Retail property (high street) for sale
Property description & features
LOCATION
Beechview is situated in a largely residential area some 1.5 miles from the main town centre where retailers such as Morrisons, Waitrose, Lidl are situated. Brooklyn/Redwood plus the industrial building are about 1.5 miles from the town centre again in a diverse commercial/residential area, close to Crowborough & Jarvis Brook railway station with services to Uckfield and London Bridge/Victoria via East Croydon & Clapham Junction. Tunbridge Wells is about 7 miles, East Grinstead about 13 miles and Uckfield about 9 miles.
A FREEHOLD PORTFOLIO OF 4 COMMERCIAL INVESTMENT PROPERTIES WITH RESIDENTIAL UPPER PARTS AND A STANDALONE INDUSTRIAL UNIT
Addresses:
1. BEECHVIEW - Walshes Road TN6 3RA
2. BROOKLYN/REDWOOD - Crowborough Hill TN6 2JL
3. BLM INDUSTRIAL BUILDING - Crowborough Hill TN6 2EG
DESCRIPTION
Beechview is a parade of four shops with 2 flats above together with rear yard/parking area with 3 blockwork garages and timber outbuildings and storage units. Brooklyn/Redwood comprises 5 commercial units together with 1 ground floor flat, and 3 first floor flats with commercial rear units and car parking. BLM Industrial building consists of 4,100 sq.ft (378 sq.m). It is of blockwork construction with metal clad roof. There is also a two storey brick building to the rear of the site in the same tenancy/ownership.
ASSET MANAGEMENT
Opportunity to grow the rents to ERV and to secure tenancies on longer term leases. This could increase short term income from circa £175,000 to in excess of £190,000 per annum.
BUSINESS RATEABLE VALUES: 1 April 2023 to present
1 Beechview Parade - £10,250
1d Beechview Parade - £2,850
2 Beechview Parade - £4,600
3 Beechview Parade - £4,500
Redwood & Brooklyn:
Unit 1 - £4,200 Unit 2 - £5,100
Unit 2a - £3,950 Unit 3 - £7,300
TLC Furniture - £8,100
BLM Building - £22,000
Small Business rate relief is applicable for these properties with rateable values below £15,000.
COUNCIL TAX
The residential properties:-
1a Beechview Parade, Walshes Road, Crowborough - Band C
3 Beechview Parade, Walshes Road, Crowborough - Band A
1A Brooklyn, Crowborough Hill, Crowborough -
Band B
1B Brooklyn, Crowborough Hill, Crowborough -
Band B
1C Brooklyn, Crowborough Hill, Crowborough -
Band B
Redwood, Crowborough Hill, Crowborough -
Band B
Business and Council tax rates payable are generated via Wealden District Council.
TENURE
The freeholds are held under the following numbers:
SX41304, ESX252137, ESX270829, ESX247338, ESX241880, ESX36636 and ESX35449.
TERMS
Offers are invited in the region of £2,750,000 for all the freehold assets, subject to the existing income, subject to contract and exclusive of VAT. The quoting price shows a gross initial yield of circa 6.3% with potential for an uplift to in excess of 7% post asset management initiatives.
*The rents are not subject to VAT
All tenancies are held on short term annual licences
Beechview
4 Commercial units and residential upper parts (let separately)
Rear Yard with commercial units and garage/parking
Current Rental Income: £58,920 pa
Brooklyn/Redwood
5 Commercial units and residential upper parts (let separately)
Current Rental Income: £78,600 pa
BLM
Industrial - let to BLM Building Supplies
Current Rental Income: £36,000 pa
Total Rental Income:
£173,520 per annum exclusive
Property information from this agent
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