£950,000
(£325.45/sq. ft)
Retail premises for sale67-69 Lee High Road, Lewisham, London SE13
2,919 sq. ft
Freehold
About this property
Prominent period building over three storeys
Strong redevelopment and value-add angles (STP)
67 Lee High Road: £12,000 p.a. - 10yr lease from Feb 2019 (3yrly rent reviews)
69 Lee High Road: £13,000 p.a. - 15yr lease from Nov 2013 (3yrly rent reviews)
Both leases are outside the 1954 Act and have outstanding rent reviews
Both flats sold with vacant possession.
Lapsed rear extension consent (Ref: DC/16/098404)
Not in a conservation area
Total passing rent: £25,000 p.a.
A high-potential mixed-use freehold investment comprising two ground floor commercial units and two spacious two-bedroom flats above. Both flats are sold with vacant possession and require modernisation, offering scope to add rental income of c. £48,000 p.a. Once refurbished.
The shops are significantly under rented, with outstanding rent reviews providing clear uplift potential. Overall, the property produces just 29% of erv (£86,250 p.a.), offering strong reversionary upside.
Extending to c. 2,919 sqft with a large rear terrace, the property also presents value-add and redevelopment opportunities (STP). Options include reconfiguring layouts, extending, or converting to additional flats or a large HMO. Relocating/removing the central staircase could further optimise layouts.
Highlights
- Prominent period building over three storeys.
- Significant reversionary and redevelopment potential (STP).
- 67 Lee High Road: £12,000 p.a. – 10-year lease from Feb 2019 (3-yearly rent reviews).
- 69 Lee High Road: £13,000 p.a. – 15-year lease from Nov 2013 (3-yearly rent reviews).
- Both shops under-rented, with reviews offering clear scope for uplift (see table below).
- Two vacant two-bedroom flats, requiring modernisation; once refurbished, they could produce c. £48,000 p.a. In total.
- Lapsed rear extension consent (Ref: DC/16/098404).
- Not in a conservation area
- Reversionary upside: Current rent of £25,000 p.a. Is only c.29% of erv (£86,250 p.a.), providing strong asset management and income growth potential.
A rare opportunity to reposition a centrally located mixed-use asset with both short-term value-add and long-term growth potential.
The shops are significantly under rented, with outstanding rent reviews providing clear uplift potential. Overall, the property produces just 29% of erv (£86,250 p.a.), offering strong reversionary upside.
Extending to c. 2,919 sqft with a large rear terrace, the property also presents value-add and redevelopment opportunities (STP). Options include reconfiguring layouts, extending, or converting to additional flats or a large HMO. Relocating/removing the central staircase could further optimise layouts.
Highlights
- Prominent period building over three storeys.
- Significant reversionary and redevelopment potential (STP).
- 67 Lee High Road: £12,000 p.a. – 10-year lease from Feb 2019 (3-yearly rent reviews).
- 69 Lee High Road: £13,000 p.a. – 15-year lease from Nov 2013 (3-yearly rent reviews).
- Both shops under-rented, with reviews offering clear scope for uplift (see table below).
- Two vacant two-bedroom flats, requiring modernisation; once refurbished, they could produce c. £48,000 p.a. In total.
- Lapsed rear extension consent (Ref: DC/16/098404).
- Not in a conservation area
- Reversionary upside: Current rent of £25,000 p.a. Is only c.29% of erv (£86,250 p.a.), providing strong asset management and income growth potential.
A rare opportunity to reposition a centrally located mixed-use asset with both short-term value-add and long-term growth potential.
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