Mixed-use Investment For Sale in Croydon, London, SE19

This property is marketed by:
Whozoo

Key Features

• Prime freehold mixed-use investment in Crystal Palace Triangle
• Generating £100,800 gross annual income
• Just moments from Crystal Palace Station and Westow Park
• Excellent opportunity for investors seeking income and capital growth

Description

A freehold mixed-use investment in the heart of Crystal Palace’s sought-after Triangle, producing a strong income with future development and asset management potential. The property is ideally located just moments from Westow Park and Crystal Palace Station (Overground & National Rail).

Property Overview

• Ground Floor (front): Barber shop on a 15-year lease from October 2023, with no breaks and 4-yearly rent reviews. Current rent £2,000 pcm / £24,000 pa.
• Ground Floor (rear): E Class accommodation currently occupied by a minicab operator at a rent of £48,000 pa. The accommodation is arranged as a series of rooms, kitchen and small yard. Market ERV is estimated at approx. £12,000 pa.
• First Floor: One-bedroom flat. Currently occupied by the same operator at £12,000 pa. Residential ERV is estimated at approximately £19,200 pa
• Second Floor: One-bedroom flat let at £16,800 pa together with a vacant self-contained studio with an ERV of £12,000 pa.

Income Profile

• The property produces a passing rent of £100,800 pa.
• The current income profile is above underlying stabilised residential market levels, with reversionary ERV estimated at approximately £84,000 pa.
• Based on a purchase price of £1,125,000, this reflects:

     - 8.96% NIY on the current passing rent.

     - 7.47% NIY on reversionary ERV.

Asset Management & Potential

• Potential to re-let the rear ground floor E Class unit and first floor residential accommodation at estimated market levels.
• Opportunity to bring the vacant second floor studio into income-producing use.
• Potential to convert the rear ground floor E Class accommodation to residential use, subject to planning.