Freehold Commercial Investment For Sale

Bromley High Street, Bromley BR1

£750,000

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Description

Opportunity to purchase a freehold commercial investment on Bromley High Street.

The property comprises two ground floor commercial shops with 6 flats above which are sold on long leaseholds to a housing association. 248 High Street is currently let to Frazer Bradshaw Solicitors for £20,000 per annum from December 2020 for 12 years. 250 High Street is let to the Blue Harbour Restaurant for £25,000 per annum for 15 years from March 2015. The six flats above are sold on long leases until December 2183 and contribute 65% towards the service charge per annum along with paying a peppercorn ground rent.  The landlord manages the property and therefore collects an annual service charge of £1,800 per annum including VAT for managing and insuring the property.

As part of the freehold title, the property owns the pathway adjacent to 250 High Street which provides right of way access for various neighbours.

Viewings are strictly by appointment only and unconditional offers are encouraged in excess of £750,000.

Location

248 & 250 Bromley High Street, Bromley BR1 1PG

The property is located on the popular High Street of Bromley. Bromley is a well known and affluent town in South East London with the High Street playing host to various shops, restaurants, bars and cinemas. The property is located a short walk from Waitrose, The Glades Shopping Centre and is a few doors down from the Bromley Picture House.

The nearest station to the property is Bromley North which is a 5 minute walk and provides trains to Grove Park in 5 minutes. Bromley South Station is 10 minutes’ walk and provides trains to London Victoria (20 minutes) and Maidstone East (45 minutes).

Planning History

Planning Permission Granted November 2020 - 20/00520/FULL1 | Construction of a single storey side extension to restaurant to provide a take away outlet | 250 High Street Bromley BR1 1PG

Accommodation

TENANTS: Frazer Bradshaw Solicitors Blue Harbour Restaurant
Rent (Per Annum) £20,000 £25,000
Lease Strat Date 25th December 2020 17th March 2015
Lease End Date 24th December 2032 16th March 2030
Rent Reviews Every 5 years from 29 October 2020 Every four years
Contribution to external repairs and Insurance 16% 22%
Unit Size (SQFT) 1,054 1,976

Plans