An opportunity to purchase a freehold mixed-use property in a prominent location in the London Borough of Lambeth.
The property is a three-storey building which comprises a vacant ground floor shop and 2 bedroom flat. The 2-bedroom flat is spread across the first and second floors which measure approximately 602ft². The commercial premises measures approximately 631ft² and has the designated Use Class E (Commercial, Business and Services).
The flat is rented on a traditional Assured Shorthold Tenancy for £15,600 per annum. The flat has its own private entrance, accessible from Norwood High Street.
In October 2020 (20/03661/FUL) planning permission was refused for the conversion and change of use of the ground floor unit from retail (Use Class A1) into a 2-bedroom residential (Use Class C3). We consider the site to have long term residential redevelopment potential or a change of use to be feasible subject to planning permission. We encourage all interested parties to conduct their own research on the feasibility of the site.
Unconditional offers in the excess of £425,000 are invited. Offers for the commercial unit only are also welcome.