Investment Opportunity with Conversion Potential / The Broadway, Crowborough TN6 / £350,000
The building comprises a retail unit over ground and basement with offices on the three upper floors. The office element has its own dedicated entrance from Croft Road. We have not inspected the retail unit due to COVID restrictions.
The retail unit is let on a five-year lease expiring 11th April 2023 at a rent of £8,500 per annum. There are no arrears and the lease is outside of the L&T Act 1954. The office space is owner-occupied on a lease expiring 31st May 2025 at £13,500 per annum but can be sold with vacant possession.
The building would suit conversion to residential and several of the neighbouring buildings have already achieved this under permitted development rights. The Regent building opposite achieved approval for 12 residential units, the former Vision Express unit achieved approval for one unit and 7 The Broadway achieved approval for the conversion of the retail unit to 2 x 1 bed units.