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Lot 13 Click here for addendum

Freehold Commercial/Residential Investment
On behalf of Executors
In the same ownership since 1979

Situation

Occupying a prominent trading position within the part pedestrianised London Road (buses only) at its intersection with Upper Green West, close to multiples such as Poundland, Boots, Halifax, Lloyds Bank, Peacocks, a Morrisons Supermarket, a Lidl Supermarket plus a host of local traders.
Mitcham is a popular South London suburb with excellent road communications via the A217 and A236, under 3 miles east of Wimbledon, 3 miles south of Streatham and 8 miles from Central London.

Property

An end of terrace property comprising a Ground Floor Shop with separate rear access to 4 Self-Contained Studio Flats at first and second floor level - see Notes 1 & 2.
In addition the property includes a Rear Yard.

Accommodation

Ground Floor Shop
Gross Frontage 16'4”
Internal Width 14'2”
Shop Depth 25'3”
Built Depth 50'2”
3 WC's
First & Second Floor Flats
4 Studio Units each with a Living/Bedroom/Kitchen area and Shower/WC

VAT is NOT applicable to this Lot

FREEHOLD

Tenancy

The entire property is let on a full repairing and insuring lease to K. Hammad as an Internet Cafe for a term of 25 years from 1st August 2003 at the original rent of £15,000 per annum exclusive.

We are not aware if the 2008, 2013 and 2018 rent reviews were actioned.

Valuable Rent Review 2023

Note 1: The tenant converted the flat around 2010 without Landlord's or Planning consent to provide 4 Self-Contained Studio Units.

Note 2: The tenant advised that he rents out all the Studio Units for approximately £25,000 per annum in total.

Note 3: The tenant sublets the shop and retains a separate office at the rear of the ground floor for his own use.

Note 4: There is a 6 Week Completion.

*Please note:

RESERVE

The 'Reserve' is the minimum figure for which a property can be sold as agreed between the Seller and the Auctioneer. The 'Reserve' is not disclosed and remains confidential between the Seller and the Auctioneer.

GUIDE

Where a 'Guide' is stated, it is an indication of the Seller's current minimum acceptable price ('Reserve') at auction. A 'Guide' is published to assist prospective buyers in deciding whether or not to pursue a purchase.

A 'Guide' does not represent an anticipated sale price or a valuation and the eventual sale price may be higher or lower. The sale price is determined at auction and as such cannot be predicted in advance.

The 'Guide' can be published as follows:

a. 'Reserve below' which means the 'Reserve' will be below the shown amount.
b. A single price figure where the 'Reserve' is not to exceed it.
c. A single price figure with a + symbol where the 'Reserve' is not to exceed that figure by more than 10%.
d. A minimum and maximum price range where the 'Reserve' is to be within that range.

The Seller's expectation as to the sale price may change during the marketing period as a result of interest received from prospective Buyers. Therefore, the Seller may increase or decrease the 'Reserve' at any time up to just before bidding commences. If the 'Reserve' becomes fixed at a level that makes the 'Guide' misleading, the Auctioneers will subsequently issue a revised 'Guide' as soon as is practicable. Accordingly, prospective bidders should monitor the 'Guide' with the Auctioneers prior to the Auction taking place via this website.

In addition to the purchase price the Successful Buyer or Successful Bidder will be liable to pay Barnett Ross Ltd a non-refundable administration fee of £1,500 including VAT or as specified on the Particulars of Sale and there may also be additional non-optional fixed or variable fees and costs. To establish the full cost of purchasing a property please inspect the special conditions of sale and all other documentation in the legal pack. Please also refer to any addendum that may be displayed on this page.

254 London Road, Mitcham, Surrey CR4 3HD