POTENTIAL DEVELOPMENT SITE
6 Week completion
In a popular residential area within ½ mile of New Malden Station (Main Line) and within a short walking distance of the main shopping centre which includes multiples such as Nando's, Paddy Power, Foxtons, Pizza Express and Santander.
Comprising a post war detached ‘C' shaped single storey building used for warehousing and offices.
The front building connects internally with a larger section to the rear.
There is front parking for approx. 6 cars and access through metal gates to additional parking to the rear for approx. 9 cars.
Site Frontage 55'2"
Site Depth 103'5"
Site Area Approx. 5,684 sq ft
Warehouse and Offices
GIA Approx. 2,276 sq ft1 incl. 2 WCs
1Area supplied by Vendor
VAT is NOT applicable to this Lot
The entire property is let on a full repairing and insuring lease to L. E. Went Ltd (automotive paint and wood finishing distributors) for a term of 20 years from 16th November 1990 at a current rent of £20,000 per annum exclusive.
Note 1: The lessees are holding over.
Note 2: The lessees also trade from the adjoining property (No. 56) which is not included in the sale.
It is considered that the site would be suitable for residential development and plans (available from Auctioneers) have been drawn up for a new development of a detached block of 9 flats as follows:
Estimated GDV is approx. £3,613,500 based on sales of the above flats at £550 psf.
Planning enquiries can be made to the Royal Borough of Kingston upon Thames - Tel: 020 8547 5000.