with Vacant Possession and Car Parking
No Arrears
Planning Permission Granted to Erect a Second Floor and Convert Uppers to 3 x 2 Bedroom and 1 x 1 Bedroom Flats
Affluent South East London Borough
Prominent Position on Prime Retailing Thoroughfare
Nearby Occupiers include Specsavers, Rymans, Magnet, Costa, KFC, Superdrug and JD Wetherspoon
Lot 23
Auction 18th May 2023
Rent £49,000 per Annum Exclusive
Status Sold
Price £755,000
Sector High Street Retail, Residential, Development
Auction Venue Live Streamed Auction
Property Information
Location
Miles
6 miles south-east of Bromley, 10 miles east of Croydon, 13 miles south-east of Central London
Roads
A224, A20, A21, M25 (Junction 4)
Rail
Orpington Railway Station (15 mins to London Bridge)
Air
London Heathrow Airport, London Gatwick Airport, London City Airport
Situation
Orpington is an affluent London suburb situated within the south-east London borough of Bromley. The property is prominently situated on the eastern side of Orpington's prime and busy retailing thoroughfare between the main entrances to the Walnuts Shopping Centre with occupiers such as New Look, Greggs and Wilko. Other neighbourghing occupiers include Specsavers, Costa, KFC, Superdrug, JD Wetherspoon, Boots, WHSmith and an eclectic mix of local retailers and restaurant. The immediate locality has benefitted from several developments of the neighbouring properties that have recently been completed or are under construction. 155-159 High Street,1st and 2nd floor rear extension with conversion of the upper floors to 9 x flats. 169 High Street, is planned to be demolished to construct a new 4 storey building with 2 x ground floor retail units and 16 x flats. 173-175 High Street, recently completed a new 4 storey building with 2 ground floor retail units and 8 x modern apartments.
Tenure
Freehold.
Location
Miles
6 miles south-east of Bromley, 10 miles east of Croydon, 13 miles south-east of Central London
Roads
A224, A20, A21, M25 (Junction 4)
Rail
Orpington Railway Station (15 mins to London Bridge)
Air
London Heathrow Airport, London Gatwick Airport, London City Airport
Situation
Orpington is an affluent London suburb situated within the south-east London borough of Bromley. The property is prominently situated on the eastern side of Orpington's prime and busy retailing thoroughfare between the main entrances to the Walnuts Shopping Centre with occupiers such as New Look, Greggs and Wilko. Other neighbourghing occupiers include Specsavers, Costa, KFC, Superdrug, JD Wetherspoon, Boots, WHSmith and an eclectic mix of local retailers and restaurant. The immediate locality has benefitted from several developments of the neighbouring properties that have recently been completed or are under construction. 155-159 High Street,1st and 2nd floor rear extension with conversion of the upper floors to 9 x flats. 169 High Street, is planned to be demolished to construct a new 4 storey building with 2 x ground floor retail units and 16 x flats. 173-175 High Street, recently completed a new 4 storey building with 2 ground floor retail units and 8 x modern apartments.
Tenure
Freehold.
Description
The property comprises a self contained ground floor retail unit currently used as restaurant accommodation and a self contained 2 bedroom flat and a first floor self contained ancillary area with consent to convert to residential use The Flat and the ancillary area are accessed from the rear via Dryen Way and has potential to benefit from 2 car parking spaces. The property may have potential to gain an additional floor and extend at the rear with undercroft car parking (subject to consents).
VAT
VAT is applicable to this lot.
Planning
Planning permission has been granted on 16/08/2019 (now lapsed) by the London Borough of Bromley under ref DC/18/04523/FULL1 for the erection of a second floor extension and refurbishment of existing first floor to result in three x 2 bedroom units and one x 1 bedroom unit across the first and second floors, with associated communal amenity space at second floor and roof level, along with associated bin and cycle store, and alterations to car parking area at rear for use with existing ground floor commercial unit.
Planning consent has been granted on 22nd July 2021 by the London Borough of Bromley under ref DC/21/01949/FULF 3 for "Change of use of rear part of first floor from residential (Class C3) to commercial (Class E) to be used in association with the ground floor commercial unit".
Completion Period
Six week completion
EPC
Band D (Retail Unit), Band E (Residential Unit)
Description
The property comprises a self contained ground floor retail unit currently used as restaurant accommodation and a self contained 2 bedroom flat and a first floor self contained ancillary area with consent to convert to residential use The Flat and the ancillary area are accessed from the rear via Dryen Way and has potential to benefit from 2 car parking spaces. The property may have potential to gain an additional floor and extend at the rear with undercroft car parking (subject to consents).
VAT
VAT is applicable to this lot.
Planning
Planning permission has been granted on 16/08/2019 (now lapsed) by the London Borough of Bromley under ref DC/18/04523/FULL1 for the erection of a second floor extension and refurbishment of existing first floor to result in three x 2 bedroom units and one x 1 bedroom unit across the first and second floors, with associated communal amenity space at second floor and roof level, along with associated bin and cycle store, and alterations to car parking area at rear for use with existing ground floor commercial unit.
Planning consent has been granted on 22nd July 2021 by the London Borough of Bromley under ref DC/21/01949/FULF 3 for "Change of use of rear part of first floor from residential (Class C3) to commercial (Class E) to be used in association with the ground floor commercial unit".
Completion Period
Six week completion
EPC
Band D (Retail Unit), Band E (Residential Unit)
Tenancy & Accommodation
Floor
Use
Floor Areas sq m
Floor Areas sq ft
Tenant
Term
Rent p.a.x.
Rent Review (Reversion)
Ground
Restaurant/Ancillary
217.23 sq m
(2,338 sq ft)
AN INDIVIDUAL t/a The Greek Meze (1)
15 years from 14/11/2014 (2)
£34,000
14/11/2024 (13/11/2029)
First
Self Contained 2 Bedroom Flat
41.27 sq m
(444 sq ft)
INDIVIDUALS
Assured shorthold tenancy for a term of 1 year from 08/03/2023
£15,000 (4)
-
First
Vacant Ancillary Area with Residential Consent
92.79 sq m
(999 sq ft)
VACANT POSSESSION
-
-
-
Total Approximate Floor Area
351.29 sq m
(3,761 sq ft)
£49,000
(1) The tenant also occupies a property opposite t/a The Little Meze. The landlord holds a rent deposit of £17,000. (2) The property is let on a term of 15 years from 14/11/2014 by virtue of a Reversionary lease for a term of 5 years from 14/11/2024 until 13/11/2029. (3) As to the self contained flat, the area stated above has been calculated on a Gross Internal Area basis. (4) The 2 bedroom flat has been let on a assured shorthold tenancy agreement at a rent of £1,250 per calendar month. The rent shown above has been annualised.
If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
