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.
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