9 & 9A The Broadway

Under Offer

RETAIL & GROUND RENT INVESTMENT

FREEHOLD FOR SALE

Status

For Sale

Best Bids

We are inviting parties to submit their best and final offer for the freehold interest, subject to the existing tenancies by no later than 5 pm, Wednesday 4th December 2024 to:
Chris Richards - chris@raynerscommercial.com
1. Details of purchaser / purchasing entity
2. Your offer in pounds sterling
3. Proof of funds and/or funding arrangements
4. All conditions attached to your offer
5. Proposed timescales to put you in a position to exchange unconditionally
6. Details of solicitors acting on the your / the purchaser’s behalf

N.B The vendor is not obliged to accept the highest offer, nor indeed any offer made in respect of the property.

Location

Cheam is a large village in the London Borough of Sutton, located approximately 1 mile west of Sutton town centre and approximately 11 miles south-west of central London. The property is situated on The Broadway, which is the main road through the centre. Cheam railway station provides regular services to London Bridge and Waterloo. Nearby occupiers include a barber, a pharmacy, a greengrocer and an estate agents. Further north along The Broadway is a small Waitrose store.

Description

The property comprises a mid-terrace two-storey building, forming part of a parade of shops. The ground floor retail unit has a traditional timber framed shop front with a side on entrance door and fascia sign above. The unit comprises a retail area, with a single storey extension providing storage and an external WC. The retail area benefits from air conditioning.

The 2-bed self-contained residential accommodation above, which is sold off on a long lease, is approached from the front, through its own entrance door.

Available area

The accommodation comprises the following approximate net internal floor areas:

Tenure

The property is available by way of a sale of the freehold interest, subject to the existing tenancies.

Tenancies

The ground floor retail unit is currently let to Thomas Martin Goodliffe, trading as Cheam Sports, under a lease for a term of six years expiring 30 September 2026, at a rent of £17,500 per annum. The lease provides for a service charge and is granted within the security provisions of the Landlord and Tenant Act 1954.

The self-contained residential accommodation is sold off on a long lease, which we understand is for a 125-year term from 1 January 2020 at an initial ground rent of £150 per annum, which then doubles every twenty-five years.

VAT

VAT is not applicable on the terms quoted.

Legal Costs

Each party to be responsible for their own legal costs.

Price

Offers in the region of £200,000

Business Rates

Rateable Value of £14,250 with a UBR of 49.9 p in £. Small business rates relief may be applicable. The residential element falls under Council Tax Band C

Energy Performance Rating

Property graded as D-D