£1,125,000
(£703.12/sq. ft)
Retail premises for sale21 Westow Street, Croydon, London SE19
1,600 sq. ft
About this property
Prime freehold mixed-use investment in Crystal Palace Triangle
Generating £112,800 gross annual income
Residential units with strong rental potential and scope to reconfigure
Just moments from Crystal Palace Station and Westow Park
Excellent opportunity for investors seeking income and capital growth
Property Overview
- Ground Floor (front): Barber shop on a 15-year lease (from Oct 2023), with no breaks and 4-yearly rent reviews. Current rent: £2,000 pcm / £24,000 p.a.
- Ground floor (rear): E Class unit. Let informally to a minicab office at £5,000 pcm / £60,000 p.a. The layout includes various rooms, kitchen, a shower, and a small yard. Subject to minor works and change of use, the space could convert to a one-bed flat (erv £1,400 pcm / £16,800 p.a.).
- First Floor: Prior Approval (Ref: 24/03928/gpdo) granted for conversion to a one-bed flat. Works are partly complete, with Building Control sign-off still required. Buyer to complete fit-out. Currently let to the same minicab office on an informal agreement at £1,000 pcm / £12,000 p.a. Erv as a large one-bed flat: £1,500 pcm / £18,000 p.a.
- Second Floor: A one-bed flat let at £1,400 pcm / £16,800 p.a and a vacant self-contained studio. Erv £1,000 pcm / £12,000 p.a.
- Passing Rent: £9,400 pcm / £112,800 p.a. (niy: 10.02%).
- Erv (fully let): £10,400 pcm / £124,800 p.a. (niy: 11.09%).
- Erv assuming residential use for all but the shop: £7,400 pcm / £87,600 p.a (niy: 7.78%)
- Potentially formalise the lease with the minicab office.
- Convert the ground floor rear from Class E (commercial) to Class C3 (residential) under Class ma, subject to prior approval (STP).
- Extend the first-floor terrace to create a larger two-bed flat or configure the space similar to the second floor (studio and 1 bed flat) STP.
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