Online Auction

7 Gloucester Parade, Sidcup, Kent, DA15 8PS

  • Unconditional Online Auction Sale
  • Reserve not to exceed : £700,000
  • Retail investment with residential upper parts
  • Current annual income of £50,240
  • Popular retail and residential location

Details

Location

The property is located in Sidcup, Blackfen approximately 16 miles (28 kilometres) south east from Central London.

The property benefits from its close proximity to the A2 and A20, which provide direct access to Junctions 2 and 3 of the M25 and Central London via Blackheath.

The property is well served by both Falconwood and Sidcup Stations, located approximately 1.4 miles (2.25 kilometres) north west and 1.7 miles (2.74 kilometres) north of the subject, respectively. Sidcup and Falconwood stations both provide direct services to London Bridge with minimum journey times of 20 minutes.

Gatwick airport is located approximately 38 miles (61 kilometres) south west of the property, and offers both domestic and international flights.

The property is situated within a mixed use predominantly residential and retail area. The property forms part of a parade of shops on the north side of Blackfen Road. Other major high street retailers within close proximity include Costa and Coral, as well as Co-Op Blackfen.

Description

The property comprises a mixed use property comprising retail and residential accommodation arranged over ground, first and second floors. the property comprises a retail unit of some 1,030 sq ft to the ground floor with a glass frontage of some 5.95m and a maximum depth of 21.8m and is currently used as a massage parlour.

The residential element of the property comprises a HMO with five letting rooms arranged over ground, first and second floors.

Lot Type

Online Auction - December 2018

Tenure

Freehold

Planning

London Borough of Bexley - www.bexley.gov.uk ( 020 8303 7777)

Tenancy

The retail unit is let on a lease to an individual for a term of 5 years from 28/04/2017. There is a tenants break option in the 3rd year. The current passing rent is £11,000 per annum

The rooms in the residential HMO are let on ASTs with a combined aggregate annual income of £39,240.

Note

Indicative debt terms have been provided to us as follows:

LTV (Gross) - 50% - 0.69% per month
LTV (Gross) - 60% - 0.73% per month
LTV (Gross) - 70% - 0.83% per month

For more information please contact Ashley Elkin - 020 7198 2063


*Reserve Not to exceed

The reserve is the minimum amount the seller will currently accept. This figure does not represent a valuation nor does it reflect the likely sale price. It is subject to change, upwards or downwards.

Administration Fee

The successful purchaser will be required to pay the auctioneers administration fee of £990 inclusive of VAT. Other additional costs/fees may apply - Click here.

The auction has not yet started
Minimum Opening Bid

£500,000


Bidding Opens On
12th Dec 2018 10:00
End Date

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The successful purchaser will be required to pay the auctioneers administration fee of £990 inclusive of VAT. Other additional costs/fees may apply - Click here.



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Agreement Documents