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For Sale
£165,000

Commercial Property, Westmead Road, Sutton, SM1

Westmead Road, Sutton, SM1

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Allen Heritage

Description

For Sale – Freehold Investment to include 6 Garages:

Allen Heritage are delighted to offer this attractive South London freehold ground rent and garage investment.

The opportunity comprises the freehold reversions of 8 long-leasehold flats together with 6 garages let on monthly licences.

The flats are all held on long leases with between 132–148 years unexpired. Current ground rent income stands at £835 per annum from 8 flats, with these leases containing doubling provisions every 25 years, rising to between £2,400 and £8,000 each by the latter part of their terms. Ground rent is not payable on one of the flats (Peppercorn lease).

The garages provide a strong and consistent income stream of £8,760 per annum, with rents that have not been increased for over two years. With current passing rents at £120–125 per month, we believe an increase to £130 per month is readily achievable, which would lift garage income to £9,360 per annum.

In total, the investment produces £9,595 per annum, reflecting a gross yield of 5.8%. Allowing for the reversionary garage uplift, income would rise to £10,195 per annum, equating to a 6.2% yield.

This is a rare opportunity to acquire a secure, income-producing freehold with both immediate and long-term growth prospects, underpinned by highly sought-after South London location.

Key Features

  • 6 garages with strong local demand and scope for rent uplift
  • Freehold reversions of 8 flats (132–148 years unexpired)
  • Current income £9,595 p.a.
  • Attractive 5.8%–6.2% yield at guide price
  • Long-term rent review uplifts

Property Details

  • Property type: Commercial Property
  • Council Tax Band: TBD
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Disclaimer - Property ID d4caa065-ae6a-4ae8-9503-01bf9b671b50. The information displayed about this property comprises a property advertisement. Street.co.uk and Allen Heritage makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Street.co.uk has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by the advertising agent. Please contact the agent or developer directly with any questions about this listing.