Overview

Investment / development opportunity

Shop & Upper with clear potential to increase height subject to the relevant consents

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  Description
  Freehold investment / development opportunity comprising existing ground floor commercial unit with 3 bedroom flat above
  
  The site boundary extends beyond the front and side of the existing buildings footprint which the local authority have paved and installed studs to show the ownership outline, The access to the rear is also owned within the demise and neighbouring properties have right of way only for deliveries
  
  The passageway potentially unlocks the development of the airspace for the neighbouring properties without the need to interfere with the existing buildings (subject to the relevant consents).

  Location
  The property is situated within a mixed use parade on Coombe Lane at its junction with Durham Road
  
  A wide range of bars, shops and restaurants are nearby both independant and national retailers, Waitrose, Sainsburys, Co - Op, Starbucks, Greggs, Anytime Fitness and more
  
  Raynes Park Station is the closest being just 0.2 miles away (South Western Rail Services)
  The A3 is also just 0.5 miles away offering quick access further in or out of London by road

  Planning
  Merton Planning Ref: 12/P1299
  Implemented planning for a 2 storey extension at the rear creating a retail unit fronting Durham Road at GF and 1 bed flat above.
  
  S106: Paid
  
  The adjacent corner is 6 storeys and we feel a scheme of 6 - 7 floors here would be achievable subject to the the relevant consents

  Tenancies
  The commercial unit is let to Princess Alice Hospice at £40,000 p/a (Expired 16/3/22 - Holding over).
  A lease renewal for a further 10 years has been negotiated and agreed, heads of terms are with solicitors but to date have not been signed
  
  The new lease allows for development of the rear and also airspace should future planning be obtained.
  
  The flat is let below market value on an AST at £16,200 p/a (Fixed term expired - Periodic)

  Terms
  Guide Price £900,000 Freehold

  Viewings
  Please do not approach staff - View by appointment - Contact sole agents - Christopher St James 020 8545 0591