Investment property for sale in Richmond

This property is marketed by:
Michael Rogers

Description

The highly affluent London Borough of Richmond is located approximately eight miles east of Central London. Richmond is an established commercial centre with a host of national and international retailers and numerous bars and restaurants. Excellent transport links are available with London Underground (District Line), Overground and National Rail services (fastest journey time to London Waterloo 19 minutes). Both the M3 and M4 motorways are easily accessible and Heathrow Airport is only 12 miles to the west. 

The property is situated on the south-west side of Petersham Road close to its junction with Bridge Street and Hill Street, being a secondary retail pitch within Richmond town centre. This part of Petersham Road is part of Richmond's established restaurant area. The property is within a conservation area CA5. 

7A Petersham Road is of brick construction and is though to be Victorian in origin. The property is arranged over lower ground, ground and three upper floors to provide a Bar on the ground floor, kitchen, storage with WC's on the lower ground floor and three residential flats above. The three upper floor flats have each been sold on long leases. 

The property provides the following approximate floor area:

Lower Ground Floor Ancillary  590 sq.ft.  54.81 sq.m

Ground Floor Sales    562 sq.ft.  52.2 sq.m

Total                  1,152 sq.ft. 107.01 sq.m 

The ground floor and basement are let to Be At One (Richmond) Limited who hold an effective full repairing and insuring 15-year lease from 1st August 2018 at £42,450 per annum exclusive. The tenancy is protected by the Landlord & Tenant Act 1954. 

The three upper floor flats have been sold on 125-year leases from July 2012 at a ground rent of £450 per annum. We have not been advised of any increase in the rental during the duration of the lease. 

The property is elected for VAT.

We are instructed to seek offers in excess of £750,000 (Seven Hundred & Fifty Thousand Pounds) subject to contract and exclusive of VAT.

A purchase at this level would reflect a net initial yield of 5.48% after allowing for purchaser's costs of 5.4%.