Guide price
£950,000
Property for sale198A Halfway Street, Sidcup, Kent DA15
Just added
About this property
Freehold investment property for sale.
Double fronted shop, 2 bed flat & 7-bed HMO currently generating £79,220pa.
Commercial unit & flat let on a wrapped lease at a passing rent of £45,000pa.
Consented HMO uppers currently producing £32,220pa with 3 rooms vacant.
Erv £127,100pa.
Guide Price: £950,000 F/H.
An opportunity to purchase a substantial, mixed-use property in Sidcup with value-add potential. The property comprises a double fronted, ground floor commercial unit measuring 2,193sqft and currently configured as a kitchen showroom with a lock up shutter access to the rear for deliveries and one parking space. The commercial unit is let on a wrapped lease along with the first floor, 2-bedroom flat at £45,000pa to Waterloo Plumbing and sub-let in 2018 to bck interior ltd who currently occupy the unit. The remaining first and second floor uppers are configured as a consented, 7 bed HMO which measures 1,813sqft and includes communal toilet, bathroom and kitchen areas. There are currently 3 HMO rooms vacant with the current, passing rent being £34,220pa.
The current passing rent on the property is £79,220 however, when fully let at market value, we estimate the rental value to be £127,100 per annum. The property is in good condition throughout however, the HMO would benefit from some modernisation throughout and is currently not licensed. At the rear of the property, there is an access way which the freeholder has a right of way over along with a parking space to the rear of the commercial unit.
The property offers clear potential for a buyer to increase the rental income and actively manage the current leases to maximise the value of the investment. The HMO uppers can be sold with the current tenants in place or vacant if preferred.
The current passing rent on the property is £79,220 however, when fully let at market value, we estimate the rental value to be £127,100 per annum. The property is in good condition throughout however, the HMO would benefit from some modernisation throughout and is currently not licensed. At the rear of the property, there is an access way which the freeholder has a right of way over along with a parking space to the rear of the commercial unit.
The property offers clear potential for a buyer to increase the rental income and actively manage the current leases to maximise the value of the investment. The HMO uppers can be sold with the current tenants in place or vacant if preferred.
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